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Bingel [31]
3 years ago
6

ALTOID CO. Balance Sheet At December 31, 2021 Assets: Cash $ 220 Short-term investments 550 Accounts receivable (net) 650 Invent

ory 800 Property, plant, and equipment (net) 1,150 Total assets $ 3,370 Liabilities and shareholders' equity: Current liabilities $ 800 Long-term liabilities 950 Common stock 500 Retained earnings 1,120 Total liabilities and shareholders' equity $ 3,370 Selected 2021 income statement information for Altoid Co. includes: Net Sales $ 8,400 Operating expenses 7,350 Income before interest and tax 1,050 Interest expense 100 Income tax expense 285 Net income $ 665 Required: Compute the following financial statement ratios for 2021: Altoid Co.'s current ratio. (Round your answer to 2 decimal places.)
Business
1 answer:
kumpel [21]3 years ago
3 0

Answer:

3.4

Explanation:

Current assets = Cash + Short-term investments + Accounts receivable (net) + Inventory

= $220 + $550 + $800 + $1,150

= $2,720

Current ratio = Current assets / Current liabilities

Current ratio = $2,720 / $800

Current ratio = 3.4

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c. used to indicate where changes in technology and machinery need to be made

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Standard Costs are established through past experiences and hence they can be used to control costs, and plan production schedules.

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4 0
2 years ago
Jerome, Sheila, Gary, and Ella agreed to purchase a tract of land and make it available for use as a free playground for neighbo
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Answer:

Yes

Explanation:

The damages can be recovered as Jerome and Gary hung the playground swing improperly. A child was injured due to their negligent actions. The case will be on Meadowbrook Playground and not on the individual person who has committed the mistake. According to law, the damages can be recovered as the enterprise owned the whole property, and due to their carelessness in the installation of swing, the accident took place. The child's parent has every right to recover damages from the playground owner.

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3 years ago
Emmanuel would like to start a business with a popular fast food company. He agrees to pay a fee and royalties. This is an examp
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3 years ago
Jenna Parker owns and manages her single member LLC which provides a wide variety of financial services to her clients. She is m
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Answer:

Option ( b ) $57,000

Explanation:

Data provided in the question:

Net income = $300,000

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3 years ago
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