Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll. (Round your answers to the nearest hundredth.) Assets Current assets: Current liabilities: Cash and cash equivalents (Note 1) $ 4,144,190 Notes payable to banks $ 752,221 Investments (Note 1) 32,453,769 Accounts payable 7,084,075 Accounts receivable, less allowances of $740,000 and $736,000 16,126,648 Dividends payable 656,607 Inventories (Note 1): Accrued liabilities (Note 5) 9,906,534 Finished goods and work in progress 12,570,955 Income taxes payable 4,551,429 Raw materials and supplies 10,195,858 Prepaid expenses 1,957,710
Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll. (Round your answers to the nearest hundredth.) Assets Current assets: Current liabilities: Cash and cash equivalents (Note 1) $ 4,144,190 Notes payable to banks $ 752,221 Investments (Note 1) 32,453,769 Accounts payable 7,084,075 Accounts receivable, less allowances of $740,000 and $736,000 16,126,648 Dividends payable 656,607 Inventories (Note 1): Accrued liabilities (Note 5) 9,906,534 Finished goods and work in progress 12,570,955 Income taxes payable 4,551,429 Raw materials and supplies 10,195,858 Prepaid expenses 1,957,710
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 9E
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Practice Pack
Calculate the
Assets | |||||||
Current assets: | Current liabilities: | ||||||
Cash and cash equivalents (Note 1) | $ | 4,144,190 | Notes payable to banks | $ | 752,221 | ||
Investments (Note 1) | 32,453,769 | Accounts payable | 7,084,075 | ||||
$740,000 and $736,000 |
16,126,648 | Dividends payable | 656,607 | ||||
Inventories (Note 1): | Accrued liabilities (Note 5) | 9,906,534 | |||||
Finished goods and work in progress | 12,570,955 | Income taxes payable | 4,551,429 | ||||
Raw materials and supplies | 10,195,858 | ||||||
Prepaid expenses | 1,957,710 |
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