Baker Corporation's balance sheet at the end of the year shows the following account balances: Accounts Receivable: $120,000 • Cash: $50,000 • • Inventory: $80,000 ⚫ Equipment (Net): $250,000 • • • Accounts Payable: $90,000 Notes Payable (Long-term): $150,000 Common Stock: $100,000 ⚫ Retained Earnings: $160,000 Calculate the Total Current Assets

The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Line Item Description Current Year Previous Year Current assets:       Cash $445,700   $352,000     Marketable securities 516,100   396,000     Accounts and notes receivable (net) 211,200   132,000     Inventories 370,300   241,600     Prepaid expenses 190,700   154,400       Total current assets $1,734,000   $1,276,000   Current liabilities:       Accounts and notes payable (short-term) $295,800   $308,000     Accrued liabilities 214,200   132,000       Total current liabilities $510,000   $440,000   a.  Determine for each year the quick ratio. Round ratios to one decimal place.

The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years:   Current Year   Previous Year Current assets:             Cash $513,000     $416,000     Marketable securities 594,000     468,000     Accounts and notes receivable (net) 243,000     156,000     Inventories 1,485,000     1,030,900     Prepaid expenses 765,000     659,100       Total current assets $3,600,000     $2,730,000   Current liabilities:             Accounts and notes payable           (short-term) $435,000     $455,000     Accrued liabilities 315,000     195,000       Total current liabilities $750,000     $650,000     a.  Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.       Current Year     Previous Year 1.  Working capital $fill in the blank 1 $fill in the blank 2 2.  Current ratio fill in the blank 3 fill in the blank 4 3.  Quick ratio fill…

Lydex Company’s financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet   This Year Last Year Assets     Current assets:     Cash $ 1,020,000 $ 1,260,000 Marketable securities 0 300,000 Accounts receivable, net 2,940,000 2,040,000 Inventory 3,660,000 2,100,000 Prepaid expenses 270,000 210,000 Total current assets 7,890,000 5,910,000 Plant and equipment, net 9,640,000 9,110,000 Total assets $ 17,530,000 $ 15,020,000 Liabilities and Stockholders' Equity     Liabilities:     Current liabilities $ 4,070,000 $ 3,100,000 Note payable, 10% 3,700,000 3,100,000 Total liabilities 7,770,000 6,200,000 Stockholders' equity:     Common stock, $75 par value 7,500,000 7,500,000 Retained earnings 2,260,000 1,320,000 Total stockholders' equity 9,760,000 8,820,000 Total liabilities and stockholders' equity $ 17,530,000 $ 15,020,000 Lydex Company Comparative Income Statement and Reconciliation   This…

Lydex Company’s financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet   This Year Last Year Assets     Current assets:     Cash $ 1,020,000 $ 1,260,000 Marketable securities 0 300,000 Accounts receivable, net 2,940,000 2,040,000 Inventory 3,660,000 2,100,000 Prepaid expenses 270,000 210,000 Total current assets 7,890,000 5,910,000 Plant and equipment, net 9,640,000 9,110,000 Total assets $ 17,530,000 $ 15,020,000 Liabilities and Stockholders' Equity     Liabilities:     Current liabilities $ 4,070,000 $ 3,100,000 Note payable, 10% 3,700,000 3,100,000 Total liabilities 7,770,000 6,200,000 Stockholders' equity:     Common stock, $75 par value 7,500,000 7,500,000 Retained earnings 2,260,000 1,320,000 Total stockholders' equity 9,760,000 8,820,000 Total liabilities and stockholders' equity $ 17,530,000 $ 15,020,000 Lydex Company Comparative Income Statement and Reconciliation   This…

Lydex Company’s financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet   This Year Last Year Assets     Current assets:     Cash $ 1,020,000 $ 1,260,000 Marketable securities 0 300,000 Accounts receivable, net 2,940,000 2,040,000 Inventory 3,660,000 2,100,000 Prepaid expenses 270,000 210,000 Total current assets 7,890,000 5,910,000 Plant and equipment, net 9,640,000 9,110,000 Total assets $ 17,530,000 $ 15,020,000 Liabilities and Stockholders' Equity     Liabilities:     Current liabilities $ 4,070,000 $ 3,100,000 Note payable, 10% 3,700,000 3,100,000 Total liabilities 7,770,000 6,200,000 Stockholders' equity:     Common stock, $75 par value 7,500,000 7,500,000 Retained earnings 2,260,000 1,320,000 Total stockholders' equity 9,760,000 8,820,000 Total liabilities and stockholders' equity $ 17,530,000 $ 15,020,000 Lydex Company Comparative Income Statement and Reconciliation   This…

Lydex Company’s financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet   This Year Last Year Assets     Current assets:     Cash $ 1,020,000 $ 1,260,000 Marketable securities 0 300,000 Accounts receivable, net 2,940,000 2,040,000 Inventory 3,660,000 2,100,000 Prepaid expenses 270,000 210,000 Total current assets 7,890,000 5,910,000 Plant and equipment, net 9,640,000 9,110,000 Total assets $ 17,530,000 $ 15,020,000 Liabilities and Stockholders' Equity     Liabilities:     Current liabilities $ 4,070,000 $ 3,100,000 Note payable, 10% 3,700,000 3,100,000 Total liabilities 7,770,000 6,200,000 Stockholders' equity:     Common stock, $75 par value 7,500,000 7,500,000 Retained earnings 2,260,000 1,320,000 Total stockholders' equity 9,760,000 8,820,000 Total liabilities and stockholders' equity $ 17,530,000 $ 15,020,000 Lydex Company Comparative Income Statement and Reconciliation   This…

The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $418,000 $345,600 Marketable securities 484,000 388,800 Accounts and notes receivable (net) 198,000 129,600 Inventories 290,400 87,800 Prepaid expenses 149,600 56,200 Total current assets $1,540,000 $1,008,000 Current liabilities: Accounts and notes payable (short-term) $319,000 $336,000 Accrued liabilities 231,000 144,000 Total current liabilities $550,000 $480,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Albertini has from the preceding year to the current year. The working capital, current ratio, and quick ratio have all Most of these changes are the result of an in current assets relative to current liabilities.

The Butler-Huron Company's balance sheet and income statement for last year are as follows: Balance Sheet (in Millions of Dollars) Assets Cash and marketable securities Accounts receivable* Inventories** Other current assets Total current assets Plant and equipment (net) Other assets Total assets $82 820 1,507 22 $2,431 3,967 6,460 $6,460 Liabilities and Equity Accounts payable****** Accrued liabilities (salaries and benefits) Other current liabilities Total current liabilities Long-term debt and other liabilities Earnings before taxes Taxes Earnings after taxes (net income) Common stock Retained earnings Net sales Cost of sales Selling, general, and administrative expenses Other expenses Total expenses Total stockholders' equity Total liabilities and equity **Assume that average inventory over the year was the same as ending inventory. ***Assume that average accounts payable are the same as ending accounts payable. Income Statement (in Millions of Dollars) *Assume that all sales are…

Assume a company had sales of $372,000 (all on account) and net income of $60,000. It provided the following excerpts from its balance sheet:    This Year Last Year Current assets:     Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities:     Accounts payable $ 38,000 $ 44,000 Accrued liabilities $ 18,000 $ 15,000 Income taxes payable $ 13,000 $ 10,000 If the credits to the company’s accumulated depreciation account were $21,000, then based solely on the information provided, the company’s cash collections from customers would be:   Multiple Choice   $375,000.   $381,000.   $366,000.   $378,000.