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Task1. Triton Beverage has the following historical balance sheet:

Cash:                                                           $20
Account Rec                                                 $240
Inventory                                                     $320
Total current assets                                       $580
Net Plant and equipment:                                $420
Total assets:                                              $1,000
Accounts payable:                                         $200
Notes payable:                                              $130
Accruals:                                                       $30
Current liabs                                                 $360
Long term bonds                                           $260
Common Stock                                             $270
Retained Earnings                                         $110
Total liab and equity:                                   1,000

Over the next year Triton’s currents assets, accounts payable, and accruals will grow in proportion to sales. Last year's sales were $800 and this year's sales are anticipated to rise by 40%. The firm will retain $58 in earnings to fund current asset growth, and the rest of the raise will be funded entirely with notes payable. The net plant and equipment account will rise to $500 and will be funded directly by a new equity issue. What will Triton’s new current ratio be after alters in the firm's financial picture are complete?

1. Please describe (display) and show the steps to your solution.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M93852

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