Author Question: The 2020 and 2021 balance sheets for Ottoman Manufacturing Company appear below along with selected ... (Read 34 times)

amymoore · **on:** Feb 5, 2023

The 2020 and 2021 balance sheets for Ottoman Manufacturing Company appear below along with selected financial information. Ottoman declared no dividends during either year, and had 1,000 shares of stock outstanding throughout each year.

2021

2020

Current Assets
Cash	$ 16,000	$ 15,000
Accounts receivable, net	20,000	19,000
Inventory	30,000	28,000
Total current assets	66,000	62,000
Plant & equipment, net	60,000	40,000
Total assets	$126,000	$102,000

Current liabilities	$ 20,000	$ 30,000
Noncurrent liabilities	60,000	40,000
Total liabilities	80,000	70,000
Stockholders' equity
Common stock	2,000	2,000
Additional paid-In capital	4,000	4,000
Retained earnings	40,000	26,000
Total stockholders' equity	46,000	32,000
Total liabilities and stockholders' equity	$126,000	$102,000

Required:

a.	Calculate the acid-test ratio for 2020.

b.	Calculate the working capital for 2021.

c.	Calculate earnings per share for 2021.

jbsuccess1 · **Reply #1 on:** Feb 5, 2023

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