interpret the change in the quick ratio between the two balance sheet dates 554281
EX 11-22 Quick ratio
CCB Co. had the following current assets and liabilities for two comparative years:
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Dec. 31, 2012 |
Dec. 31, 2011 |
|
|
Current assets: |
||
|
Cash |
$ 506,000 |
$ 524,000 |
|
Accounts receivable |
354,000 |
364,000 |
|
Inventory |
240,000 |
200,000 |
|
Total current assets |
$1,100,000 |
$1,088,000 |
|
Current liabilities: |
||
|
Current portion of long-term debt |
$ 160,000 |
$ 120,000 |
|
Accounts payable |
265,000 |
220,000 |
|
Accrued and other current liabilities |
435,000 |
400,000 |
|
Total current liabilities |
$ 860,000 |
$ 740,000 |
a. Determine the quick ratio for December 31, 2012 and 2011.
b. Interpret the change in the quick ratio between the two balance sheet dates.
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