Required information The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] [The following information applies to...
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Required information The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] [The following information applies to the questions displayed below.] Markus Company's common stock sold for $3.25 per share at the end of this year. The company paid a common stock dividend of $0.65 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income Ending Balance $ 39,000 $ 72,000 Beginning Balance $ 35,200 $ 56,200 $ 61,900 $ 172,900 $ 531,000 $ 69,000 $ 72,000 $ 163,400 $ 550,400 $ 60,000 $ 140,400 $ 156,000 $ 132,000 $ 132,000 $ 375,000 $ 410,000 $ 531,000 $ 550,400 This Year $ 850,000 $ 493,000 $ 357,000 $ 173,375 $ 9,500 $ 114,712 Foundational 14-8 (Algo) 8. What is the acid-test ratio at the end of this year? (Round your answer to 2 decimal places.) Required information The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] [The following information applies to the questions displayed below.] Markus Company's common stock sold for $3.25 per share at the end of this year. The company paid a common stock dividend of $0.65 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income Ending Balance $ 39,000 $ 72,000 Beginning Balance $ 35,200 $ 56,200 $ 61,900 $ 172,900 $ 531,000 $ 69,000 $ 72,000 $ 163,400 $ 550,400 $ 60,000 $ 140,400 $ 156,000 $ 132,000 $ 132,000 $ 375,000 $ 410,000 $ 531,000 $ 550,400 This Year $ 850,000 $ 493,000 $ 357,000 $ 173,375 $ 9,500 $ 114,712 Foundational 14-8 (Algo) 8. What is the acid-test ratio at the end of this year? (Round your answer to 2 decimal places.)
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