DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash...

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DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumlated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $151,300 $117,000 72,000 89,000 92,000 77,000 3,700 1,700 450,000 450,000 760,000 640,000 (398,000) (238,000) $1,131,000 $1,136,700 $96,000 $82,000 Interest payable 6,000 11,700 Income tax payable Notes payable 8,000 4,700 Long-term liabilities: 110,000 220,000 Stockholders' equity: Common stock 670,000 670,000 Retained earnings 241,000 148,300 Total liabilities and stockholders' equity $1,131,000 $1,136,700 Additional information for 2024: 1. Net income is $92,700. 2. Sales on account are $1,416,800. 3. Cost of goods sold is $1,098,500. Required: 1. Calculate the following risk ratios for 2024: 2. When we compare two companies, can one have a higher current ratio while the other has a higher acid-test ratio? Prov 3 of 5 Novt DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumlated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $151,300 $117,000 72,000 89,000 92,000 77,000 3,700 1,700 450,000 450,000 760,000 640,000 (398,000) (238,000) $1,131,000 $1,136,700 $96,000 $82,000 Interest payable 6,000 11,700 Income tax payable Notes payable 8,000 4,700 Long-term liabilities: 110,000 220,000 Stockholders' equity: Common stock 670,000 670,000 Retained earnings 241,000 148,300 Total liabilities and stockholders' equity $1,131,000 $1,136,700 Additional information for 2024: 1. Net income is $92,700. 2. Sales on account are $1,416,800. 3. Cost of goods sold is $1,098,500. Required: 1. Calculate the following risk ratios for 2024: 2. When we compare two companies, can one have a higher current ratio while the other has a higher acid-test ratio? Prov 3 of 5 Novt

Answer rating: 100% (QA)

Risk Ratios for 2024 1 Current Ratio Current Assets Cash Accounts Receivable Inventory Current Asset... View the full answer