ysts of Financial Statements Practice Problems : Chapter 4-Analysis of Financial Statements- Practice Problems Problem Walk-Through Lloyd Inc. has sales of $650,000, a net income of $71,500, and the following belance sheet: Book Cash $63,520 Accounts payable $97,110 Receivab Inventories 232,830 643,500 Total current sabies Notes payable to bank 40,950 $130,000 Total current assets $941,850 Long-term debt 181,350 Net 228,150 Common equity 850,590 Total sets $1,170,000 Total labies and $1,370,000 equity The new owner thinks that inventories are exceive and can be swered to the point where the current ration reducing the current ratio to 2.25; if the funds generated are used to reduce common equity (tack can be ulations Round your answer to be domal places 4 02 #3 acer C $ 74 B 95 96 A 6 O 27 The Stewart Company has $1,211,000 m current assets and $544,950 in current testa inventory level is 5242,200, and it a short-term dett (notes payable) increase without pushing its current ratic below 2.07 Round your answer to the nearest do Check My Work ( Ang 00% Subent Agent for Grating Check My Work (mning) 4 1 7