Selected condensed data taken from a recent balance sheet of Kutenai Luau, Inc., are as follows: KUTENAI

Question:

Selected condensed data taken from a recent balance sheet of Kutenai Luau, Inc., are as follows:

KUTENAI LUAU, INC.

Balance Sheet (partial)

Cash ................... $ 8,041,000

Short-term investments ............. 1,947,000

Accounts receivable ............. 12,545,000

Inventories ................ 14,814,000

Other current assets .............. 5,571,000

Total current assets .............$42,918,000

Total current liabilities ...........$40,644,000

What are the

(a) Working capital,

(b) Current ratio, and

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...