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 | 608,000 | ||||||||||
| Total stockholders' equity | 1,087,000 | ||||||||||
| Total liabilities & stockholders' equity | $ | 1,570,000 | |||||||||
The company’s acid-test (quick) ratio is closest to:
Multiple Choice
-
1.76
-
1.71
-
2.35
-
1.65
Homework Answers
Calaculation of ACID TEST RATIO (or) QUICK RATIO :
Formulae :
Quick ratio = ( Current assets - inventory ) ÷ Current liabilities
For Quick ratio, we consider only those current assets which are easily get liquidated within the short time. Here, except inventory, all remaing current assets are of high liquidity.
Quick Ratio
= ( $840000-$228000 ) ÷ $357000
= ( $612000 ) ÷ $357000
= 1.71
Add Answer to:
Mayfield Corporation has provided the following financial
data:
Balance Sheet
Assets
Current assets:
Cash
$
288,000...
A) 1.85 B) 1.80 C) 2.54 D) 1.75 Mayfield Corporation has provided the following financial data:...
A) 1.85
B) 1.80
C) 2.54
D) 1.75
Mayfield Corporation has provided the following financial data: Balance Sheet Assets Current assets: Cash 243,000 Accounts receivable, net 256,000 Inventory 210,000 Prepaid expenses 14,000 Total current assets 723,000 Plant and equipment, net 685,000 $1,408,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $180,000 Accrued liabilities 56,000 Notes payable, short term 49,000 Total current liabilities 285,000 Bonds payable 108,000 393,000 Total liabilities Stockholders' equity: Common stock, $4 par value Additional paid-in...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances. Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 61,000 Accounts Receivable 95,200 Common Stock 190,000 Accounts Payable 19,200 Prepaid Insurance 300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31. Note: Do not use negative signs with your answers. REVEL CORPORATION Balance Sheet December 31 Assets Current Assets: Inventory Total Current...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances. Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 61,000 Accounts Receivable 95,200 Common Stock 190,000 Accounts Payable 19,200 Prepaid Insurance 300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31. Note: Do not use negative signs with your answers. REVEL CORPORATION Balance Sheet December 31 Assets Current Assets: Inventory Total Current...
Preparing a Classified Balance Sheet The following financial data for the Marshall Corporation was collected as...
Preparing a Classified Balance Sheet The following financial data for the Marshall Corporation was collected as of December 31, 2013. All accounts have normal balances. Furniture & Equipment $100,000 Accumulated Depreciation $41,800 Cash 49,400 Accounts Receivable 98,200 Common Stock 203,000 Accounts Payable 20,400 Prepaid Insurance 3,300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31, 2013. Note: Do not use negative signs with your answers. MARSHALL CORPORATION Balance Sheet December 31,2013 Assets Current Assets: Inventory...
73) Macmillan Corporation has provided the following financial data: Year 1 $ Balance Sheet December 31, Yea...
73) Macmillan Corporation has provided the following financial data: Year 1 $ Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Current assets: $ 156,000 Cash 268,000 Accounts receivable, net 146,000 Inventory 20,000 Prepaid expenses 120,000 280,000 130,000 20,000 550,000 760,000 590,000 732,000 $ 1,322,000 $ 1,310,000 Total current assets Plant and equipment, net Total assets 45 $ $ 175,000 46,000 80.000 301,000 190,000 491,000 180,000 50,000 80,000 310,000 190.000 500.000 Liabilities and Stockholders' Equity Current liabilities:...
48. The balance sheet for Blineberry Corporation follows: Ending balance Beginning balance Assets: Current assets: Cash...
48. The balance sheet for Blineberry Corporation follows: Ending balance Beginning balance Assets: Current assets: Cash and cash equivalents $20,700 $12,200 Accounts receivable $10,100 $8,400 Inventory $39,700 $38,600 Total current assets $70,500 $59,200 Property, plant, and equipment $144,050 $135,500 Less accumulated depreciation $102,700 $95,200 Net property, plant, and equipment $41,350 $40,300 Total assets $111,850 $99,500 Liabilities and stockholders' equity: Current liabilities: Accounts payable $14,600 $9,500 Accrued salaries payable $15,800 $12,100 Other accounts payable $1,200 $6,300 Notes payable $1,500 $7,500 Total...
For December 31, 20X1, the balance sheet of Baxter Corporation was as follows Current Assets Liabilities...
For December 31, 20X1, the balance sheet of Baxter Corporation was as follows Current Assets Liabilities Cash Accounts receivable Inventory Prepaid expenses $ 22,000 30,000 60,000 S 20,000 Accounts payable 25,000 Notes payable 35,000 Bonds payable 13,000 Fixed Assets Stockholders' Equity $ 30,000 65,000 35,000 59,000 $301,000 Gross plant and equipment Less: Accumulated depreciation $ 260,000 Preferred stock 52,000 Common stock SA Paid in Capital $ 208,000Retained earnings Net plant and equipment Total assets 301,000 Total liabilities and stockholders' equity...
71) Macmillan Corporation has prov man Corporation has provided the following financial data: Year 1 Balance...
71) Macmillan Corporation has prov man Corporation has provided the following financial data: Year 1 Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Current assets: Cash $ 156,000 Accounts receivable, net 268,000 Inventory 146,000 20,000 Prepaid expenses Total current assets 590,000 732,000 Plant and equipment, net Total assets $ 1,322,000 $ 120,000 280,000 130,000 20,000 550,000 760,000 $ 1,310,000 $ $ 175,000 46,000 80,000 301,000 190,000 491,000 180,000 50,000 80,000 310,000 190,000 500,000 Liabilities and Stockholders'...
