Homework Answers
Question 3
Correct answer is (4) 1.75 :1
Current ratio = Currents Assets : Current Liabilities
Currrnt Ratio = $21,000:12,000 = 1.75:1
Question 4
Correct answer is (3) or (4) $546,000
Since both tbe options have $546,000
Current Assets = Cash + accounts receivable + inventory + prepaid insurance
Current Assets = 126,000+120,000+210,000+90,000 = 546,000
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Question 3 (1 point) Using the following balance sheet and income statement data, what is the...
Use the following data to determine the total dollar amount of assets to be classified as...
Use the following data to determine the total dollar amount of assets to be classified as current assets. Eddy Auto Supplies Balance Sheet December 31, 2017 Accounts payable Salaries and wages payable Mortgage payable Total liabilities $ 165,000 30,000 270.000 $465,000 Cash $ 126,000 Accounts receivable 120.000 Inventory 210,000 Prepaid insurance 90,000 Stock investments 255,000 Land 285,000 Buildings $339,000 Less: Accumulated depreciation (60,000 279,000 Trademarks 210.000 Total assets $1.575.000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders'...
Use the following data to determine the total dollar amount of assets to be classified as...
Use the following data to determine the total dollar amount of assets to be classified as current assets. Eddy Auto Supplies Balance Sheet December 31, 2017 Accounts payable Salaries and wages payable Mortgage payable Total liabilities $ 165,000 30,000 270.000 $465,000 Cash $ 126,000 Accounts receivable 120.000 Inventory 210,000 Prepaid insurance 90,000 Stock investments 255,000 Land 285,000 Buildings $339,000 Less: Accumulated depreciation (60,000 279,000 Trademarks 210.000 Total assets $1.575.000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders'...
Use the following data to determine the total dollar amount of assets to be classified as...
Use the following data to determine the total dollar amount of assets to be classified as current assets. Eddy Auto Supplies Balance Sheet December 31, 2017 Cash Accounts receivable Inventory Prepaid insurance Stodk investmmts Land Buildings Less Accumulated depreciation Trademarks Total assets $ 126,000 120,000 210,000 90,000 255,000 285,000 $ 165,000 30,000 270.000 $465,000 Accounts pavable Salaries and wages payable Mortgage payable Total liabilities Common stock Retained eamins Total stodholders' equity Total liabilities and todholders' equiny $360,000 750.000 $1.110000 $339,000...
ne Le Question 5 (1 point) Use the following data to determine the total dollar amount...
ne Le Question 5 (1 point) Use the following data to determine the total dollar amount of assets to be classified as current assets. Koonce Office Supplies Balance Sheet December 31, 2017 $ $ 210,000 30,000 240.000 $480,000 195,000 150,000 165,000 90,000 255.000 270,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities Cash Accounts receivable Inventory Prepaid insurance Stock investments Land Building Less: Accumulated depreciation Trademarks Total assets $315,000 $360,000 750.000 $1.110,000 (60.000) 255.000 Common stock Retained eaming...
Information from a comparative balance sheet& income statement for lancaster corporatation is presented below. prep...
Information from a comparative balance sheet& income
statement for lancaster corporatation is presented below. prepare
statement of cash flows
Unce sheet Income s treer Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation equipment Total Assets December 31 2017 58.000 SE5800 15.000 22.000 22.000 1000 210.000 1500 00.000) 12551000 $ 19.00 Liabilities and Stockholders' Euty Accounts payable Wages payable Notes payable, long term Common stock ($1 par) Retained earnings Total Liabilities - Equity S8000 2.000 90.000 100 000 85.000 $255.000 75.000...
need help with this Using the following balance sheet and income statement data, what is the...
need help with this
Using the following balance sheet and income statement data, what is the current ratio? $32500 $41200 Current assets Current liabilities 14000 Net income Stockholders' equity Total liabilities 75400 Average assets Total assets 43400 160700 118800 Average common shares outstanding was 14200. O 0.4:1 O 2.9:1 O 2.3:1 O 2.8:1
Using the following balance sheet and income statement data, what is the debt to assets ratio?...
Using the following balance sheet and income statement data, what is the debt to assets ratio? Current assets $36500 Net income $42100 Current liabilities 14800 Stockholders' equity 76600 Average assets 162100 Total liabilities 56030 Total assets 130000
Current Attempt in Progress Using the following balance sheet and income statement data, what is the...
Current Attempt in Progress Using the following balance sheet and income statement data, what is the current ratio? Current assets $38500 Net income $43300 Current liabilities 14800 Stockholders equity 79800 Average assets 157700 Total liabilities 41500 Total assets 130000 Average common shares outstanding was 15600. O 2.6:1 2.7:1 O 3.0:1 O 0.4:1
Current Attempt in Progress Using the following balance sheet and income statement data, what is the...
