Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 7.00

New World Piano Company

The comparative financial statements of New World Piano Company for 20X3,

20X2, and 20X1 included the following selected data:

 

20X3

20X2

20X1
   

(In millions)

  

Balance sheet:

      

Current assets:

      

Cash

$ 6 7

$ 66

$ 62

Short-term investments Receivables, net of allowance for doubtful accounts of $7, $6 and $4, respectively

93

101

69

Inventories

206

154

197

Prepaid expenses

408

383

341

Total current assets

32

31

25

Total current liabilities

806

735

694

Income statement:

440

416

388

Required

1. Compute these ratios for 20X3 and 20X2:

a. Current ratio b. Acid-test ratio c. Days’ sales in receivables

2. Write a memo explaining to top management which ratio values showed improvement from 20X2 to 20X3 and which ratio values deteriorated. State whether the overall trend is favorable or unfavorable for the company and give the reason for your evaluation.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 05:09 PM My Price 7.00

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