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HW #1: Financial Statements and Ratios : Problem #1 Back To Problem Set

Rocky Johnson just reported the following balance sheet for the end of 2012. Know Your Role Boulevard, LLC Assets:

$

Cash and Marketable Securities

$250,000

Accounts Receivable

$400,000

Inventory Total Current Assets

$350,000.00 $1,000,000.00

Gross Fixed Assets

$5,000,000

Accumulated Depreciation

$2,225,000

Net Fixed Assets

$2,775,000

Total Assets

$3,775,000

Liabilities and Shareholder Equity Accounts Payable Notes Payable Total Current Liabilities

$ $325,000 $600,000 $925,000.00

Long term Debt

$1,680,000

Total Liabilities

$2,605,000

Common Stock

$750,000

Retained Earnings

$420,000

Total Shareholder Equity

$1,170,000

Total Liabilities and Shareholder Equity

$3,775,000

Find the current ratio for the firm.

Answer Format: Number: Round to: 2 decimal places. Correct Answer

1.08

Your Answer

1.08

Result

Correct

Status

Answered

Grading Type

Auto grade

Variance

1.0%

Accepted Range

1.07 - 1.09

Points

1.0 / 1.0

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