Selected condensed data taken from a recent balance sheet of Morino Inc. are as follows. Morino Inc.
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Selected condensed data taken from a recent balance sheet of Morino Inc. are as follows.
Morino Inc.
Balance Sheet (partial)
Cash ......................................$ 8,113,000
Short-term investments ........4,947,000
Accounts receivable .............12,545,000
Inventory ................................14,814,000
Other current assets .................6,271,000
Total current assets .......$46,690,000
Total current liabilities .......$40,600,000
What are the
(a) Working capital,
(b) Current ratio, and
(c) Acid-test ratio?
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...
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Managerial Accounting Tools for business decision making
ISBN: 978-1118096895
6th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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