Current Ratio Assignment

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    Current Ratio Assignment

    The Old Professor Publishing Company Statement of Operations Year Ending December 31, 2017 (in thousands) Revenue: Original Publications $28,500 Duplicate Prints 6,000 Citations/Royalties 3,500 Total Revenue $36,000 Expenses: Salaries $11,000 Printing Materials 4,000 Uncollectables 175 Machine Maintenance 2,500 Depreciation 250 Total Expenses $15,750 Net Income $20,250 Net Assets (beginning yr.) $700 Net Assets/Equity (end yr.) $20,950 The Old Professor Publishing Company Balance Sheet Year Ending December 31, 2017 (in thousands) Assets: Cash and Cash Equivalents $10,000 Printed Copies (Extras) 9,000 Supplies 400 Total Current Assets $19,400 Net Property and Equipment $7,750 Total Assets $27,150 Liabilities and Net Assets: Accounts Payable $2,000 Accrued Expenses 800 Current Debt Portion 150 Total Current Liabilities $2,950 Long-term Debt $3,000 Total Liabilities $5,950 Net Assets/Equity (end yr.) $21,200 Total Liabilities and Net Assets

    The Old Professor Publishing Company

    Statement of Operations

    Year Ending December 31, 2017

    (in thousands)

    Revenue:
    Original Publications $28,500
    Duplicate Prints 6,000
    Citations/Royalties 3,500
    Total Revenue $36,000
    Expenses:
    Salaries $11,000
    Printing Materials 4,000
    Uncollectables 175
    Machine Maintenance 2,500
    Depreciation 250
    Total Expenses $15,750
    Net Income $20,250
    Net Assets (beginning yr.) $700
    Net Assets/Equity (end yr.) $20,950

    The Old Professor Publishing Company

    Balance Sheet

    Year Ending December 31, 2017

    (in thousands)

    Assets:
    Cash and Cash Equivalents $10,000
    Printed Copies (Extras) 9,000
    Supplies 400
    Total Current Assets $19,400
    Net Property and Equipment $7,750
    Total Assets $27,150
    Liabilities and Net Assets:
    Accounts Payable $2,000
    Accrued Expenses 800
    Current Debt Portion 150
    Total Current Liabilities $2,950
    Long-term Debt $3,000
    Total Liabilities $5,950
    Net Assets/Equity (end yr.) $21,200
    Total Liabilities and Net Assets $27,150
    1. Referencing ‘The Old Professor Publishing Company’ financial statements, calculate the current ratio. Get Finance homework help today