Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help determining what the quick and current ratios are based on the given data. Please show me how these calculations are done. Thanks! Common-Size

Need help determining what the quick and current ratios are based on the given data. Please show me how these calculations are done. Thanks!

Common-Size Balance Sheet
Assets 2017 % of Assets 2016 % of Assets
Cash $ 33,411.00 1.26% $ 16,566.00 0.65%
Accounts Receivable $ 260,205.00 9.81% $ 318,768.00 12.58%
Inventory $ 423,819.00 15.97% $ 352,740.00 13.92%
Other Current Assets $ 41,251.00 1.55% $ 29,912.00 1.18%
Total Current Assets $ 758,686.00 28.59% $ 717,986.00 28.34%
Long Term Assets $ 1,512,675.00 57.01% $ 1,403,220.00 55.38%
Goodwill $ 382,145.00 14.40% $ 412,565.00 16.28%
Total Assets $ 2,653,506.00 100.00% $ 2,533,771.00 100.00%
Liabilities and Shareholders Equity
Accounts Payable $ 378,236.00 14.40% $ 332,004.00 13.10%
Wages Payable $ 14,487.00 0.55% $ 7,862.00 0.31%
Taxes $ 21,125.00 0.80% $ 16,815.00 0.66%
Total Current Liabilities $ 413,848.00 15.60% $ 356,681.00 14.08%
Long Term Debt $ 679,981.00 25.63% $ 793,515.00 31.32%
Total Liabilities $ 1,093,829.00 41.22% $ 1,150,196.00 45.39%
Total Common Equity $ 1,559,667.00 58.78% $ 1,383,575.00 54.61%
Total Liabilities and Equities $ 2,653,506.00 100.00% $ 2,533,771.00 100.00%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng

11th edition

538480289, 978-0538480284

Students also viewed these Finance questions