Canadian Bacon Inc. financial statements are presented in the table below.
Canadian Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, calculate the firm’s current ratio.
Round the answers to two decimal places
Balance Sheet December 31, 2013
Cash and marketable securities $112,000 Accounts payable $211,000 Accounts receivable $325,000 Notes payable $51,500 Inventories $426,000 Accrued expenses $50,100 Prepaid expenses $10,700 Total current liabilities $312,600 Total current assets $873,700 Long-term debt $225,000 Gross fixed assets $1,514,000 Par value and paid-in-capital $117,000 Less: accumulated depreciation $315,000 Retained Earnings $1,418,100 Net fixed assets $1,199,000 Common Equity 1,535,100 Total assets $2,072,700 Total liabilities and owner’s equity $2,072,700 Income Statement, Year of 2013
Net sales (all credit) $3,256,600.00 Less: Cost of goods sold $2,572,714.00 Selling and administrative expenses $323,000.00 Depreciation expense $115,000.00 EBIT $245,886.00 Interest expense $29,600.00 Earnings before taxes $216,286.00 Income taxes $86,514.40 Net income $129,771.60
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