Calculate the Acid test ratio. (Round your answers to the nearest hundredth.) 2015 2014 Acid test...
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Calculate the Acid test ratio. (Round your answers to the nearest hundredth.) 2015 2014 Acid test ratio LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015 2015 $ 20,600 800 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total assets Total plant and equipment Current liabilities: Assets Accounts payable Salaries payable Liabilities Total current liabilities Common stock Retained earnings Long-term liabilities: Mortgage note payable Total liabilities LOGIC COMPANY Comparative Balance Sheet December 31, 2014 and 2015 Acid test ratio Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity. $19,800 11,600 $ 8,200 S 860 3,400 710 520 $ 5,490 $ 2,710 720 $ 1,990 796 $ 1,194 2014 $16,200 100 $16,100 8,600 $ 7,500 $ 680 2,800 580 380 $ 4,440 $ 3,060 580 $2,480 992 $ 1,488 2015 $12,800 $ 9,800 17,300 13,300 9,300 14.800 24,800 10,800 2014 $64,200 $48,700 $15,300 $11,800 14,300 9,800 $29,600 $93,800 $13,800 7,800 $21.600 22,700 $21,600 $70,300 $ 7,800 5,800 $13,600 21,400 $44.300 $35,000 $21,800 $21,800 27,700 13,500 $49,500 $35.300 $93.800 $70,300 Calculate the Acid test ratio. (Round your answers to the nearest hundredth.) 2015 2014 Calculate the Acid test ratio. (Round your answers to the nearest hundredth.) 2015 2014 Acid test ratio LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015 2015 $ 20,600 800 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total assets Total plant and equipment Current liabilities: Assets Accounts payable Salaries payable Liabilities Total current liabilities Common stock Retained earnings Long-term liabilities: Mortgage note payable Total liabilities LOGIC COMPANY Comparative Balance Sheet December 31, 2014 and 2015 Acid test ratio Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity. $19,800 11,600 $ 8,200 S 860 3,400 710 520 $ 5,490 $ 2,710 720 $ 1,990 796 $ 1,194 2014 $16,200 100 $16,100 8,600 $ 7,500 $ 680 2,800 580 380 $ 4,440 $ 3,060 580 $2,480 992 $ 1,488 2015 $12,800 $ 9,800 17,300 13,300 9,300 14.800 24,800 10,800 2014 $64,200 $48,700 $15,300 $11,800 14,300 9,800 $29,600 $93,800 $13,800 7,800 $21.600 22,700 $21,600 $70,300 $ 7,800 5,800 $13,600 21,400 $44.300 $35,000 $21,800 $21,800 27,700 13,500 $49,500 $35.300 $93.800 $70,300 Calculate the Acid test ratio. (Round your answers to the nearest hundredth.) 2015 2014
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Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
Posted Date:
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