المحاسب الإداري المعتمد الجزء 2 A. Financial Statement Analysis
Orveline: Liquidity Through a Sterilization Shutdown
Orveline Sterile Products
Orveline Sterile Products makes single-use surgical drapes and gowns for hospitals. Every finished lot must be sterilized by an outside contractor before it can be shipped. On March 2, 20X5, a regulator suspended the contractor's plant pending a safety review, and no other sterilizer can take Orveline's volume for about 90 days.
Orveline's revolving credit agreement requires it to send its bank a liquidity stress report within ten business days of any event that halts shipments for more than 30 days, and Orveline's finance team is now preparing that report. The bank's reporting template fixes the stress case: no finished goods ship before the shutdown ends, and inventory and prepaid expenses produce no cash during it.
The suspended plant also sterilized the lots Orveline shipped in January and February. Hospital purchasing groups have put payment holds on $1,240,000 of those invoices until Orveline supplies revalidated sterilization certificates, which cannot be issued until the regulator's review is complete. The holds are expected to be released no earlier than 30 days after the shutdown ends, so the held invoices will not be collected within the 90-day horizon. All other receivables are expected to be collected on normal terms within the 90 days.
Condensed balance sheet at February 28, 20X5:
| Item | Amount |
|---|---|
| Cash and cash equivalents | $1,380,000 |
| Marketable securities | 655,000 |
| Accounts receivable, net | 2,945,000 |
| Inventory | 3,860,000 |
| Prepaid expenses | 470,000 |
| Total current assets | $9,310,000 |
| Property, plant and equipment, net | 14,120,000 |
| Other noncurrent assets | 1,230,000 |
| Total assets | $24,660,000 |
| Accounts payable | $2,400,000 |
| Accrued payroll and other accrued liabilities | 1,185,000 |
| Current portion of long-term debt | 1,290,000 |
| Total current liabilities | $4,875,000 |
| Long-term debt, less current portion | 6,300,000 |
| Shareholders' equity | 13,485,000 |
| Total liabilities and equity | $24,660,000 |
الافتراضات
- All ratios use the February 28, 20X5 balances above as reported; neither the shutdown nor the payment holds changes those balances.
- The marketable securities are unrestricted short-term government treasury bills that Orveline can sell within two business days at approximately their carrying amount. No cash balance is restricted.
- The liquidity assessment horizon is the expected 90-day shutdown. Prepaid expenses are insurance premiums and software subscriptions paid in advance and will not be refunded.
- Express ratios as decimals (a ratio of one and a half is 1.50, not 150%). Keep full precision in intermediate steps and round half up to two decimal places only at the end.
Which calculation gives Orveline's cash ratio at February 28, 20X5?
The finance team is drafting the commentary that will accompany the bank's stress report. Select the TWO statements that are correct.
اختيار إجابتين. المحدد 0 / 2
Calculate Orveline's quick (acid-test) ratio at February 28, 20X5. Use the reported net receivables balance; do not adjust it for the payment holds. Treat inventory and prepaid expenses as non-quick assets. Enter the ratio as a positive decimal (not a percentage), rounded half up to two decimal places.
بـ 2 منازل عشرية.
Orveline defines its net working capital ratio as (current assets − current liabilities) ÷ total assets. Calculate this ratio at February 28, 20X5. Enter a positive decimal ratio (not a percentage), rounded half up to two decimal places.
بـ 2 منازل عشرية.
تظهر الدرجات والإجابات الصحيحة والشروح فور تسليم الإجابات. ولا يحصل السؤال غير المُجاب على أي درجة.
جارٍ الفحص…حالات تدريبية أصلية من إعداد صرح. ليست أسئلة من امتحانات IMA، ويخضع تصحيحها لسياسة صرح الخاصة، وهي تختلف عن سياسة الامتحان الرسمي.