Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
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Question
Chapter 2, Problem 2.19E
To determine
Concept Introduction:
Financial statements:
Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement,
To Prepare:
The Balance Sheet as on June 30, 20Y9
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The following data were taken from the balance sheet of Nilo Company at the end of two
recent fiscal years:
Current assets:
Cash
Marketable securities
Accounts and notes receivable (net)
Inventories
Prepaid expenses
Total current assets
Current liabilities:
Accounts and notes payable
(short-term)
Accrued liabilities
Total current liabilities
Current Year
1. Working capital
2. Current ratio
3. Quick ratio
$347,700
402,600
164,700
603,900
311,100
$1,830,000
Current
Year
$353,800
256,200
$610,000
Previous Year
$254,400
286,200
95,400
420,300
268,700
$1,325,000
Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick
ratio. Round ratios to one decimal place.
$371,000
159,000
$530,000
Previous
Year
Current Position Analysis
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years:
Current Year
Previous Year
Current assets:
Cash
Marketable securities
Accounts and notes receivable (net)
Inventories
Prepaid expenses
Total current assets
Current liabilities:
Accounts and notes payable
(short-term)
Accrued liabilities
Total current liabilities
a. Determine for each year (1) the working
Current Year
1. Working capital
2. Current ratio
3. Quick ratio
b. The liquidity of Nilo has
current assets relative to current liabilities.
$690,500
799,500
327,000
1,042,800
537,200.
$3,397,000
$458,200
$579,600
652,100
217,300
673,400
430,600
$2,553,000
$483,000
331,800
207,000
$790,000
$690,000
capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.
Previous Year
from the preceding year to the current year. The working capital, current ratio, and quick ratio have all
. Most of these changes are the result of an
in
The following information relates to Basic Lid. for the year ended 31" December 2021:
Net working capital
RO. 1.200.000
Fixed assets to proprietor's fund ratio
0.75
Working capital turnover ratio
5 timeg
Return on Equity 15%
Current liabilities
RO. 400.000
Long term Debts 0
You are required to calculate:
Proprietor's funds
Fixed Assets
Current assets
Net profit ratio
Current ratio
Chapter 2 Solutions
Survey of Accounting (Accounting I)
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