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Big Bend Picture Frames has asked you to determine whether the company’s ability to pay current liabilities and total liabilities improved or deteriorated during 2007

Big Bend Picture Frames has asked you to determine whether the company’s ability to pay current liabilities and total liabilities improved or deteriorated during 2007
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ACCOUNTING
Accounting 7th Edition by Horngren, Harrison and Bamber
CHAPTER 17
 

Exercise 17-18 (E17-18) Big Bend Picture Frames has asked you to determine whether the company’s ability to pay current liabilities and total liabilities improved or deteriorated during 2007.

To answer this question, compute these ratios for 2007 and 2006:
a. Current ratio (p. 859)
b. Acid-test ratio (p. 861)
c. Debt ratio (p. 863)
d. Times-interest-earned ratio (p. 864)

Summarize the results of your analysis in a written report. 2007 2006 Cash $ 61,000 $ 47,000 Short-term investments 28,000 — Net receivables 122,000 116,000 Inventory 237,000 272,000 Total assets 560,000 490,000 Total current liabilities 275,000 202,000 Long-term note payable 40,000 52,000 Income from operations 165,000 158,000 Interest expense 48,000 39,000 Analyzing the ability to pay current liabilities

 

FILE: MS WORD

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