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ID: 2332101 • Letter: C
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coi Secure https//mybusinesscourse orm/mod/quiz/attempt.php?attempt-19654718page-1 E Menu QUESTION 2 Not compleseMarked out or 1400 Fg question Classifying Balance Sheet and Income Statement Accounts and Computing Quick Ratio El Puerto de Liverpool (Liverpool) is a large retailer in Mexico. The following accounts are selected from its annual report for the fiscal year ended December 31. 2013. The amounts below are in thousands of Mexican pesos a. Indicate the appropriate classification of each account as appearing in either its balance sheet (8) or its income statement 0). Pesos thousands) Tocal revenue $148,210,888 Retained earnings 100,695,564 22,843,938 38,795,562 189,873,808 1,842,912 2,177,784 Total assets Long-term loans from financial institutions Financing costs Total current assers 65,724,059 Total stockholders' equity Prepaid expenses Toral non-current liabilaies 109,654,664 1,234774 28,966.202 b. Determine Liverpools total liabilities and current liabilities as of December 31 2013. Total liabilities: 0 total current liabilities: 0 c. Calculate Liverpool's quick ratio as of December 31. 2013. (Assume that Liverpool only has five types of current assets- cash, marketable secunities, accounts receivable. inventory and prepaid expenses.) Round your answers to two decimal places Quick Ratio: 0 Check P L1950Explanation / Answer
Question - 1
Question - b
Total Liabilities = Total assets = 189873808
Current Liabilities = Total liabilities - ( total equity + Non current liabilities )
= 189873808 - ( 109654664 + 28966202 )
= 189873808 - 138620866 = 51,252,942
Question - c
Quick ratio = Quick assets / Current liabilities = 41645357 / 51,252,942 = 0.81
Classification Total revenue Revenue Income Statement Retained earnings Equity Balances sheet Inventory Current assets Balances sheet Administration expenses Operating expenses Income Statement Total assets Assets Balances sheet Long term loans Long term liabilites Balances sheet Financing cost Non operating expenses Income Statement Total current assets Assets Balances sheet Total stock holders equity Equity Balances sheet Prepaid expenses Current assets Balances sheet Total non current liabilities Liabilities Balances sheetRelated Questions
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