Selected information from the 2014 and 2013 financial statements of Sculley Corporation is presented below: (in thousands) As of December 31 2014 2013 Cash ................................... $ 21 $ 35 Marketable securities (current) ........... 27 22 Accounts receivable (net) .... 60 98 Inventory ............................ 105 142 Prepaid expenses ................. 5 3 Land and building (net) ......... 247 315 Accounts payable ................ 57 75 Accrued expenses ............... 10 14 Notes payable (short-term) ... 8 4 Bonds payable ..................... 52 66 (in thousands) As of December 31 2014 2013 Cash sales ........................... $750 $675 Credit sales (% of cash sales) ....... 82% 85% Cost of goods sold (percent of total sales) ...... 60% 58% Net income .......................... $ 30 $ 38 Interest expense .................. 6 9 Income tax expense ............. 6 7 Sculley's current ratio as of December 31, 2014, is a. 2.84 b. 3.37 c. 2.91 d. 3.33 Refer to the Sculley Corporation information above. Sculley's quick (acid test) ratio as December 31, 2014, is a. 1.44 b. 1.50 c. 1.67 d. 1.66 Refer to the Sculley Corporation information above. Sculley's account receivable turnover for 2014 is a. 13.85. b. 10.00. c. 9.49. d. 7.78. Refer to the Sculley Corporation information above. Sculley's merchandise inventory turnover for 2014 is a. 3.43. b. 5.68. c. 6.63. d. 6.79. Refer to the Sculley Corporation information above. Sculley's turnover of assets and number of times interest earned for 2014 are respectively Asset Turnover Times Interest Earned a. 2.97 5.0 b. 2.94 5.0 c. 2.53 6.0 d. 2.53 7.0
Selected information from the 2014 and 2013 financial statements of Sculley Corporation is presented below:
|
|
(in thousands) |
|
|
|
As of December 31
|
|
|
|
2014 |
2013 |
|
Cash ................................... |
$ 21 |
$ 35 |
|
Marketable securities (current) ........... |
27 |
22 |
|
Accounts receivable (net) .... |
60 |
98 |
|
Inventory ............................ |
105 |
142 |
|
Prepaid expenses ................. |
5 |
3 |
|
Land and building (net) ......... |
247 |
315 |
|
Accounts payable ................ |
57 |
75 |
|
Accrued expenses ............... |
10 |
14 |
|
Notes payable (short-term) ... |
8 |
4 |
|
Bonds payable ..................... |
52 |
66 |
|
|
(in thousands) |
|
|
|
As of December 31
|
|
|
|
2014 |
2013 |
|
Cash sales ........................... |
$750 |
$675 |
|
Credit sales (% of cash sales) ....... |
82% |
85% |
|
Cost of goods sold (percent of total sales) ...... |
60% |
58% |
|
Net income .......................... |
$ 30 |
$ 38 |
|
Interest expense .................. |
6 |
9 |
|
Income tax expense ............. |
6 |
7 |
- Sculley's
current ratio as of December 31, 2014, is
|
a. |
2.84 |
|
b. |
3.37 |
|
c. |
2.91 |
|
d. |
3.33 |
- Refer to the Sculley Corporation information above. Sculley's quick (acid test) ratio as December 31, 2014, is
|
a. |
1.44 |
|
b. |
1.50 |
|
c. |
1.67 |
|
d. |
1.66 |
- Refer to the Sculley Corporation information above. Sculley's account receivable turnover for 2014 is
|
a. |
13.85. |
|
b. |
10.00. |
|
c. |
9.49. |
|
d. |
7.78. |
- Refer to the Sculley Corporation information above. Sculley's merchandise inventory turnover for 2014 is
|
a. |
3.43. |
|
b. |
5.68. |
|
c. |
6.63. |
|
d. |
6.79. |
- Refer to the Sculley Corporation information above. Sculley's turnover of assets and number of times interest earned for 2014 are respectively
Asset Turnover Times Interest Earned
|
a. |
2.97 5.0 |
|
b. |
2.94 5.0 |
|
c. |
2.53 6.0 |
|
d. |
2.53 7.0 |
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