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The following is the balance sheet and income statement for Metro Eagle Outfitters, in condensed form, plus some information fro the cash flow statement. Balance Sheet Cash and short-term investments Accounts receivable Inventory Other current assets Total current assets Long-lived assets. Total assets Current liabilities. Total liabilities Shareholders' equity Total liabilities and equity Income Statement Sales Cost of sales Gross margin Operating expenses Earnings before interest and taxes. Net income Interest paid in cash Taxes paid in cash Cash Flows Cash flow from operations Capital expenditures Dividends 2022 $ 649,992 48,221 351, 452 111, 135 1,160,800 573,332 1. Inventory turnover. 2. Current ratio. 3. Quick ratio. 4. Cash flow ratio. $ 1,734, 132 $ 480,402 511,045 1,223,087 $ 1,734, 132 $ 3,479,602 2,104,480 $ 1,375, 122 971, 184 $403,938 $ 251,108 99 143,909 $ 604,171 95,839 87,492 Required: Calculate the following liquidity ratios for Metro Eagle in 2021 and 2022: 2021 $764,044 42,210 405,514 113,720 1,325,488 618,982 $ 1,944, 470 $ 462,401 523,486 1,420,984 $ 1,944, 470 $ 3,121,965 1,994,471 $ 1,127,494 850,385 $ 277,109 $ 153,605 201 100,706 $ 521,817 93,266 87,492 2020 $ 753,693 40,521 320,208 97,988 1,212,410 565,302 $ 1,777,712 $ 406,837 422,841 1,354,871 $ 1,777,712 $ 2,949,094 1,782, 143 $ 1,166,951 847,676 $ 319,275 $ 142,547 180 47,637 $ 399,416 79,704 85,066

The following is the balance sheet and income statement for Metro Eagle Outfitters, in condensed form, plus some information fro the cash flow statement. Balance Sheet Cash and short-term investments Accounts receivable Inventory Other current assets Total current assets Long-lived assets. Total assets Current liabilities. Total liabilities Shareholders' equity Total liabilities and equity Income Statement Sales Cost of sales Gross margin Operating expenses Earnings before interest and taxes. Net income Interest paid in cash Taxes paid in cash Cash Flows Cash flow from operations Capital expenditures Dividends 2022 $ 649,992 48,221 351, 452 111, 135 1,160,800 573,332 1. Inventory turnover. 2. Current ratio. 3. Quick ratio. 4. Cash flow ratio. $ 1,734, 132 $ 480,402 511,045 1,223,087 $ 1,734, 132 $ 3,479,602 2,104,480 $ 1,375, 122 971, 184 $403,938 $ 251,108 99 143,909 $ 604,171 95,839 87,492 Required: Calculate the following liquidity ratios for Metro Eagle in 2021 and 2022: 2021 $764,044 42,210 405,514 113,720 1,325,488 618,982 $ 1,944, 470 $ 462,401 523,486 1,420,984 $ 1,944, 470 $ 3,121,965 1,994,471 $ 1,127,494 850,385 $ 277,109 $ 153,605 201 100,706 $ 521,817 93,266 87,492 2020 $ 753,693 40,521 320,208 97,988 1,212,410 565,302 $ 1,777,712 $ 406,837 422,841 1,354,871 $ 1,777,712 $ 2,949,094 1,782, 143 $ 1,166,951 847,676 $ 319,275 $ 142,547 180 47,637 $ 399,416 79,704 85,066

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
Chapter12: The Statement Of Cash Flows
Section: Chapter Questions
Problem 12.1KTQ
