Homework Answers
Current Ratio :
This ratio shows the ability of the current assets of the company to meet the current liabilities
the formula is:
Current Ratio = Current Assets / Current Liabilities
= 33,750 / 11,020
= 3.06 times
The current ratio of the Duke company in the year 2 is 3.06 times.
working note:
| Current Assets |
Amount ($) |
| Cash | 5,600 |
| Accounts Receivable | 11,750 |
| Inventory | 14,800 |
| Prepaid Expenses | 1,600 |
| Total Current Assets | 33,750 |
|
Current Liabilities |
Amount ($) |
| Accounts Payable | 2,790 |
| Salaries Payable | 8,230 |
| Total Current Liabilities | 11,020 |
Note: current assets and current liabilities are of short term nature ( up to 1 year time period)
any ratio more than 1 shows that the entity is financially sound
Here the current ratio is 3.06 times , this indicates that the company is financially strong.
Add Answer to:
The following balance sheet information is provided for Duke Company for Year 2: Assets Cash Accounts...
The following balance sheet information is provided for Greene Company for Year 2: Assets Cash 5,600...
The following balance sheet information is provided for Greene Company for Year 2: Assets Cash 5,600 11,750 14,800 1,600 19,500 13,400 Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets $66, 650 Liabilities and Stockholders Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par $ 2,790 8,230 12, 000 16,500 27,130 Retained earnings Total liabilities and stockholders ' equity $66, 650 What is the company's quick (acid-test) ratio? (Round...
The following balance sheet information is provided for Duke Company for Year 2: Assets Cash Accounts...
The following balance sheet information is provided for Duke Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 5,400 11,550 14,700 1,500 19,400 13,300 $65,850 $ 2,730 8,330 11,500 17,000 26,290 $65,850 ings What is the company's current ratio? (Round your answer to...
The following balance sheet Information is provided for Duke Company for Year 2 Assets Cash Accounts...
The following balance sheet Information is provided for Duke Company for Year 2 Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation $ 4,800 10,950 14,400 1,200 19, 100 13,000 $63,450 Tand Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings Total 1labilities and stockholders' equity $ 2,550 8,630 10,000 18,500 23,770 $63,450 What is the company's current ratio? (Round your answer to...
The following balance sheet information is provided for Apex Company for Year 2: Assets Cash Accounts...
The following balance sheet information is provided for Apex Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and stockholders' equity Accounts payable Salaries payable Bonds payable (due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 7,800 13,950 15,900 2,700 20,600 14,500 $75,450 $ 3,450 7,130 17,500 11,000 36, 370 $75,450 Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment,...
The following balance sheet information is provided for Santana Company for Year 2: Assets $7,800 Cash...
The following balance sheet information is provided for Santana Company for Year 2: Assets $7,800 Cash Accounts receivable 13,950 Inventory Prepaid expenses Plant and equipment, net of depreciation 15,900 2,700 20,600 Land 14,500 $75,450 Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings $ 3,450 7,130 17,500 11,000 36, 370 Total liabilities and stockholders' equity $75,450 ASsets $ 7,800 Cash 13,950 Accounts receivable Inventory Prepaid expenses Plant...
Mayfield Corporation has provided the following financial data: Balance Sheet Assets Current assets: Cash $ 288,000...
Mayfield Corporation has provided the following financial data: Balance Sheet Assets Current assets: Cash $ 288,000 Accounts receivable, net 301,000 Inventory 228,000 Prepaid expenses 23,000 Total current assets 840,000 Plant and equipment, net 730,000 Total assets $ 1,570,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 234,000 Accrued liabilities 65,000 Notes payable, short term 58,000 Total current liabilities 357,000 Bonds payable 126,000 Total liabilities 483,000 Stockholders' equity: Common stock, $4 par value 386,000 Additional paid-in capital 93,000 Retained earnings...
Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation $ 4,600 10,750...
Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation $ 4,600 10,750 14,300 1,100 19,000 12,900 $62,650 Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 2,490 8,730 9,500 19,000 22,930 $62,650 What is the company's quick (acid-test) ratio? (Round your answer to 2 decimal places.)
Problem 4-A Classified Balance Sheet Accounts Payable ✓ Accounts Receivable Accumulated Depreciation - Building Building ✓...
Problem 4-A Classified Balance Sheet Accounts Payable ✓ Accounts Receivable Accumulated Depreciation - Building Building ✓ Cash Common Stock Land Mortgage Payable Prepaid Insurance Retained Earnings Salaries Payable 6,000 5,000 40,000 120,000 12,000 60,000 ? 64,000 2,000 15,000 3,000 1,000 2,000 Supplies Unearned Fees Requirement: Using the above amounts prepare a classified balance sheet, for the Plum Company at December 31 of the current year, that includes the correct balance for Land. Assets Current assets: Liabilities Current liabilities: Total current...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current Assets $ $ Long-Term Investments Intangible Assets V: Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment...
please help me feel out this balance sheet with the provided information. A company has the...
please help me feel out this balance sheet with the provided
information.
