Question
Following is a comparative balance sheet for Safari Corporation: Safari Corporation Comparative Balance Sheet December 31, 2023 and 2022 2023 2022 Current assets: Cash $
Following is a comparative balance sheet for Safari Corporation:
Safari Corporation
Comparative Balance Sheet
December 31, 2023 and 2022
2023 2022
Current assets:
Cash $ 140,000 $ 90,000
Short-term investments 90,000 80,000
Accounts receivable, net 350,000 220,000
Inventory 500,000 430,000
Prepaid expenses 30,000 30,000
Total current assets $1,110,000 $ 850,000
Property, plant, and equipment, net 750,000 500,000
Other assets 280,000 300,000
Total assets $2,140,000 $1,650,000
Current liabilities:
Short-term notes payable $650,000 $670,000
Accounts payable 200,000 225,000
Total current liabilities $850,000 $895,000
Non-current debt 380,000 220,000
Total liabilities $1,230,000 $1,115,000
Shareholders' equity:
Common shares $500,000 $500,000
Retained earnings 410,000 35,000
Total shareholders' equity $ 910,000 $535,000
Total liabilities and shareholders' equity $2,140,000 $1,650,000
Calculate the following ratios for the year ended December 31, 2023:
Required
- current ratio
- acid-test ratio
- inventory turnover
- accounts receivable turnover
- debt ratio
- book value per common share of stock
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