Current Position Analysis The following data were taken from the comparative balance sheet of Icon Living, Inc., for the years ended December 31, 20Y9 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20YS Cash $257,200 $187,300 Temporary investments 274,400 205,100 Accounts and notes receivable (net) 252,400 223,600 Inventories 352,800 277,200 Prepaid expenses 235,200 118,800 Total current assets $1,372,000 $1,012,000 Accounts payable $284,200 $308,000 Accrued liabilities 205,800 132,000 Total current liabilities $490,000 $440,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Working capital Current ratio Quick ratio 2019 20Y8 b. The liquidity of Icon Living, Inc., has from 20Y8 to the 20Y9. The working capital, current ratio, and quick ratio have all Most of these changes are the result of

Current Position Analysis The following data were taken from the comparative balance sheet of Icon Living, Inc., for the years ended December 31, 20Y9 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20YS Cash $257,200 $187,300 Temporary investments 274,400 205,100 Accounts and notes receivable (net) 252,400 223,600 Inventories 352,800 277,200 Prepaid expenses 235,200 118,800 Total current assets $1,372,000 $1,012,000 Accounts payable $284,200 $308,000 Accrued liabilities 205,800 132,000 Total current liabilities $490,000 $440,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Working capital Current ratio Quick ratio 2019 20Y8 b. The liquidity of Icon Living, Inc., has from 20Y8 to the 20Y9. The working capital, current ratio, and quick ratio have all Most of these changes are the result of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: acounting
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