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 $27,150
  1. Referencing ‘The Old Professor Publishing Company’ financial statements, calculate the current ratio. Get Finance homework help today
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