Question
Following are the current asset and current liability sections of the balance sheets for Aroundsquare Inc. at August 31, 2020 and 2019 (in millions): August
Following are the current asset and current liability sections of the balance sheets for Aroundsquare Inc. at August 31, 2020 and 2019 (in millions):
| August 31, 2020 | August 31, 2019 | |||||||
| Current Assets | ||||||||
| Cash | $ | 3 | $ | 7 | ||||
| Marketable securities | 8 | 11 | ||||||
| Accounts receivable | 14 | 9 | ||||||
| Inventories | 20 | 9 | ||||||
| Total current assets | $ | 45 | $ | 36 | ||||
| Current Liabilities | ||||||||
| Note payable | $ | 3 | $ | 9 | ||||
| Accounts payable | 11 | 15 | ||||||
| Other accrued liabilities | 10 | 8 | ||||||
| Total current liabilities | $ | 24 | $ | 32 | ||||
Required: Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.)
What I need answered:
Working capital- 2020:________ 2019: ________
Current Ratio- 2020:_________ 2019:__________
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Payroll Accounting 2016
Authors: Bernard J. Bieg, Judith Toland
26th edition
978-1305665910, 1305665910, 1337072648, 978-1337072649
