Fasoli,Inc.
The following balance sheet items from Fasoli,Inc.are listed for December 31,2017:
Accounts payable Interest payable Accounts receivable Land Accumulated depreciation-buildings Marketable securities Merchandise inventory Accumulated depreciation-equipment Notes payable, due April 15, 2018 Office supplies Notes payable, due December 31,2021 Paid-in capital in excess of par value Buil dings Patents Capital stock, $1 par value Prepaid rent Cash Retained earnings Equipment Salaries payable Income taxes payable $32,6502,20026,500250,00040,00015,000112,90012,5006,500200251,63075,000150,00045,000200,0003,80060,990113,51084,5007,4007,500
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Required
Compute Fasoli's current ratio.On the basis of your answer,does Fasoli appear to be liquid? What other information do you need to fully answer that question?
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Definitions:
Intrinsic Value
The actual, fundamental worth of an asset, calculated based on an objective analysis of underlying factors.
Conversion Ratio
The specific number of shares of stock that a holder can convert a convertible security into.
Market Conversion Value
The worth of a convertible security if it were to be converted into shares of the underlying stock, typically at the current market price of the shares.
Par Value
The nominal or face value of a bond, stock, or other financial instrument, serving as a reference point for its worth.