Question: How to solve total current assets? 2018 2017 $ 110 $ 174 149 167 37 16 At year-end (In millions) Liabilities and stockholders' equity Current
How to solve total current assets?


2018 2017 $ 110 $ 174 149 167 37 16 At year-end (In millions) Liabilities and stockholders' equity Current liabilities Accounts payable Accrued expenses Accrued employee compensation and benefits Current portion of long-term debt Total current liabilities Long-term debt Post-retirement benefits payable Other liabilities Total stockholders' equity 12 4 308 361 1,578 1,324 129 125 19 18 2,420 1,273 $ 4,453 $ 3,102 Total liabilities and stockholders' equity Year-end (in millions) Cost of goods sold $ 1,704 $ 1,239 Now, determine the formula for the current ratio. Then complete the formula and calculate the current ratios at the end of 2017 and 2018. (Enter amounts in millions. Round your answer to two decimal places.) Total current assets / Total current liabilities Current ratio 2018 $ 663 308 2.15 2017 $ 613 / $ 361 1.7 2018 2017 $ 110 $ 174 149 167 37 16 At year-end (In millions) Liabilities and stockholders' equity Current liabilities Accounts payable Accrued expenses Accrued employee compensation and benefits Current portion of long-term debt Total current liabilities Long-term debt Post-retirement benefits payable Other liabilities Total stockholders' equity 12 4 308 361 1,578 1,324 129 125 19 18 2,420 1,273 $ 4,453 $ 3,102 Total liabilities and stockholders' equity Year-end (in millions) Cost of goods sold $ 1,704 $ 1,239 Now, determine the formula for the current ratio. Then complete the formula and calculate the current ratios at the end of 2017 and 2018. (Enter amounts in millions. Round your answer to two decimal places.) Total current assets / Total current liabilities Current ratio 2018 $ 663 308 2.15 2017 $ 613 / $ 361 1.7
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
