Mixon Company’s Year-End Balance Sheets Show The Following

Mixon Company’s Year-End Balance Sheets Show The Following. Mixon Company’s year-end balance sheets show the following

 

Required

Compare the year-end short-term liquidity position of this company at the end of 2006,2005 and 2004 by computing the (a) current ratio (b) acid-test ratio. Comment on the ratio results.

 

 

 

 

2006 2005 2004
Cash $30,800 $35,625 $36,800
Accounts Receivable, Net       88,500            62,500            49,200
Merchandise inventory     111,500            82,500            53,000
Prepaid Expenses          9,700              9,375              4,000
Plant Assets, net     277,500          255,000          229,500
Total Assets     518,000          445,000          372,500
Accounts Payable     128,900            75,250            49,250
Long term notes payable secured by mortgage on plant assets       97,500          102,500            82,500
Common stock $10 par value     162,500          162,500          162,500
Retained earnings     129,100          104,750            78,250
Total liabilities and equity     518,000          445,000          372,500

 

Mixon Company’s Year-End Balance Sheets Show The Following

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