Current Attempt in Progress Using the following balance sheet and income statement data, what is the total amount of working capital? $32600 16300 Current assets Current liabilities Average assets Total assets Net income Stockholders' equity Total liabilities $42800 79600 42800 163200 122400 Average common shares outstanding was 15300. O $10200 O $32600 O $16300 O $8100 Current Attempt in Progress Using the following balance sheet and income statement data, what is the current ratio? Current assets Current liabilities Average assets...
Using the following balance sheet and income statement data, what is the debt to assets ratio?...
Using the following balance sheet and income statement data, what is the debt to assets ratio? Current assets $ 14,000 Net income $ 21,000 The average common shares outstanding was 10,000. Current liabilities 8,000 Stockholders’ equity 60,000 Total liabilities 40,000
Use the following data to determine the total dollar amount of assets to be classified as current assets. Eddy Auto Supplies Balance Sheet December 31, 2017 Accounts payable Salaries and wages payable Mortgage payable Total liabilities $ 165,000 30,000 270.000 $465,000 Cash $ 126,000 Accounts receivable 120.000 Inventory 210,000 Prepaid insurance 90,000 Stock investments 255,000 Land 285,000 Buildings $339,000 Less: Accumulated depreciation (60,000 279,000 Trademarks 210.000 Total assets $1.575.000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders'...
Use the following data to determine the total dollar amount of assets to be classified as current assets. Eddy Auto Supplies Balance Sheet December 31, 2017 Accounts payable Salaries and wages payable Mortgage payable Total liabilities $ 165,000 30,000 270.000 $465,000 Cash $ 126,000 Accounts receivable 120.000 Inventory 210,000 Prepaid insurance 90,000 Stock investments 255,000 Land 285,000 Buildings $339,000 Less: Accumulated depreciation (60,000 279,000 Trademarks 210.000 Total assets $1.575.000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders'...
Use the following data to determine the total dollar amount of assets to be classified as current assets. Eddy Auto Supplies Balance Sheet December 31, 2017 Cash Accounts receivable Inventory Prepaid insurance Stodk investmmts Land Buildings Less Accumulated depreciation Trademarks Total assets $ 126,000 120,000 210,000 90,000 255,000 285,000 $ 165,000 30,000 270.000 $465,000 Accounts pavable Salaries and wages payable Mortgage payable Total liabilities Common stock Retained eamins Total stodholders' equity Total liabilities and todholders' equiny $360,000 750.000 $1.110000 $339,000...
ne Le Question 5 (1 point) Use the following data to determine the total dollar amount of assets to be classified as current assets. Koonce Office Supplies Balance Sheet December 31, 2017 $ $ 210,000 30,000 240.000 $480,000 195,000 150,000 165,000 90,000 255.000 270,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities Cash Accounts receivable Inventory Prepaid insurance Stock investments Land Building Less: Accumulated depreciation Trademarks Total assets $315,000 $360,000 750.000 $1.110,000 (60.000) 255.000 Common stock Retained eaming...
Information from a comparative balance sheet& income
statement for lancaster corporatation is presented below. prepare
statement of cash flows
Unce sheet Income s treer Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation equipment Total Assets December 31 2017 58.000 SE5800 15.000 22.000 22.000 1000 210.000 1500 00.000) 12551000 $ 19.00 Liabilities and Stockholders' Euty Accounts payable Wages payable Notes payable, long term Common stock ($1 par) Retained earnings Total Liabilities - Equity S8000 2.000 90.000 100 000 85.000 $255.000 75.000...
need help with this
Using the following balance sheet and income statement data, what is the current ratio? $32500 $41200 Current assets Current liabilities 14000 Net income Stockholders' equity Total liabilities 75400 Average assets Total assets 43400 160700 118800 Average common shares outstanding was 14200. O 0.4:1 O 2.9:1 O 2.3:1 O 2.8:1
Current Attempt in Progress Using the following balance sheet and income statement data, what is the current ratio? Current assets $38500 Net income $43300 Current liabilities 14800 Stockholders equity 79800 Average assets 157700 Total liabilities 41500 Total assets 130000 Average common shares outstanding was 15600. O 2.6:1 2.7:1 O 3.0:1 O 0.4:1
Current Attempt in Progress Using the following balance sheet and income statement data, what is the total amount of working capital? $32600 16300 Current assets Current liabilities Average assets Total assets Net income Stockholders' equity Total liabilities $42800 79600 42800 163200 122400 Average common shares outstanding was 15300. O $10200 O $32600 O $16300 O $8100 Current Attempt in Progress Using the following balance sheet and income statement data, what is the current ratio? Current assets Current liabilities Average assets...
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