181. Coglin, Inc. incurred a net loss of $20,000 for 2014. The balance sheet at December 31, 2014, for Coglin, Inc., includes the following items: Cash $ 23,000 Accounts receivable 13,000 Inventory 45,000 Prepaid insurance 1,000 Land 21,000 Building 80,000 Accounts payable 55,000 Salaries payable 2,000 Capital stock 100,000 Retained earnings 25,000 A) Determine Coglin's current ratio and working capital. B) Beyond the information provided in your answers to "A," what does the composition of Coglin's current assets tell you about its liquidity. C) What other information would one need to fully access Coglin's liquidity? | |
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