Penny Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $665,451 $682,867 Cash at Bank $148,399 $121,663 Mortgage payable this year $26,754 $32,503 Inventory $36,200 $44,066 Accounts payable $128,305 $127,187 Accounts receivable (trade debtors) $445,025 $401,750 Mortgage payable in 5 years time $501,383 $623,093 Owner's Equity $1,482,532 $1,130,496 Based on the information provided, calculate the Current Ratio for 2021.
Penny Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $665,451 $682,867 Cash at Bank $148,399 $121,663 Mortgage payable this year $26,754 $32,503 Inventory $36,200 $44,066 Accounts payable $128,305 $127,187 Accounts receivable (trade debtors) $445,025 $401,750 Mortgage payable in 5 years time $501,383 $623,093 Owner's Equity $1,482,532 $1,130,496 Based on the information provided, calculate the Current Ratio for 2021.
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 48P
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Penny Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020:
|
2021 |
2020 | |
| Profit After Tax | $665,451 | $682,867 |
| Cash at Bank | $148,399 | $121,663 |
| Mortgage payable this year | $26,754 | $32,503 |
| Inventory | $36,200 | $44,066 |
| Accounts payable | $128,305 | $127,187 |
| $445,025 | $401,750 | |
| Mortgage payable in 5 years time | $501,383 | $623,093 |
| Owner's Equity | $1,482,532 | $1,130,496 |
Based on the information provided, calculate the
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