Reference no: EM132525076
Canadian Bacon Inc. financial statements are presented in the table below.
Question 1: Based on the information in the table, calculate the firm's acid-test ratio (quick ratio). Round the answers to two decimal places
Balance Sheet December 31, 2010
Cash and marketable securities $102,000
Accounts payable $287,000
Accounts receivable $299,000
Notes payable $61,200
Inventories $628,000
Accrued expenses $51,900
Prepaid expenses $10,300
Total current liabilities $400,100
Total current assets $1,039,300
Long-term debt $415,000
Gross fixed assets $1,502,000
Par value and paid-in-capital $376,000
Less: accumulated depreciation $312,000
Retained Earnings $1,038,200
Net fixed assets $1,190,000
Common Equity 1,414,200
Total assets $2,229,300
Total liabilities and owner's equity $2,229,300
Income statement, Year of 2010
Net sales (all credit) $6,387,700.00
Less: Cost of goods sold $4,726,898.00
Selling and administrative expenses $345,000.00
Depreciation expense $148,000.00
EBIT $1,167,802.00
Interest expense $50,600.00
Earnings before taxes $1,117,202.00
Income taxes $446,880.80
Net income $670,321.20
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