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Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Total current assets Property, plant, and equipment Intangibles and other assets Total assets 2022 $330 470 460 120 1,380 10 420 530 $2,340 2021 $360 400 390 160 1,310 10 380 510 $2,210

Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Total current assets Property, plant, and equipment Intangibles and other assets Total assets 2022 $330 470 460 120 1,380 10 420 530 $2,340 2021 $360 400 390 160 1,310 10 380 510 $2,210

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter1: The Role Of Accounting In Business
Section: Chapter Questions
Problem 1.17E: Financial statements Each of the following items is shown in the financial statements of ExxonMobil...
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Hcs/380 terminology matchin
9 io Calculations Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Long-term liabilities Stockholder's equity - common Total liabilities and stockholder's equity Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Income Statement Costs and expenses Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses Income before income taxes 2022 Income tax expense Net Income $330 1,380 530 $2,340 $900 955 2,400 3.380 420 2021 $294 $360 1,030 $2,340 $2.210 160 1.310 380 $10 $2,210 $790 2,330 3,240 220 65 Calculate the 2022 Current Ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example below. 1500 Example + 800 Current Ratio 2022 11 1.88 Click the check mark to check your answers. Fields with incorrect responses will be removed so you can try again. ky a
Transcribed Image Text:9 io Calculations Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Long-term liabilities Stockholder's equity - common Total liabilities and stockholder's equity Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Income Statement Costs and expenses Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses Income before income taxes 2022 Income tax expense Net Income $330 1,380 530 $2,340 $900 955 2,400 3.380 420 2021 $294 $360 1,030 $2,340 $2.210 160 1.310 380 $10 $2,210 $790 2,330 3,240 220 65 Calculate the 2022 Current Ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example below. 1500 Example + 800 Current Ratio 2022 11 1.88 Click the check mark to check your answers. Fields with incorrect responses will be removed so you can try again. ky a
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Introduction

Current ratio is the liquidity ratio that shows the ability of the company to pay off its current liabilities using current assets. The current ratio is calculated by dividing the current assets by the current liabilities and the ideal current ratio is 2:1.

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