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The following is the balance sheet and income statement for Metro Eagle Outfitters, in condensed form, plus some information from the cash flow statement. Balance Sheet Cash and short-term investments Accounts receivable Inventory Other current assets Total current assets Long-lived assets Total assets Current liabilities Total liabilities Shareholders' equity Total liabilities and equity Income Statement Sales Cost of sales Gross margin Operating expenses Earnings before interest and taxes Net income Interest paid in cash Taxes paid in cash Cash Flows Cash flow from operations Capital expenditures Dividends 2022 $ 649,992 48,221 351, 452 111,135 1,160,800 573,332 $ 1,734, 132 $ 480,402 511,045 1,223,087 $ 1,734, 132 1. Inventory turnover. 2. Current ratio. 3. Quick ratio. 4. Cash flow ratio. $ 3,479,602 2,104,480 $ 1,375,122 971,184 $ 403,938 $ 251,108 99 143,909 $ 604,171 95,839 87,492 Required: Calculate the following liquidity ratios for Metro Eagle in 2021 and 2022: 2021 $ 764,044 42,210 405,514 113,720 1,325,488 618,982 $ 1,944,470 $ 462,401 523,486 1,420,984 $ 1,944,470 $ 3,121,965 1,994,471 $ 1,127,494 850,385 $ 277,109 $ 153,605 201 100,706 $ 521,817 93,266 87,492 2020 $ 753,693 40,521 320,208 97,988 1,212,410 565,302 $ 1,777,712 $ 406,837 422,841 1,354,871 $ 1,777,712 $ 2,949,094 1,782, 143 $ 1,166,951 847,676 $ 319,275 $ 142,547 180 47,637 $ 399,416 79,704 85,066
Transcribed Image Text:The following is the balance sheet and income statement for Metro Eagle Outfitters, in condensed form, plus some information from the cash flow statement. Balance Sheet Cash and short-term investments Accounts receivable Inventory Other current assets Total current assets Long-lived assets Total assets Current liabilities Total liabilities Shareholders' equity Total liabilities and equity Income Statement Sales Cost of sales Gross margin Operating expenses Earnings before interest and taxes Net income Interest paid in cash Taxes paid in cash Cash Flows Cash flow from operations Capital expenditures Dividends 2022 $ 649,992 48,221 351, 452 111,135 1,160,800 573,332 $ 1,734, 132 $ 480,402 511,045 1,223,087 $ 1,734, 132 1. Inventory turnover. 2. Current ratio. 3. Quick ratio. 4. Cash flow ratio. $ 3,479,602 2,104,480 $ 1,375,122 971,184 $ 403,938 $ 251,108 99 143,909 $ 604,171 95,839 87,492 Required: Calculate the following liquidity ratios for Metro Eagle in 2021 and 2022: 2021 $ 764,044 42,210 405,514 113,720 1,325,488 618,982 $ 1,944,470 $ 462,401 523,486 1,420,984 $ 1,944,470 $ 3,121,965 1,994,471 $ 1,127,494 850,385 $ 277,109 $ 153,605 201 100,706 $ 521,817 93,266 87,492 2020 $ 753,693 40,521 320,208 97,988 1,212,410 565,302 $ 1,777,712 $ 406,837 422,841 1,354,871 $ 1,777,712 $ 2,949,094 1,782, 143 $ 1,166,951 847,676 $ 319,275 $ 142,547 180 47,637 $ 399,416 79,704 85,066
Required: Calculate the following liquidity ratios for Metro Eagle in 2021 and 2022: 1. Inventory turnover. 2. Current ratio. 3. Quick ratio. 4. Cash flow ratio. Numerator Denominator Numerator Denominator Numerator Denominator Numerator Denominator Inventory Turnover Average inventory Current Ratio Quick Ratio Cash Flow Ratio 11 2022 2022 2022 2022 2021 2021 2021 2021 11 II II ||
Transcribed Image Text:Required: Calculate the following liquidity ratios for Metro Eagle in 2021 and 2022: 1. Inventory turnover. 2. Current ratio. 3. Quick ratio. 4. Cash flow ratio. Numerator Denominator Numerator Denominator Numerator Denominator Numerator Denominator Inventory Turnover Average inventory Current Ratio Quick Ratio Cash Flow Ratio 11 2022 2022 2022 2022 2021 2021 2021 2021 11 II II ||
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