I need a detailed explanation of how you got the answer NOT just the answer please. Please see attached image for question. Thank you. Cuny, Inc. reported the following common size date for the year ended December31, 2022:(Income Statement)SalesCost of Goods SoldOperating ExpensesInterest ExpensesIncome TaxNet Income(Balance Sheet)CashAccounts ReceivableInventoryFixed AssetsTotal Assets(%)4.814.9 AccruedAccounts Payablebilities49.4 Long-term Debt30.9 Common Equity100.0Total Liabilities andEquityFor 2021, Cuny, Inc. reported sales of $183,100,000 and for 2022, sales of$215,600,000.Use this information to answer question 3 and 4.At the end of 2021, Cuny, Inc.'s total assets were $75,900,000 and common equitywas $37,800,000.At the end of 2022, total assets were $95,300,000.3. Calculate Cuny, Inc.'s current ratio (as of December 31, 2022).(%)100.058.230.20.75.75.2A. 2.4B. 4.6C. 5.0D. Can't tell. More information is needed.E. None of above.(%)15.013.823.248.0100.0

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Description: I need a detailed explanation of how you got the answer NOT just the answer please. Please see attached image for question. Thank you. Cuny, Inc. reported the following common size date for the year ended December31, 2022:(Income Statement)SalesCost

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Cuny, Inc. reported the following common size date for the year ended December 31, 2022: (Income Statement) Sales Cost of Goods Sold Operating Expenses Interest Expenses Income Tax Net Income (Balance Sheet) Cash counts Receivable Inventory Fixed Assets Total Assets (%) 4.8 Accounts Payable 14.9 Accrued Liabilities 49.4 Long-term Debt 100.0 30.9 Common Equity Total Liabilities and Equity For 2021, Cuny, Inc. reported sales of $183,100,000 and for 2022, sales of $215,600,000. Use this information to answer question 3 and 4. At the end of 2021, Cuny, Inc.'s total assets were $75,900,000 and common equity was $37,800,000. At the end of 2022, total assets were $95,300,000. 3. Calculate Cuny, Inc.'s current ratio (as of December 31, 2022). (%) 100.0 58.2 30.2 0.7 5.7 5.2 A. 2.4 B. 4.6 C. 5.0 D. Can't tell. More information is needed. E. None of above. (%) 15.0 13.8 23.2 48.0 100.0

Cuny, Inc. reported the following common size date for the year ended December 31, 2022: (Income Statement) Sales Cost of Goods Sold Operating Expenses Interest Expenses Income Tax Net Income (Balance Sheet) Cash counts Receivable Inventory Fixed Assets Total Assets (%) 4.8 Accounts Payable 14.9 Accrued Liabilities 49.4 Long-term Debt 100.0 30.9 Common Equity Total Liabilities and Equity For 2021, Cuny, Inc. reported sales of $183,100,000 and for 2022, sales of $215,600,000. Use this information to answer question 3 and 4. At the end of 2021, Cuny, Inc.'s total assets were $75,900,000 and common equity was $37,800,000. At the end of 2022, total assets were $95,300,000. 3. Calculate Cuny, Inc.'s current ratio (as of December 31, 2022). (%) 100.0 58.2 30.2 0.7 5.7 5.2 A. 2.4 B. 4.6 C. 5.0 D. Can't tell. More information is needed. E. None of above. (%) 15.0 13.8 23.2 48.0 100.0

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...

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