Reference no: EM13133049
Answer each of the questions in the following unrelated situations.
(a) The current ratio of a company is 6:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $581,900, what is the amount of current liabilities? (Round answers to 0 decimal places eg 75,481)
(b) A company had an average inventory last year of $176,700 and its inventory turnover was 5. If sales volume and unit cost remain the same this year as last and inventory turnover is 7 this year, what will average inventory have to be during the current year? (Round answers to two decimal places eg 5.45)
(c) A company has current assets of $90,020 (of which $36,060 is inventory and prepaid items) and current liabilities of $37,740. Compute the following ratios. (Round answers to two decimal places eg 5.45)
What is the current ratio? :1
What is the acid-test ratio? :1
If the company borrows $13,350 cash from a bank on a 120-day loan, what will its current ratio be? :1
What will the acid-test ratio be? :1
(d) A company has current assets of $607,500 and current liabilities of $262,700. The board of directors declares a cash dividend of $167,000.
(Round answers to two decimal places eg 5.45)
What is the current ratio after the declaration but before payment? :1
What is the current ratio after the payment of the dividend? :1
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