A skeleton of Hill Country Florist Limited's balance sheet appears as follows (amounts in thousands): Use the
Question:
Use the following ratio data to complete Hill Country Florist's balance sheet:
a. Debt ratio is 0.52.
b. Current ratio is 1.20.
c. Acid-test ratio is 0.70.
Balance Sheet Cash Receivables Inventories Prepaid expenses $ 253 Total current liabilities $1,164 (a) 555 Long-term debt Other long-term liabilities l.. 826 Total current assets Property, plant, and Common shares Retained earnings Total liabilities and 185 (d) 1,150 6,315 2,846 equipment, net Other assets Total assets shareholders' equity $ (D)
Step by Step Answer:
Hill Country Florist Limited Balance Sheet Dollars in thousan...View the full answer
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
Related Video
The current ratio is a financial ratio that measures a company\'s ability to pay its short-term obligations with its short-term assets. It is calculated by dividing a company\'s current assets by its current liabilities. The formula for calculating the current ratio is: Current Ratio = Current Assets / Current Liabilities Current assets are assets that can be converted to cash within one year, while current liabilities are debts that are due within one year. A current ratio of 1:1 or greater is generally considered good, as it indicates that a company has enough current assets to cover its current liabilities. A current ratio of less than 1:1 may suggest that a company may have difficulty meeting its short-term obligations. It\'s important to note that the current ratio is just one of many financial ratios that can be used to assess a company\'s financial health. It should be used in conjunction with other financial ratios and qualitative factors to make informed decisions about investing or lending to a company.
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