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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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2 years ago
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3 years ago
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for t
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Answer:

<em>Product X and Z should be processed further because the additional sales revenue is greater that further processing cost which leads to a profit. </em>

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WP Corporation should process further a product if the additional revenue from the split-off point is greater than than the further processing cost.  

Also note that all cost incurred up to the split-off point (i.e $92,000) are irrelevant to the decision to process further .  

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Sales value after split off point              <u>  27</u>     <u>  27  </u>           <u>32</u>

Additional sales value                               4         3              7

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Net income?(loss)                                     2          (1 )             3

Product X and Z should be processed further because the additional sales revenue is greater that further processing cost, which leads to a profit.

Product Y should not be processed further because doing so would lead to a loss

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3 years ago
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