The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000; long-term assets, $2,400,000; and shareholders' equity, $2,500,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.4.
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,500,000; prepaid expenses, $560,000; long-term assets, $2,900,000; and shareholders' equity, $3,000,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.6. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3. Accounts receivable 4. The acid-test ratioThe current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,500,000; prepaid expenses, $560,000; long-term assets, $2,900,000; and shareholders’ equity, $3,000,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.6. Required:Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3. Accounts receivable 4. The acid-test ratio
- The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaidexpenses. The 2018 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000; longterm assets, $2,400,000; and shareholders’ equity, $2,500,000. The current ratio at the end of the year was 2.0 andthe debt to equity ratio was 1.4.Required:Determine the following 2018 amounts and ratios:1. Current liabilities2. Long-term liabilities3. Accounts receivable4. The acid-test ratioThe current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,500,000; prepaid expenses, $560,000; long-term assets, $2,900,000; and shareholders’ equity, $3,000,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.6. 1.Current liabilities 2.Long-term liabilities 3.Accounts receivable 4.The acid-test ratioThe current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,500,000; prepaid expenses, $560,000; long-term assets, $2,900,000; and shareholders’ equity, $3,000,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.6. Required:Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.)
- Bronco Electronics' current assets consist of cash, short-term investments, accounts receivable, and inventory. The following data were abstracted from a recent financial statement: Inventory $ 180,000 Total assets $ 1,910,000 Current ratio 4.4 Acid-test ratio 3.20 Debt to equity ratio 1.5 Required: Compute the current assets for Bronco:Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earningsThe current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000;long-term assets, $2,400,000; and shareholders’ equity, $2,500,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.4.Required:Determine the following 2021 amounts and ratios:1. Current liabilities2. Long-term liabilities3. Accounts receivable4. The acid-test ratio
- Pritchett Company reported the following year-end data: Cash Short-term investments Accounts receivable (current) Inventory Prepaid (current) assets Total current 1iabilities $ 20, 100 8, 500 13,400 24, 000 6,800 28, 000 Compute the (a) current ratio and ( acid-test ratio. Complete this question by entering your answers in the tabs below. Currlat Ratio Acid Test Ratio Compute the current ratio. Current Ratio Current Ratio Numerator: Denominator: Current assets Current liabilities Current ratio 72.800 %24 28,000 2.6 to 1 %3 Acid Test Ratio>Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…