Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATION Balance Sheets December 31 2022 2021 Cash $12,500 $6,100 Accounts receivable 18,400 26,600 Inventory 13,200 10,200 Land 34,200 30,200 Building 76,200 76,200 Accumulated depreciation (17,200) (14,200) Total 137,300 135,100 Accounts payable 19,500 33,300 Common stock ($5 par) 74,500 74,500 Retained earnings 43,300 27,300 Total 137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a) Current ratio enter the ratio rounded to 2 decimal places
Swifty Corporation’s comparative balance sheets are presented below.
SWIFTY CORPORATION
Balance Sheets
December 31
2022
2021
Cash
$12,500 $6,100
Accounts receivable
18,400 26,600
Inventory
13,200 10,200
Land
34,200 30,200
Building
76,200 76,200
Accumulated depreciation
(17,200) (14,200)
Total
137,300 135,100
Accounts payable
19,500 33,300
Common stock ($5 par)
74,500 74,500
Retained earnings
43,300 27,300
Total
137,300 135,100
Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000.
Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
(a)
Current ratio
enter the ratio rounded to 2 decimal places
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