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"Financial Report"：Understanding Balance Sheets
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Questions 1:
The analytical tool that would be most appropriate for an analyst to use to identify the percentage of a company’s assets that are liquid is the:
A、 cash ratio.
B 、common-size balance sheet.
C 、current ratio.
Questions 2:
Data for a firm are presented in the following table:
The current ratio for the firm’s industry is 3.2. Based on the current ratio, the firm’s liquidity compared with the industry is best described as being:
A、 higher.
B 、equivalent.
C、 lower.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. A common-size balance sheet expresses all balance sheet accounts as a percentage of total assets and would provide insight into what portion of a company’s assets is liquid. On the other hand, cash and current ratios measure liquidity relative to current liabilities, not relative to total assets.
A is incorrect. The cash ratio is a measure of liquidity relative to current liabilities (but not assets), and it wouldn’t tell you the portion of the company’s assets that are liquid.
C in incorrect. The current ratio is a measure of liquidity relative to current liabilities (but not assets), and it wouldn’t tell you the portion of the company’s assets that are liquid. A common-size balance sheet expresses all balance sheet accounts as a percentage of total assets and would provide insight into what portion of a company’s assets is liq
【Answer to question 2】C
【analysis】
C is correct. The higher the current ratio, the more liquid the company. Thus, with a current ratio of 2.6 (1,800/700), the company is less liquid than the industry, which has a current ratio of 3.2. Current ratio = Current assets/Current liabilities.
A is incorrect. Failing to include the taxes payable or the loan (or the A/P) gives 1,800/400 = 4.5, which is above the industry average.
B is incorrect. The firm’s current ratio is 2.6, which is below the industry average.
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