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Computation of current ratio and acid test ratio.
Scully Corporation's comparative balance sheets are presented below.
SCULLY CORPORATION
Balance Sheets
31-Dec
2008
2007
Cash
$4,300
$3,700
Accounts receivable
21,200
23,400
Inventory
10,000
7,000
Land
20,000
26,000
Building
70,000
Accumulated depreciation
-15,000
-10,000
Total
$110,500
$120,100
Accounts Payable
$12,370
$31,100
Common Stock
75,000
69,000
Retained earnings
23,130
Scully's 2008 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000.
Instructions
Compute the following ratios for 2008. a) Current ratio. b) Acid-test ratio.
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