Question
Storm Weather Industries manufactures weather equipment. Selected financial data for Storm Weather is presented below. As of Dec. 31, 2012 Dec. 31, 2011 Current Assets
Storm Weather Industries manufactures weather equipment. Selected financial data for Storm Weather is presented below.
As of |
Dec. 31, 2012 | Dec. 31, 2011 | |
Current Assets | ||
Cash and cash equivalents | $ 376,843 | $ 205,088 |
Marketable Securities | 166,106 | 187,064 |
Accounts Receivable (net) | 258,387 | 289,100 |
Inventories | 424,493 | 391,135 |
Prepaid Expenses | 55,369 | 25,509 |
Other current assets | 83,053 | 85,029 |
Total Current Assets | 1,364,251 | 1,182,925 |
Plant Property and Equipment | 1,384,217 | 625,421 |
Long-Term Investment | 568,003 | 425,000 |
Total Assets | $3,316,471 | $2,233,346 |
Current Liabilities | ||
Short-term borrowings | $ 206,376 | $ 70,419 |
Current portion of long-term debt | 155,000 | 168,000 |
Accounts payable | 254,111 | 286,257 |
Accrued liabilities | 273,658 | 166,983 |
Income taxes payable | 97,735 | 178,911 |
Total Current Liabilities | 986,880 | 870,570 |
Long-Term Debt | 500,000 | 300,000 |
Deferred Income Taxes | 215,017 | 262,404 |
Total Liabilities | 1,701,897 | $1,432,974 |
Common Stock | $ 425,250 | $ 125,000 |
Additional Paid-in Capital | 356,450 | 279,951 |
Retained Earnings | 832,874 | 395,421 |
Total Stockholders' Equity | 1,614,574 | 800,372 |
Total Liabilities and Stockholders' Equity | $3,316,471 | $2,233,346 |
Selected Income Statement Data - for the year ending December 31, 2012: |
Net Sales | $4,685,340 | |
Cost of Goods Sold | (2,942,353 | ) |
Selling Expenses | (884,685 | ) |
Operating Income | 858,302 | |
Interest Expense | (45,240 | ) |
Earnings before Income Taxes | 813,062 | |
Income Tax Expense | (325,609 | ) |
Net Income | $ 487,453 |
Selected Statement of Cash Flow Data - for the year ending December 31, 2012: |
Cash Flows from Operations | $1,256,084 | |
Capital Expenditures | $745,862 |
Storm Weather's current ratio changed by what percentage from 2011 to 2012?
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