Question
Selected financial information is available at July 31 for Cullumber Co. 2024 2023 Cash and accounts receivable $22,770 $21,060 Current assets 34,500 38,880 Current
Selected financial information is available at July 31 for Cullumber Co. 2024 2023 Cash and accounts receivable $22,770 $21,060 Current assets 34,500 38,880 Current liabilities 23,000 27,000 Calculate (1) working capital, (2) the current ratio, and (3) the acid-test ratio for 2023 and 2024. (Round current ratio and acid-test ratio answers to 2 decimal places, e.g. 1.75:1) Working capital Current ratio 2024 :1 LA 2023 :1 Acid-test ratio 1 1 Indicate whether Cullumber's liquidity improved or deteriorated in 2024. Cullumber Co.'s liquidity in 2024 compared to 2023.
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Managerial Accounting
Authors: Ray H. Garrison, Alan Webb, Theresa Libby
12th Canadian Edition
9781260193275
