Question
The following data were taken from the comparative balance sheet of Icon Living, Inc., for the years ended December 31, 20Y9 and December 31, 20Y8:
The following data were taken from the comparative balance sheet of Icon Living, Inc., for the years ended December 31, 20Y9 and December 31, 20Y8:
| Dec. 31, 20Y9 | Dec. 31, 20Y8 | |||||||
| Cash | $ 75,000 | $ 50,000 | ||||||
| Temporary investments | 125,000 | 75,000 | ||||||
| Accounts and notes receivable (net) | 250,000 | 200,000 | ||||||
| Inventories | 425,000 | 305,000 | ||||||
| Prepaid expenses | 25,000 | 20,000 | ||||||
| Total current assets | $900,000 | $650,000 | ||||||
| Accounts payable | $ 350,000 | $ 230,000 | ||||||
| Accrued liabilities | 25,000 | 20,000 | ||||||
| Total current liabilities | $ 375,000 | $ 250,000 | ||||||
a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.
| 20Y9 | 20Y8 | |||
| Working capital | $fill in the blank 1 | $fill in the blank 2 | ||
| Current ratio | fill in the blank 3 | fill in the blank 4 | ||
| Quick ratio | fill in the blank 5 | fill in the blank 6 | ||
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Mastering The Five Tiers Of Audit Competency Internal Audit And IT Audit
Authors: Ann Butera
1st Edition
1498738494, 978-1498738491
