Ottoman Manufacturing Company reported net sales (all credit) of $120,000 and $140,000 for 20x3 and 20x4,...

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Ottoman Manufacturing Company reported net sales (all credit) of $120,000 and $140,000 for 20x3 and 20x4, respectively, and net income of $24,000 and $32,000 for 20x3 and 20x4, respectively. Ottoman's 20x3 and 20x4 balance sheets appear here: 20x3 20x4 Current Assets Cash $ 16,000 $ 15,000 Accounts Receivable, net 20,000 19,000 30,000 66,000 Inventory 28,000 Total Current Assets 62,000 Plant & Equipment, net 60,000 40,000 Total Assets 126.000 102,000 Current Liabilities 20,000 30,000 40,000 $ 80,000 $ 70,000 Noncurrent Liabilities 60.000 Total Liabilities Stockholders' Equity Common Stock 2,000 2,000 Additional Paid-In Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $126.000 $ 102.000 4,000 4,000 40,000 26,000 46.000 32,000 Calculate the company's current ratio for 20x4, rounding to two decimal places. Ottoman Manufacturing Company reported net sales (all credit) of $120,000 and $140,000 for 20x3 and 20x4, respectively, and net income of $24,000 and $32,000 for 20x3 and 20x4, respectively. Ottoman's 20x3 and 20x4 balance sheets appear here: 20x3 20x4 Current Assets Cash $ 16,000 $ 15,000 Accounts Receivable, net 20,000 19,000 30,000 66,000 Inventory 28,000 Total Current Assets 62,000 Plant & Equipment, net 60,000 40,000 Total Assets 126.000 102,000 Current Liabilities 20,000 30,000 40,000 $ 80,000 $ 70,000 Noncurrent Liabilities 60.000 Total Liabilities Stockholders' Equity Common Stock 2,000 2,000 Additional Paid-In Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $126.000 $ 102.000 4,000 4,000 40,000 26,000 46.000 32,000 Calculate the company's current ratio for 20x4, rounding to two decimal places.

Answer rating: 100% (QA)

Solution The correct answer is 207 Explanation The current ra... View the full answer