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the first two are already correct, please just solve the acid test ratio! Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year
the first two are already correct, please just solve the acid test ratio!
Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $ 1,090 9,100 12,600 660 23,450 $ 1,230 7,400 12,200 580 21,410 10,100 47,700 57,800 $81,250 10,100 40,820 50,920 $72,330 Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $20,300 1,050 260 21,610 $17,800 720 260 18,780 9,500 31,110 9,500 28, 280 600 4,000 4,600 45,540 50,140 $81,250 600 4,000 4,600 39,450 44,050 $72,330 Last Year $ 65,000 33,000 32,000 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Sales $ 66,000 Cost of goods sold 37,000 Gross margin 29,000 Selling and administrative expenses: Selling expenses 10,800 Administrative expenses 6,600 Total selling and administrative expenses 17,400 Net operating income 11,600 Interest expense 950 Net income before taxes 10,650 Income taxes 4,260 Net income 6,390 Dividends to common stockholders 300 Net income added to retained earnings 6,090 Beginning retained earnings 39, 450 Ending retained earnings $ 45,540 10,200 7,000 17,200 14,800 950 13,850 5,540 8,310 300 8,010 31,440 $39,450 Required: Compute the following financial data and ratios for this year: 1. Working capital. (Enter your answer in thousands.) 2. Current ratio. (Round your answer to 2 decimal places.) 3. Acid-test ratio. (Round your answer to 2 decimal places.) $ 1. Working capital 2. Current ratio 1,840 1.09 3. Acid-test ratio 5.02Step by Step Solution
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