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Home Q & A Board Other Fields Homework Help Business Accounting
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bernie2981 bernie2981
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8 years ago
The Nichols Corporation data for the current year:

Account   Current year   Prior year
Current assets   $75,600   $60,000
A/R   $59,400   $44,000
Mdse. Inventory   $51,200   $40,000
Current liabilities   $71,500   $55,000
Long-term liabilities   $36,000   $30,000
Common stock (5,000 shares)    $47,460   $42,000
Retained earnings   $31,240   $17,000
Net sales revenue   $607,700   $515,000
COGS   $469,700   $385,000
Gross Profit   $138,000   $130,000
Selling/General expenses   $49,080   $52,000
Net income before taxes   $88,920   $78,000
Income tax expense   $20,520   $18,000
Net Income   $68,400   $60,000

What would a horizontal analysis report with respect to current assets?
A) Inventory turnover of 9.17 times
B) Current assets as 40.60% of total assets
C) Current ratio of 1.06
D) A 26.00% increase in current assets
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
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nucleinuclei
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bernie2981 Author
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8 years ago
Answers my question perfectly.
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