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Homework: CTCs quick (acid test) ratio at year-end 2020 is closest to  a) 8,787 million  b) 0.47  c) 0.81 d) 0.65

Homework: CTCs quick (acid test) ratio at year-end 2020 is closest to  a) 8,787 million  b) 0.47  c) 0.81 d) 0.65

FINANCIAL ACCOUNTING
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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Homework: CTCs quick (acid test) ratio at year-end 2020 is closest to 

a) 8,787 million 

b) 0.47 

c) 0.81

d) 0.65

7/23/23, 8:59 PM Assets Current assets: Canada Technology Corporation Consolidated Statements of Financial Position (in millions) Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Other Total current assets Property, plant, and equipment, net Investments Other non-current assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Accrued and other Total current liabilities Long-term debt Other non-current liabilities Commitments and contingent liabilities Total liabilities Shareholders' equity: Preferred shares; shares issued: 0 Common shares; shares authorized: 7,000; shares issued: 2,556 and 2,579, respectively Retained earnings Other comprehensive loss Other Consolidated balance sheets Total shareholders' equity Total liabilities and shareholders' equity $ $ $ December 31, 2020 4,317 $ 835 3,635 327 1,519 10,633 1,517 6,770 391 19,311 $ 7,316 $ 3,580 10,896 505 1,630 13,031 284 6,131 (83) (52) 6,280 $ 19,311 $ 2019 4,232 406 2,586 306 1,394 8,924 913 5,267 366 15,470 5,989 2,944 8,933 506 1,158 10,597 1,479 3,486 (33) (59) 4,873 15,470
Transcribed Image Text:7/23/23, 8:59 PM Assets Current assets: Canada Technology Corporation Consolidated Statements of Financial Position (in millions) Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Other Total current assets Property, plant, and equipment, net Investments Other non-current assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Accrued and other Total current liabilities Long-term debt Other non-current liabilities Commitments and contingent liabilities Total liabilities Shareholders' equity: Preferred shares; shares issued: 0 Common shares; shares authorized: 7,000; shares issued: 2,556 and 2,579, respectively Retained earnings Other comprehensive loss Other Consolidated balance sheets Total shareholders' equity Total liabilities and shareholders' equity $ $ $ December 31, 2020 4,317 $ 835 3,635 327 1,519 10,633 1,517 6,770 391 19,311 $ 7,316 $ 3,580 10,896 505 1,630 13,031 284 6,131 (83) (52) 6,280 $ 19,311 $ 2019 4,232 406 2,586 306 1,394 8,924 913 5,267 366 15,470 5,989 2,944 8,933 506 1,158 10,597 1,479 3,486 (33) (59) 4,873 15,470
Canada Technology Corporation Consolidated Statements of Income (in millions, except per share amounts) Net revenue Cost of goods sold Gross profit Operating expenses: Selling, general, and administrative Research, development, and engineering Special charges Total operating expenses Operating income Investment and other income (loss), net Income before income taxes Income tax expense Net income Earnings per common share: Basic $ $ EA GA Years Ended December 31, 2018 2020 41,444 $ 33,892 7,552 3,544 464 4,008 3,544 180 3,724 1,079 2,645 $ 1.03 $ 2019 35,404 $ 29,055 6,349 3,050 455 3,505 2,844 183 3,027 905 2,122 $ 0.82 $ 31,168 25,661 5,507 2,784 452 482 3,718 1,789 (58) 1,731 485 1,246 0.48
Transcribed Image Text:Canada Technology Corporation Consolidated Statements of Income (in millions, except per share amounts) Net revenue Cost of goods sold Gross profit Operating expenses: Selling, general, and administrative Research, development, and engineering Special charges Total operating expenses Operating income Investment and other income (loss), net Income before income taxes Income tax expense Net income Earnings per common share: Basic $ $ EA GA Years Ended December 31, 2018 2020 41,444 $ 33,892 7,552 3,544 464 4,008 3,544 180 3,724 1,079 2,645 $ 1.03 $ 2019 35,404 $ 29,055 6,349 3,050 455 3,505 2,844 183 3,027 905 2,122 $ 0.82 $ 31,168 25,661 5,507 2,784 452 482 3,718 1,789 (58) 1,731 485 1,246 0.48
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