205. The following items are reported on a company’s balance sheet:
Cash
$190,000
Marketable securities
150,000
Accounts receivable (net)
260,000
Inventory
300,000
Accounts Payable
600,000
Required:Determine (1) the current ratio and (2) the quick ratio. Round to one decimal place.
206. Comparative information taken from the Carson Company financial statements is shown below:
2010__
2009__
(a)
Notes receivable
$ 10,000
$ -0-
(b)
Accounts receivable
175,000
140,000
(c)
Retained earnings
30,000
(40,000)
(d)
Sales
840,000
750,000
(e)
Operating expenses
160,000
200,000
(f)
Income taxes payable
28,000
20,000
InstructionsUsing horizontal analysis, show the percentage change from 2009 to 2010 with 2009 as the base year.
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