Reference no: EM131932930
Question: American Bacon Inc. financial statements are presented in the table below. Based on the information in the table, calculate the firm's current 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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