Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mayfield Corporation has provided the following financial data: Assets Current assets: Cash $223,000 Accounts receivable 236,000 Inventory 202,000 Prepaid expenses 10,000 Total current assets 671,000
Mayfield Corporation has provided the following financial data:
Assets | |
Current assets: | |
Cash | $223,000 |
Accounts receivable | 236,000 |
Inventory | 202,000 |
Prepaid expenses | 10,000 |
Total current assets | 671,000 |
Plant and equipment, net | 665,000 |
Total assets | $1,336,000 |
Liabilities and Stockholders' Equity | |
Current liabilities: | |
Accounts payable | $156,000 |
Accrued liabilities | 52,000 |
Notes payable, short term | 45,000 |
Total current liabilities | 253,000 |
Bonds payable | 100,000 |
Total liabilities | 353,000 |
Stockholders' equity: | |
Common stock, $4 par value | 360,000 |
Additional paid-in capital-common stock | 80,000 |
Retained earnings | 543,000 |
Total stockholders' equity | 983,000 |
Total liabilities & stockholders' equity | $1,336,000 |
The company's acid-test (quick) ratio is closest to:
1.90
1.85
2.65
1.81
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started