If current assets are $90,000 and total assets are $270,000, what percentage of

Question

If current assets are $90,000 and total assets are $270,000, what percentage of total assets are current assets?

THE LACAL COMPANY Comparative Income Statement For the Years Ended December 31, 2013 and 2012 2013 2012 evenue ales ess Sales Returns and Allowances Net Sales 905,000 15,000 890,000 765,000 9,000 756,000 ost of Goods Sold erchandise Inventory, January1 et Purchases otal Merchandise Available for Sale ess Merchandise Inventory, December 31 Cost of Goods Sold ross Profit on Sales 84,000 306,000 390,000 86,000 304,000 586,000 80,000 262,000 342,000 84,000 258,000 498,000 Operating Expenses elling Expenses Sales Salaries Expense Payroll Tax Expense-Selling Other Selling Expenses 87,000 8,700 25,200 120,900 80,000 8,000 15.200 103,200 Total Selling Expenses

Explanation / Answer

Solution:

Current Assets- $ 90,000

Total Assets- $ 270,000

Percentage of current assets to total assets

= Current assets / Total assets X 100

= $ 90,000 / $ 270,000 X 100

= 33.33% (Answer)

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