Dick's Sporting Goods, Inc. is an American sporting goods retail company, based in Pennsylvania. The statement for the company are presented below. Dick's Sporting Goods Balance Sheet At December 31, 2021 Cash $ 26,000 Notes receivable (due August 15, 2022) 43,000 Inventory Accounts receivable (net) Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable(11%) (long-term) Common stock 51,200 74,800 320,000 15,200 $530,200 $120,600 Retained earnings Total liabilities and equity 115,000 62,000 232,600 $530,200 Dick's Sporting Goods Income Statement For the Year ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Income before income tax Income tax expense Net income Required: $914,000 492,400 $421,600 183,000 $238,600 12,650 $225,950 67,785 $158,165 Compute the current ratio for Dick's Sporting Goods. (Round your answer to 2 decimal places.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Dick's Sporting Goods, Inc. is an American sporting goods retail company, based in Pennsylvania. The
statement for the company are presented below.
Dick's Sporting Goods
Balance Sheet
At December 31, 2021
Cash
$ 26,000
Notes receivable (due August 15, 2022)
43,000
Inventory
Accounts receivable (net)
Property, plant, and equipment (net)
Intangible assets
Total assets
Current liabilities
Bonds payable(11%) (long-term)
Common stock
51,200
74,800
320,000
15,200
$530,200
$120,600
Retained earnings
Total liabilities and equity
115,000
62,000
232,600
$530,200
Dick's Sporting Goods
Income Statement
For the Year ended December 31, 2021
Sales
Cost of goods sold
Gross profit
Operating expenses
Operating income
Interest expense
Income before income tax
Income tax expense
Net income
Required:
$914,000
492,400
$421,600
183,000
$238,600
12,650
$225,950
67,785
$158,165
Compute the current ratio for Dick's Sporting Goods. (Round your answer to 2 decimal places.)
Transcribed Image Text:Dick's Sporting Goods, Inc. is an American sporting goods retail company, based in Pennsylvania. The statement for the company are presented below. Dick's Sporting Goods Balance Sheet At December 31, 2021 Cash $ 26,000 Notes receivable (due August 15, 2022) 43,000 Inventory Accounts receivable (net) Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable(11%) (long-term) Common stock 51,200 74,800 320,000 15,200 $530,200 $120,600 Retained earnings Total liabilities and equity 115,000 62,000 232,600 $530,200 Dick's Sporting Goods Income Statement For the Year ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Income before income tax Income tax expense Net income Required: $914,000 492,400 $421,600 183,000 $238,600 12,650 $225,950 67,785 $158,165 Compute the current ratio for Dick's Sporting Goods. (Round your answer to 2 decimal places.)
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