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Sanderson Companys year-end balance sheets follow. At December 31 2012 2011 2010 Assets Cash $ 30,800 $ 35,625 $ 36,800 Accounts receivable, net 88,500 62,500
Sanderson Companys year-end balance sheets follow.
At December 31 | 2012 | 2011 | 2010 | |||||||
Assets | ||||||||||
Cash | $ | 30,800 | $ | 35,625 | $ | 36,800 | ||||
Accounts receivable, net | 88,500 | 62,500 | 49,200 | |||||||
Merchandise inventory | 111,500 | 82,500 | 53,000 | |||||||
Prepaid expenses | 9,700 | 9,375 | 4,000 | |||||||
Plant assets, net | 277,500 | 255,000 | 229,500 | |||||||
Total assets | $ | 518,000 | $ | 445,000 | $ | 372,500 | ||||
Liabilities and Equity | ||||||||||
Accounts payable | $ | 128,900 | $ | 75,250 | $ | 49,250 | ||||
Long-term notes payable secured by mortgages on plant assets | 97,500 | 102,500 | 82,500 | |||||||
Common stock, $10 par value | 162,500 | 162,500 | 162,500 | |||||||
Retained earnings | 129,100 | 104,750 | 78,250 | |||||||
Total liabilities and equity | $ | 518,000 | $ | 445,000 | $ | 372,500 | ||||
(1) | Compute the current ratio for the year ended 2012, 2011, and 2010. (Round your answers to 2 decimal places.) |
2012 | to | ||
2011 | to | ||
2010 | to | ||
(2) | Compute the acid-test ratio for the year ended 2012, 2011, and 2010. (Round your answers to 2 decimal places.) |
2012 | to | ||
2011 | to | ||
2010 | to |
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