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Computation of Current ratio, Working capital, Acid-test ratio, Receivables turnover and Inventory turnover.
Boyle Corporation had the following comparative current assets and current liabilities:
Dec. 31, 2002
Dec. 31, 2001
Current assets
Cash
$60,000
$30,000
Marketable securities
40,000
10,000
Accounts receivable
55,000
95,000
Inventory
110,000
90,000
Prepaid expenses
35,000
20,000
Total current assets
$300,000
$245,000
Current liabilities
Accounts payable
$140,000
$110,000
Salaries payable
30,000
Income tax payable
15,000
Total current liabilities
$200,000
$155,000
During 2002, credit sales and cost of goods sold were $750,000 and $400,000, respectively.
INSTRUCTIONS Compute the following liquidity measures for 2002: 1. Current ratio. 2. Working capital. 3. Acid-test ratio. 4. Receivables turnover. 5. Inventory turnover.
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