ABC Company Balance Sheet Current Assets: Cash Marketable Securities AIR Inventory Prepaid Expens...
We were unable to transcribe this imageABC Company Balance Sheet Current Assets: Cash Marketable Securities AIR Inventory Prepaid Expenses Total Current Assets 5,000 35,000 225,000 150,000 75,000 490,000 75,200 25,000 150,000 75,000 75,000 500,200 75,000 Plant & Equipment less Accumulated Depreciation Net Plant &Equipment 375,000 200000 175,000 125,000 200,000 Total Assets 840,000 850,200 Current Liabilities AIP Notes Payable Accrued Expenses Total Current Liabilities 225,000 50000 465,000 75,000 50000 425,000 Bonds Payable Total Liabilities 490,000 450,000 Stockholders Equity Preferred Stock Common...
Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash . . . . . . ....
Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Accounts payable . . . . . . . . . . . . . . . . . . . . . 36 Accounts receivable . . . . . . . . . . . . . . ....
A) 1.85
B) 1.80
C) 2.54
D) 1.75
Mayfield Corporation has provided the following financial data: Balance Sheet Assets Current assets: Cash 243,000 Accounts receivable, net 256,000 Inventory 210,000 Prepaid expenses 14,000 Total current assets 723,000 Plant and equipment, net 685,000 $1,408,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $180,000 Accrued liabilities 56,000 Notes payable, short term 49,000 Total current liabilities 285,000 Bonds payable 108,000 393,000 Total liabilities Stockholders' equity: Common stock, $4 par value Additional paid-in...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances. Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 61,000 Accounts Receivable 95,200 Common Stock 190,000 Accounts Payable 19,200 Prepaid Insurance 300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31. Note: Do not use negative signs with your answers. REVEL CORPORATION Balance Sheet December 31 Assets Current Assets: Inventory Total Current...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances. Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 61,000 Accounts Receivable 95,200 Common Stock 190,000 Accounts Payable 19,200 Prepaid Insurance 300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31. Note: Do not use negative signs with your answers. REVEL CORPORATION Balance Sheet December 31 Assets Current Assets: Inventory Total Current...
Preparing a Classified Balance Sheet The following financial data for the Marshall Corporation was collected as of December 31, 2013. All accounts have normal balances. Furniture & Equipment $100,000 Accumulated Depreciation $41,800 Cash 49,400 Accounts Receivable 98,200 Common Stock 203,000 Accounts Payable 20,400 Prepaid Insurance 3,300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31, 2013. Note: Do not use negative signs with your answers. MARSHALL CORPORATION Balance Sheet December 31,2013 Assets Current Assets: Inventory...
73) Macmillan Corporation has provided the following financial data: Year 1 $ Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Current assets: $ 156,000 Cash 268,000 Accounts receivable, net 146,000 Inventory 20,000 Prepaid expenses 120,000 280,000 130,000 20,000 550,000 760,000 590,000 732,000 $ 1,322,000 $ 1,310,000 Total current assets Plant and equipment, net Total assets 45 $ $ 175,000 46,000 80.000 301,000 190,000 491,000 180,000 50,000 80,000 310,000 190.000 500.000 Liabilities and Stockholders' Equity Current liabilities:...
For December 31, 20X1, the balance sheet of Baxter Corporation was as follows Current Assets Liabilities Cash Accounts receivable Inventory Prepaid expenses $ 22,000 30,000 60,000 S 20,000 Accounts payable 25,000 Notes payable 35,000 Bonds payable 13,000 Fixed Assets Stockholders' Equity $ 30,000 65,000 35,000 59,000 $301,000 Gross plant and equipment Less: Accumulated depreciation $ 260,000 Preferred stock 52,000 Common stock SA Paid in Capital $ 208,000Retained earnings Net plant and equipment Total assets 301,000 Total liabilities and stockholders' equity...
71) Macmillan Corporation has prov man Corporation has provided the following financial data: Year 1 Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Current assets: Cash $ 156,000 Accounts receivable, net 268,000 Inventory 146,000 20,000 Prepaid expenses Total current assets 590,000 732,000 Plant and equipment, net Total assets $ 1,322,000 $ 120,000 280,000 130,000 20,000 550,000 760,000 $ 1,310,000 $ $ 175,000 46,000 80,000 301,000 190,000 491,000 180,000 50,000 80,000 310,000 190,000 500,000 Liabilities and Stockholders'...
We were unable to transcribe this imageABC Company Balance Sheet Current Assets: Cash Marketable Securities AIR Inventory Prepaid Expenses Total Current Assets 5,000 35,000 225,000 150,000 75,000 490,000 75,200 25,000 150,000 75,000 75,000 500,200 75,000 Plant & Equipment less Accumulated Depreciation Net Plant &Equipment 375,000 200000 175,000 125,000 200,000 Total Assets 840,000 850,200 Current Liabilities AIP Notes Payable Accrued Expenses Total Current Liabilities 225,000 50000 465,000 75,000 50000 425,000 Bonds Payable Total Liabilities 490,000 450,000 Stockholders Equity Preferred Stock Common...
Most questions answered within 3 hours.
-
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 3 minutes ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 1 hour ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 2 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 2 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 2 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 2 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 2 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 2 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 2 hours ago -
Would CuCO3 aqueous salt combined with calcium chloride
form a solid precipitate? If so, what would...
asked 2 hours ago -
How do ECM Solutions assist in embedding a culture of continuous
improvement in an organization? (Project...
asked 2 hours ago -
Directions
These directions introduce the idea of Essential Questions.
Since this may be a new concept...
asked 2 hours ago