Bethesda Mining Company reports the following balance sheet information for 2021 and 2022: Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 2022 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity 2021 $ 50,434 62,281 123,735 $ 236,450 $ 658,147 $ 894,597 $ 63,944 82,639 189,433 $ 336,016 $ 589,678 $ 925,694 Based on the balance sheets given, calculate the following financial ratios for each year: Calculate the following financial ratios for each year: a. Current ratio. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. b. Quick ratio. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. c. Cash ratio. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. 2021 $ 189,922 85,020 $ 274,942 $ 237,000 $ 218,000 164, 655 $ 382,655 $ 894,597 2022 $ 197,611 136,588 $ 334,199 $ 173,750 $ 218,000 199,745 $ 417,745 $ 925,694
Bethesda Mining Company reports the following balance sheet information for 2021 and 2022: Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 2022 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity 2021 $ 50,434 62,281 123,735 $ 236,450 $ 658,147 $ 894,597 $ 63,944 82,639 189,433 $ 336,016 $ 589,678 $ 925,694 Based on the balance sheets given, calculate the following financial ratios for each year: Calculate the following financial ratios for each year: a. Current ratio. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. b. Quick ratio. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. c. Cash ratio. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. 2021 $ 189,922 85,020 $ 274,942 $ 237,000 $ 218,000 164, 655 $ 382,655 $ 894,597 2022 $ 197,611 136,588 $ 334,199 $ 173,750 $ 218,000 199,745 $ 417,745 $ 925,694
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 75E
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