Homework Answers
Acid-test ratio = (Cash + Accounts receivable) / (Accounts payable + Accrued expenses)
Acid-test ratio = ($800,000 + $1,000,000) / ($650,000 + $180,000)
Acid-test ratio = 2.17
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Category Cash Accounts receivable Inventories Intangibles Accounts payable Accrued Expenses Dollar Amount $800,000 11,000,000 600,000 100,000...
Credits Debits $ 55,000 39,000 45,000 15,000 100,000 Account Title Cash Accounts receivable Inventories Prepaid insurance...
Credits Debits $ 55,000 39,000 45,000 15,000 100,000 Account Title Cash Accounts receivable Inventories Prepaid insurance Equipment Accumulated depreciation equipment Patent, net Accounts payable Interest payable Note payable (due in 10, equal annual installments) Common stock Retained earnings Totals $ 34,000 40,000 12,000 2,000 100,000 70,000 76,000 $ 294,000 $294,000 a. Calculate the current ratio. b. Calculate the acid-test ratio. c. Calculate the debt to equity ratio. Current Ratio Numerator Current Assets 154,000 $ 24,000 6.42 Denominator Current Liabilities Acid-Test...
Cash Accounts receivable Inventory $1,290 3,195 6,200 Prepaid expenses Accounts payable Other current liabilities $ 700...
Cash Accounts receivable Inventory $1,290 3,195 6,200 Prepaid expenses Accounts payable Other current liabilities $ 700 5,600 900 Use the above information on current assets and current liabilities to compute the acid-test ratio. Acid-Test Ratio Choose Denominator: Choose Numerator: Acid-Test Ratio Acid-test ratio 0 to 1
Cash Accounts receivable Inventory $1,420 2,696 5,600 Prepaid expenses Accounts payable Other current liabilities $ 500...
Cash Accounts receivable Inventory $1,420 2,696 5,600 Prepaid expenses Accounts payable Other current liabilities $ 500 4,300 600 Use the above information on current assets and current liabilities to compute the acid-test ratio. Choose Numerator: Acid-Test Ratio Choose Denominator: = Acid-Test Ratio Acid-test ratio to 1 mm
Cash Accounts receivable Inventory $1,330 3,428 5,300 Prepaid expenses Accounts payable Other current liabilities $ 500...
Cash Accounts receivable Inventory $1,330 3,428 5,300 Prepaid expenses Accounts payable Other current liabilities $ 500 5, 200 900 Use the above information on current assets and current liabilities to compute the acid-test ratio. Acid-Test Ratio Choose Denominator: Choose Numerator: Acid-Test Ratio Acid-test ratio / to 1
MARNI COMPANY Balance Sheet As of December 31 ASSETS Cash 50,000 Accounts receivable 100,000 Inventory 200,000...
MARNI COMPANY Balance Sheet As of December 31 ASSETS Cash 50,000 Accounts receivable 100,000 Inventory 200,000 650,000 Net plant and equipment $1,000,000 Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable 100,000 Accrued expenses 90,000 Long-term debt Common stock 250,000 100,000 Paid-in capital 50,000 Retained earnings 410,000 $1,000,000 Total liabilities and stockholders' equity MARNI COMPANY Income Statement For the year ended December 31 Sales (all on credit) $2,000,000 1,750,000 Cost of goods sold Gross profit 250,000 Sales and administrative expenses 30,000...
Partial Information Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Before Tax #s 255,000 650,000 750,000...
Partial Information Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Before Tax #s 255,000 650,000 750,000 252,000 10,000 Add. PIC - CIS Add. PIC-PIS Allowance for Doubtful Accounts 15,000 25,000 Amortization Expense - Patent Office Supplies Expense Bonds Payable 100,000 1.200,000 350,000 Cash Common Stock Customer Deposits 3,500,000 3,583,000 600,000 Cost of Goods Sold Depreciation Expense Discontinued Operations (Loss) 700,000 450,000 400,000 Discounts on Notes Payable Dividend Revenue 5.000 65.000 Loss on Sale of Equipment interest Expense 800,000 88.000 Interest...
16 - 17 and 18 please... Accounts payable Accounts receivable Accrued liabilities Cash Intangible assets Inventory...
16 - 17 and 18 please...
Accounts payable Accounts receivable Accrued liabilities Cash Intangible assets Inventory Long-term investments Long-term liabilities Marketable securities Notes payable (short-term) Property, plant, and equipment Prepaid expenses $ 40,000 65,000 7,000 30,000 40,000 72,000 110,000 75,000 36,000 30,000 625,000 2,000 16. Based on the above data, what is the amount of quick assets? a. $205,000 b. $203,000 c. $131,000 d. $66,000 17. Based on the above data, what is the amount of working capital? a. $238.000...
Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets...
Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72.000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the amount of quick assets? $168,000 $60,000 $96,000 $61,000
Accounts payable $36,210 Accounts receivable 68,782 Accrued liabilities 6,125 Cash 23,853 Intangible assets 44,527 Inventory 72,281...
