In year 1, a firm had cash and cash equivalents of $100,000, accounts receivable of $25,000, and inventories of $13,000. In year 2, it had cash and cash equivalents of $80,000, accounts receivable of $20,000, and inventories of $15,000. Calculate the change in total current assets in dollars and as a percentage.
Answer to relevant QuestionsBased on Tim Hortons’ balance sheet, the firm’s total current assets changed between the last two recent years. Which component of the current assets changed the most? By what dollar amount and percentage did it increase?Given the following income statement for GG Inc. and the adjustments to be made, rebuild its income statement.GG Inc. should use the straight-line depreciation method, which incurred only $1,500 in depreciation.GG Inc. ...State three of the most basic principles of GAAP in the CICA Handbook.The balance sheet for a small corporation shows total assets of $425,600, common equity of $125,000, and retained earnings of $85,000. Calculate the total liabilities.Calculate the fixed asset turnover for Finns’ Fridges for years 1 and 2 (note that net fixed assets correspond to “property and equipment (net)” on the company’s balance sheet). Has the company become more or less ...
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