Assignment IUN Downloadable eTextbook THe chier tanciar omcer crojUrc CFO could

Question

Assignment IUN Downloadable eTextbook THe chier tanciar omcer crojUrc CFO could get an idea of how the company The preliminary balance sheet is as follows. stood. He knows that certain debt agreements with its creditors require the company to maintain a curr CALCULATOR PRINTER VERSIO ork Concord Corporation Balance Sheet December 30, 2017 Current assets Cash Accounts receivable Prepaid insurance $26,900 31,200 Equipment (net) Total assets Current liabilities 6,800 $64,900 201,800 $266,700 21,900 11,200 $ 33,50 Accounts payable Salaries and wages payable Long-term liabilities 81,800 114,900 Notes payable Total liabilities Stockholders' equity 100,000 51,800 151,800 Common stock Retained earnings $266,700 Total liabilities and stockholders' equity Calculate the current ratio and working capital based on the preliminary balance sheet. (Round Current Ratio to 1 decimal place, e.g I2000- 2000-2018 John Wiley & Sons, Inc, All Rights Reserved. A Division of John iley& Sons. Inc.

Explanation / Answer

A Current Ratio: Current Assets        64,900 a Current Liabilities        33,100 b Current Ratio                  2 a/b Working Capital: Current Assets        64,900 a Current Liabilities        33,100 b Working Capital        31,800 a-b B Current Ratio: Balance Transaction New Balance Current Assets        43,000 a Current Assets 64,900 -21900           43,000 Current Liabilities        11,200 b Current Liabilities 33,100 -21900           11,200 Current Ratio                  4 a/b Working Capital: Current Assets        43,000 a Current Liabilities        11,200 b Working Capital        31,800 a-b

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