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The following data are for Clock Company: Allowance for uncollectible accounts
December 31
2011
2010
Notes payable (due in 90 days)
$75,200
$60,000
Merchandise inventory
240,000
208,000
Cash
100,000
128,000
Marketable securities
49,600
30,000
Accrued liabilities
19,200
22,000
Accounts receivable
188,000
1,84,000
Accounts payable
112,000
72,000
Allowance for uncollectible accounts
24,000
15,200
Bonds payable, due 2008
156,000
1,60,000
Prepaid expenses
6,400
7,360
Cash flow from operating activities
60,000
40,000
a. Compute the amount of working capital at both year-end dates.
b. Compute the current ratio at both year-end dates.
c. Compute the acid-test ratio at both year-end dates.
d. Compute the cash flow liquidity ratio at both year-end dates.
e. Comment briefly on the company"s short-term financial position.
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