Current Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015
Net sales $10,700 $10,200
Cost of goods sold (5,500) (5,200)
Gross profit 5,200 5,000
Selling and administrative expenses (2,800) (2,700)
Income from operations 2,400 2,300
Interest expense (300) (250)
Income before income taxes 2,100 2,050
Income tax expense (420) (400)
Net income 1,680 1,650

Smith and Sons, Inc. Balance Sheet (in millions)

2016 2015
Assets
Current assets
Cash and cash equivalents $200 $400
Accounts receivable 900 800
Inventory 500 650
Other current assets 400 250
Total current assets 2,000 2,100
Property, plant & equipment, net 2,600 2,500
Other assets 5,700 5,900
Total Assets $10,300 $10,500
Liabilities and Stockholders' Equity
Current liabilities $3,000 $2,900
Long-term liabilities 5,000 5,400
Total liabilities 8,000 8,300
Stockholders' equity-common 2,300 2,200
Total Liabilities and Stockholders' Equity $10,300 $10,500

Required:
a. Calculate the current ratio for Smith & Sons, Inc., for 2015 and 2016.
b. Did the companyâs ability to pay its current liabilities improve over the two years?

Which of the following is located at the point where the supply and demand curves intersect? a. the equilibrium price. b. the minimum supply. c. the level of efficient production. d. the maximum demand. 2b2t

The balance sheet contains the following major sections: current assets long-term investments property, plant, and equipment intangible assets other assets current liabilities long-term liabilities contributed capital retained earnings accumulated other comprehensive income required: the following is a list of accounts. using the letters a through j, indicate in which section of the balance sheet each of the accounts would be classified. if an account does not belong under one of the sections listed, select "not under any of the choices" from the classification drop down box. for all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box, otherwise select "no". account classification contra or deducted (yes/no) 1. cash 2. bonds payable (due in 8 years) 3. machinery 4. deficit 5. unexpired insurance 6. franchise (net) 7. fund to retire preferred stock 8. current portion of mortgage payable 9. accumulated depreciation 10. copyrights 11. investment in held-to-maturity bonds 12. allowance for doubtful accounts 13. notes receivable (due in 3 years) 14. property taxes payable 15. deferred taxes payable 16. additional paid-in capital on preferred stock 17. premium on bonds payable (due in 8 years) 18. work in process 19. common stock, $1 par 20. land 21. treasury stock (at cost) 22. unrealized increase in value of available-for-sale securities

Look at this check register. calculate the current balance. check date transaction (+) deposit balance 5/1 5/3 $82.92 debit 8.00 78.24 005 monthly fee phone bill paycheck 1 125.00 5/15 5/17 5/20 atm 40.00 56.50 006 t ennis lessons the current balance is?