Accounts payable $36,210 Accounts receivable 68,782 Accrued liabilities 6,125 Cash 23,853 Intangible assets 44,527 Inventory 72,281 Long-term investments 118,145 Long-term liabilities 77,377 Marketable securities 35,004 Notes payable (short-term) 28,185 Property, plant, and equipment 615,187 Prepaid expenses 2,760 Based on the above data, what is the amount of working capital? $132,160 $980,539 $612,427 $202,680
A A A Accounts Receivabil Food Inventory Total Current Assets Accounts Payable Accrued Expenses Total Current...
A A A Accounts Receivabil Food Inventory Total Current Assets Accounts Payable Accrued Expenses Total Current Liabilities A $ 100,000 A Problem 9 The New K Inn has provided the following selected financial information: Balance Sheet * Cash $100,000 X Property and equipment $2,000,000 abo v ibile Income Statement * Room sales $1,500,000 Food sales 500,000 older Cost of food sold 150,000 + Net income solo 200,000 Ratios Current ratio Food inventory turnover 12 times Average collection period 20 days...
Credits Debits $ 55,000 39,000 45,000 15,000 100,000 Account Title Cash Accounts receivable Inventories Prepaid insurance Equipment Accumulated depreciation equipment Patent, net Accounts payable Interest payable Note payable (due in 10, equal annual installments) Common stock Retained earnings Totals $ 34,000 40,000 12,000 2,000 100,000 70,000 76,000 $ 294,000 $294,000 a. Calculate the current ratio. b. Calculate the acid-test ratio. c. Calculate the debt to equity ratio. Current Ratio Numerator Current Assets 154,000 $ 24,000 6.42 Denominator Current Liabilities Acid-Test...
Cash Accounts receivable Inventory $1,290 3,195 6,200 Prepaid expenses Accounts payable Other current liabilities $ 700 5,600 900 Use the above information on current assets and current liabilities to compute the acid-test ratio. Acid-Test Ratio Choose Denominator: Choose Numerator: Acid-Test Ratio Acid-test ratio 0 to 1
Cash Accounts receivable Inventory $1,420 2,696 5,600 Prepaid expenses Accounts payable Other current liabilities $ 500 4,300 600 Use the above information on current assets and current liabilities to compute the acid-test ratio. Choose Numerator: Acid-Test Ratio Choose Denominator: = Acid-Test Ratio Acid-test ratio to 1 mm
Cash Accounts receivable Inventory $1,330 3,428 5,300 Prepaid expenses Accounts payable Other current liabilities $ 500 5, 200 900 Use the above information on current assets and current liabilities to compute the acid-test ratio. Acid-Test Ratio Choose Denominator: Choose Numerator: Acid-Test Ratio Acid-test ratio / to 1
MARNI COMPANY Balance Sheet As of December 31 ASSETS Cash 50,000 Accounts receivable 100,000 Inventory 200,000 650,000 Net plant and equipment $1,000,000 Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable 100,000 Accrued expenses 90,000 Long-term debt Common stock 250,000 100,000 Paid-in capital 50,000 Retained earnings 410,000 $1,000,000 Total liabilities and stockholders' equity MARNI COMPANY Income Statement For the year ended December 31 Sales (all on credit) $2,000,000 1,750,000 Cost of goods sold Gross profit 250,000 Sales and administrative expenses 30,000...
Partial Information Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Before Tax #s 255,000 650,000 750,000 252,000 10,000 Add. PIC - CIS Add. PIC-PIS Allowance for Doubtful Accounts 15,000 25,000 Amortization Expense - Patent Office Supplies Expense Bonds Payable 100,000 1.200,000 350,000 Cash Common Stock Customer Deposits 3,500,000 3,583,000 600,000 Cost of Goods Sold Depreciation Expense Discontinued Operations (Loss) 700,000 450,000 400,000 Discounts on Notes Payable Dividend Revenue 5.000 65.000 Loss on Sale of Equipment interest Expense 800,000 88.000 Interest...
16 - 17 and 18 please...
Accounts payable Accounts receivable Accrued liabilities Cash Intangible assets Inventory Long-term investments Long-term liabilities Marketable securities Notes payable (short-term) Property, plant, and equipment Prepaid expenses $ 40,000 65,000 7,000 30,000 40,000 72,000 110,000 75,000 36,000 30,000 625,000 2,000 16. Based on the above data, what is the amount of quick assets? a. $205,000 b. $203,000 c. $131,000 d. $66,000 17. Based on the above data, what is the amount of working capital? a. $238.000...
Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72.000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the amount of quick assets? $168,000 $60,000 $96,000 $61,000
A A A Accounts Receivabil Food Inventory Total Current Assets Accounts Payable Accrued Expenses Total Current Liabilities A $ 100,000 A Problem 9 The New K Inn has provided the following selected financial information: Balance Sheet * Cash $100,000 X Property and equipment $2,000,000 abo v ibile Income Statement * Room sales $1,500,000 Food sales 500,000 older Cost of food sold 150,000 + Net income solo 200,000 Ratios Current ratio Food inventory turnover 12 times Average collection period 20 days...
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