1999 income statement ($ in millions) net sales $1,384 less: cost of goods sold 605 less: depreciation 180 earnings before interest and taxes 599 less: interest paid 80 taxable income 519 less: taxes 156 net income $363 addition to retained earnings $254 dividends paid 109 young, inc. 1998 and 1999 balance sheet ($ in millions) 1998 1999 1998 1999 cash $100 $121 accounts payable $400 $350 accounts rec. 350 425 notes payable 390 370 inventory 440 410 total $790 $720 total $890 $956 long-term debt 500 550 net fixed assets 1,556 1,704 common stock 600 580 retained earnings 556 810 total assets $2,446 $2,660 total liabilities $2,446 $2,660 what is the current ratio for young in 1999? 1.13 1.21 1.23 1.33 1.47

1.33

Explanation:

The formula to compute the current ratio is shown below:

= 1.33

The current assets equals to

= Cash + accounts receivable + inventory

= $121 + $425 + $410

= $956

And, the current liabilities equals to

=  Accounts payable + notes payable

= $350 + $370

=  $720

This ratio shows a relationship between current assets and the current liabilities. It is a liquidity ratio.

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"