A company has the following account balances at the end of the year. Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash Retained earnings Balances $25,500 2,900 32,500 10,000 17,500 19,500 38,500 5,900 Required: Use only the appropriate accounts to prepare a balance sheet. Required: Use only the appropriate accounts to prepare a balance sheet. Balance Sheet December 31 Assets Liabilities Total liabilities...
The following balance sheet information is provided for Greene Company for Year 2: Assets Cash 5,600 11,750 14,800 1,600 19,500 13,400 Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets $66, 650 Liabilities and Stockholders Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par $ 2,790 8,230 12, 000 16,500 27,130 Retained earnings Total liabilities and stockholders ' equity $66, 650 What is the company's quick (acid-test) ratio? (Round...
The following balance sheet information is provided for Duke Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 5,400 11,550 14,700 1,500 19,400 13,300 $65,850 $ 2,730 8,330 11,500 17,000 26,290 $65,850 ings What is the company's current ratio? (Round your answer to...
The following balance sheet Information is provided for Duke Company for Year 2 Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation $ 4,800 10,950 14,400 1,200 19, 100 13,000 $63,450 Tand Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings Total 1labilities and stockholders' equity $ 2,550 8,630 10,000 18,500 23,770 $63,450 What is the company's current ratio? (Round your answer to...
The following balance sheet information is provided for Apex Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and stockholders' equity Accounts payable Salaries payable Bonds payable (due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 7,800 13,950 15,900 2,700 20,600 14,500 $75,450 $ 3,450 7,130 17,500 11,000 36, 370 $75,450 Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment,...
The following balance sheet information is provided for Santana Company for Year 2: Assets $7,800 Cash Accounts receivable 13,950 Inventory Prepaid expenses Plant and equipment, net of depreciation 15,900 2,700 20,600 Land 14,500 $75,450 Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings $ 3,450 7,130 17,500 11,000 36, 370 Total liabilities and stockholders' equity $75,450 ASsets $ 7,800 Cash 13,950 Accounts receivable Inventory Prepaid expenses Plant...
Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation $ 4,600 10,750 14,300 1,100 19,000 12,900 $62,650 Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 2,490 8,730 9,500 19,000 22,930 $62,650 What is the company's quick (acid-test) ratio? (Round your answer to 2 decimal places.)
Problem 4-A Classified Balance Sheet Accounts Payable ✓ Accounts Receivable Accumulated Depreciation - Building Building ✓ Cash Common Stock Land Mortgage Payable Prepaid Insurance Retained Earnings Salaries Payable 6,000 5,000 40,000 120,000 12,000 60,000 ? 64,000 2,000 15,000 3,000 1,000 2,000 Supplies Unearned Fees Requirement: Using the above amounts prepare a classified balance sheet, for the Plum Company at December 31 of the current year, that includes the correct balance for Land. Assets Current assets: Liabilities Current liabilities: Total current...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current Assets $ $ Long-Term Investments Intangible Assets V: Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment...
please help me feel out this balance sheet with the provided
information.
A company has the following account balances at the end of the year. Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash Retained earnings Balances $25,500 2,900 32,500 10,000 17,500 19,500 38,500 5,900 Required: Use only the appropriate accounts to prepare a balance sheet. Required: Use only the appropriate accounts to prepare a balance sheet. Balance Sheet December 31 Assets Liabilities Total liabilities...
Most questions answered within 3 hours.
-
Problem #5
A communications cable is 2.00 km long and consists of two
parallel wires separated...
asked 16 minutes ago -
Cranium, Inc., purchases term papers from an overseas supplier
under a continuous review system. The average...
asked 3 hours ago -
1- What is the freezing point of pure water (in degrees
Celsius)?
2-
he molar mass...
asked 4 hours ago -
Determine the direction of the force that will act on the charge
in each of the...
asked 4 hours ago -
You purchase your daily coffee at the Chemist’s Coffeehouse and
have a choice of two cups:...
asked 7 hours ago -
Which of the following pairs of chemicals could be used to make
a buffer solution?
A.)...
asked 6 hours ago -
Problem 16-51 Sales
Activity Variance (LO 16-3)Odessa, Inc., reports the following
information concerning operations for the...
asked 7 hours ago -
Pictured on the right are thee point charges Q1 = 18.4 μC, Q2 =
-30.6 μC,...
asked 7 hours ago -
A graduate student is conducting research in psychology and
needs to obtain the IQ scores of...
asked 8 hours ago -
R2.84: There are 2 defective products in a production lot of 10.
An inspector randomly selected...
asked 9 hours ago -
Consider the following equilibrium system: COCl2(g) CO(g) +
Cl2(g) A 10.00 L evacuated flask is filled...
asked 9 hours ago -
1) What are the two distinct steps that one needs to perform
when developing a data...
asked 9 hours ago