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Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $695,000 $874,000 Accounts receivable 301,000 350,000 Inventory 715,000 612,000 Total current assets $1,711,000 $1,836,000 Current liabilities: Current portion of long-term debt $208,000 $158,000 Accounts payable 249,000 216,000 Accrued and other current liabilities 373,000 346,000 Total current liabilities $830,000 $720,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place. Quick Ratio Previous year: Current year: b. How did the quick ratio change between the two balance sheet dates?

Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $695,000 $874,000 Accounts receivable 301,000 350,000 Inventory 715,000 612,000 Total current assets $1,711,000 $1,836,000 Current liabilities: Current portion of long-term debt $208,000 $158,000 Accounts payable 249,000 216,000 Accrued and other current liabilities 373,000 346,000 Total current liabilities $830,000 $720,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place. Quick Ratio Previous year: Current year: b. How did the quick ratio change between the two balance sheet dates?

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...
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Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $695,000 $874,000 Accounts receivable 301,000 350,000 Inventory 715,000 612,000 Total current assets $1,711,000 $1,836,000 Current liabilities: Current portion of long-term debt $208,000 $158,000 Accounts payable 249,000 216,000 Accrued and other current liabilities 373,000 346,000 Total current liabilities $830,000 $720,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place. Quick Ratio Previous year: Current year: b. How did the quick ratio change between the two balance sheet dates?
Transcribed Image Text:Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $695,000 $874,000 Accounts receivable 301,000 350,000 Inventory 715,000 612,000 Total current assets $1,711,000 $1,836,000 Current liabilities: Current portion of long-term debt $208,000 $158,000 Accounts payable 249,000 216,000 Accrued and other current liabilities 373,000 346,000 Total current liabilities $830,000 $720,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place. Quick Ratio Previous year: Current year: b. How did the quick ratio change between the two balance sheet dates?
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