Ivanhoe Automotive’s balance sheet at the end of its most recent fiscal year shows the following information:Ivanhoe AutomotiveBalance Sheet as of March 31, 2017Assets: Liabilities and Equity:Cash and marketable sec. $40,000 Accounts payable and accruals $168,000Accounts receivable 158,000 Notes payable 27,000Inventory 232,000 Total current assets $430,000 Total current liabilities $195,000 Long-term debt 172,000 Total liabilities $367,000Net plant and equipment 780,000 Common stock 317,000Goodwill and other assets 92,000 Retained earnings 618,000Total assets $1,302,000 Total liabilities and equity $1,302,000In addition, it was reported that the firm had a net income of $159,000 on net sales of $4,200,000.Excel Template(Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have different values. When using this template, copy the problem statement from this screen for easy reference to the values you’ve been given here, and be sure to update any values that may have been pre-entered in the template based on the textbook version of the problem.) What are the firm’s current ratio and quick ratio? (Round answers to 2 decimal places, e.g.15.25.)Current Ratio timesQuick Ratio times

Answer - Calculation of Current Ratio - Current Ratio = Current Assets / Current Liabilities…

Answered: Ivanhoe Automotive’s balance sheet at…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

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Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Ivanhoe Automotive’s balance sheet at the end of its most recent fiscal year shows the following information:

Ivanhoe Automotive Balance Sheet as of March 31, 2017
Assets:	Liabilities and Equity:
Cash and marketable sec.	$40,000	Accounts payable and accruals	$168,000
Accounts receivable	158,000	Notes payable	27,000
Inventory	232,000
Total current assets	$430,000	Total current liabilities	$195,000
		Long-term debt	172,000
		Total liabilities	$367,000
Net plant and equipment	780,000	Common stock	317,000
Goodwill and other assets	92,000	Retained earnings	618,000
Total assets	$1,302,000	Total liabilities and equity	$1,302,000

In addition, it was reported that the firm had a net income of $159,000 on net sales of $4,200,000.

Excel Template
(Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have different values. When using this template, copy the problem statement from this screen for easy reference to the values you’ve been given here, and be sure to update any values that may have been pre-entered in the template based on the textbook version of the problem.)

What are the firm’s current ratio and quick ratio? (Round answers to 2 decimal places, e.g.15.25.)

Current Ratio			times
Quick Ratio			times

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Ivanhoe Automotive’s balance sheet at the end of its most recent fiscal year shows the following information: Ivanhoe Automotive Balance Sheet as of March 31, 2017