Question: multiple part question Presented here are the comparative balance sheets of Hames Inc. at December 31.2020 and 2019. Sales for the ye December 31,2020 ,

 multiple part question Presented here are the comparative balance sheets of
Hames Inc. at December 31.2020 and 2019. Sales for the ye December
multiple part question

Presented here are the comparative balance sheets of Hames Inc. at December 31.2020 and 2019. Sales for the ye December 31,2020 , totaled $690.000 Required: a. Calculate ROl for 2020 . (Do not round intermediate calculations. Round your final answer to 2 decimal places.) b. Calculate ROE for 2020 . (Round your answer to 1 decimal place.) c. Calculate working capital at December 31,2020 . d. Calculate the current ratio at December 31,2020 . (Round your answer to 2 decimal places.) e. Calculate the acid-test ratio at December 31,2020 . (Round your answer to 2 decimol places.) f. Assume that on December 31, 2020, the treasurer of Hames decided to pay $15,000 of accounts payable. What impact, if any, this payment will have on the answers you calculated for parts a-d (increase, decrease, or no effect). 9. Assume that instead of paying $15,000 of accounts payable on December 31,2020 . Hames collected $15,000 of accounts receivable. What impact, if any, this receipt will have on the answers you calculated for parts a-d (increase, decrease, or no effect)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!