H23 1 Robin Sporting Goods Company 2 Balance Sheets 3 31-Mar 2014 2013 5 ASSETS

Question

H23 1 Robin Sporting Goods Company 2 Balance Sheets 3 31-Mar 2014 2013 5 ASSETS 6 Current: 7 Cash 8 Accounts receivabl28, 20027, 200 9 Inventories 10 Other current asse 11 Total current asse 72, 700 12 Property and equip 13 Other assets 14 Total assets 15 LIABILITIES 16 Total current lial $54, 000 $68, 500 17 Long-term liabilit 4, 0001, 500 18 Total liabilities58, 000 70, 000 19 STOCKHOLDERS EQUITY 20 Common stock 21 Retained earnings 17, 200 9, 450 22 Total stockholders 46, 20038, 350 $1,200 $1,000 38, 00038, 350 5, 000 5, 300 7, 200 24, 300 5, 300 31, 500 29, 00028, 900

Explanation / Answer

CALCULATION OF THE CURRENT ASSETS OF THE YEAR 2013 AND 2014 Year -2014 Year -2013 Cash $                   1,200 $         1,000 Account Recivable $                 28,200 $       27,200 Inventories $                 38,000 $       38,350 Other Current Assets $                   5,300 $         5,000 Total Current Assets $                 72,700 $       71,550 Answer Total current Assets as on March 31, 2013 = $                 71,550 Answer = 2 Current Ratio = Current Assets / Current Liabilities Year -2014 Year -2013 Current Ratio = Current Assets = $72,700 $71,550 Divide By "/"By "/"By Current Liabilities = $54,000 $       68,500 Current Ratio =                          1.35                1.04 Current Ratio =                          1.35                1.04

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