H23 1 Robin Sporting Goods Company 2 Balance Sheets 3 31Mar

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

Solution

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