Reference no: EM13912355
Effect of transactions on liquidity measures. Selected balance sheet accounts for Tibbetts Company on September 30, 2013, are as follows:
Cash $ 96,000
Marketable securities 174,000
Accounts receivable, net 258,000
Inventory 270,000
Prepaid expenses 42,000
Total current assets $840,000
Accounts payable $294,000
Other accrued liabilities 66,000
Short term debt 120,000
Total current liabilities $480,000
Required:
a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 2013.
b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2014. Indicate the effect of each item on Tibbetts Company's working capital, current ratio, and acid test ratio. Use + for increase, for decrease, and (NE) for no effect.
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