FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 2023 Income Statement Sales Cost of Goods Sold $ 770,000 $ 340,000 Depreciation Expense $ 95,000 Earnings before Interest and Taxes $ 335,000 Interest Expense $ 19,800 Taxable Income Tax Expense Net Income Dividends Paid Retained Earnings $ 315,200 $ 104,016 $ 211,184 $ 10,300 $ 200,884 Balance Sheet End of 2023 Beginning of 2023 Cash $ 280,000 $ 122,000 Accounts Receivable $ 50,000 $ 22,300 Inventory $ 188,000 $ 119,000 Net Fixed Assets $ 630,000 $ 630,000 Total Assets $1,148,000 $ 893.300 Accounts Payable Long-term Debt $ 158,000 $ $ 14,116 $ 71,800 121,500 Common Stock $ 375,000 $ 300,000 Accumulated Retained Earnings $ 600,884 $ 400,000 Total Liabilities & Shareholders' Equity $1,148,000 $ 893,300 Consider the financial statements displayed above. Based on these statements, calculate the firm's quick ratio as of the end of 2023. Note: Report your answer as a number rounded to two decimal points.arrow_forwardDescribe EVA.arrow_forwardYou want me to get aarrow_forward
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