Pina Colada & Associates Inc. reports the following account balances for the year ending June 30,...

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Pina Colada & Associates Inc. reports the following account balances for the year ending June 30, 2022: Accounts payable $28,000 Accounts receivable 37,000 Cash and cash equivalents 15.600 Goodwill 131,000 Inventory 80,000 Notes payable (due 2027) 103,000 Interest payable 3,700 Notes payable (due 2023) 14,500 Property, plant, and equipment 530,000 Accumulated depreciation 106,000 Prepaid insurance 11,460 Salaries and wages payable 12,600 Bonds payable 315,000 Compute the company's (a) current ratio and (b) debt to assets ratio. (Round current ratio to 2 decimal places, e.g. 1.55:1 and debt to assets ratio to O decimal place, e.g. 55%.) (a) Current ratio :1 (b) Debt to assets ratio % Pina Colada & Associates Inc. reports the following account balances for the year ending June 30, 2022: Accounts payable $28,000 Accounts receivable 37,000 Cash and cash equivalents 15.600 Goodwill 131,000 Inventory 80,000 Notes payable (due 2027) 103,000 Interest payable 3,700 Notes payable (due 2023) 14,500 Property, plant, and equipment 530,000 Accumulated depreciation 106,000 Prepaid insurance 11,460 Salaries and wages payable 12,600 Bonds payable 315,000 Compute the company's (a) current ratio and (b) debt to assets ratio. (Round current ratio to 2 decimal places, e.g. 1.55:1 and debt to assets ratio to O decimal place, e.g. 55%.) (a) Current ratio :1 (b) Debt to assets ratio %

Answer rating: 100% (QA)

To calculate the current ratio and debttoassets ratio we need to use the following formulas Current ... View the full answer