Homework Answers
Acid test ratio = Quick assets/Current liabilities
Quick assets = 49,000+13,500+52,000 = 114,500
Current Liabilities = 124,000+19,000 = 143,000
= 114,500/143,000
=:0.80
Option B is the answer
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QUESTION 9 The financial statements for Myers Service Company include the following items: 2017 2016 Cash...
The financial statements for Stephens' Electric Company indude the following items: 2016 2017 $51,000 $55,000 23,500...
The financial statements for Stephens' Electric Company indude the following items: 2016 2017 $51,000 $55,000 23,500 Cash 20,000 Cash Equivalents 30,000 81,000 26,000 Net Accounts Receivable Merchandise Inventory 65,000 Total Assets 530,000 548,000 Accounts Payable 44,500 44,500 Salaries Payable 35,000 24,000 20,000 Long-term Note Payable Income From Operations Interest Expense 61,000 57,000 124,500 28,000 115,000 33,000 Compute the 2016 cash ratio.
The financial statements of Weston Office Supply include the following items: 2017 2016 Cash Short-term Investments...
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This Question: 2 pts 13 of 40 (12 complete The financial statements for Silver Service Company...
This Question: 2 pts 13 of 40 (12 complete The financial statements for Silver Service Company include the following items: 2019 2018 Cash $44,500 $50,000 Short-term Investments 30,000 17,500 Net Accounts Receivable 61,000 46,000 Merchandise Inventory 128,000 47,000 Total Assets 528,000 545,000 Accounts Payable 127,500 132,000 Salaries Payable 17,000 14,000 Long-term Note Payable 57,000 55,000 Compute the acid - test ratio for 2018. (Round your answer to two decimal places) A. 0.66 OB 0.94 OC. 0.78 OD 0.86
8) The financial statements for Silver Service Company include the following items: 2019 2018 Cash Short-term...
8) The financial statements for Silver Service Company include the following items: 2019 2018 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable $50,500 26,000 52,000 131,000 532,000 132,500 16,000 57,000 $42,000 14,500 48,000 51,000 548,000 127,000 16,000 57,000 Compute the acid-test ratio for 2018. (Round your answer to two decimal places) A) 0.87 B) 0.73 C) 0.82 D) 0.63
The financial statements for Barrington Service Company include the following items: 2019 2018 Cash $50,500 $40,000...
The financial statements for Barrington Service Company include the following items: 2019 2018 Cash $50,500 $40,000 Short-term Investments 31,000 18,000 Net Accounts Receivable 52,000 51,000 g Merchandise Inventory 165,000 46,000 Total Assets 535,000 549,000 Accounts Payable 124,500 126,000 Salaries Payable 21,000 13,000 Long-term Note Payable 53,000 ga Compute the current ratio for 2018. (Round answer to two decimal places.) 55,000I O A. 3.95 B. 6.95 OC. 0.9 OD. 1.12 les
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 2016 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 2016 Gross sales $ 19,000 $ 15,000 Sales returns and allowances 1,000 100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold 12,000 9,000 Gross profit $ 6,000 $ 5,900 Operating expenses: Depreciation $ 700 $ 600 Selling and administrative 2,200 2,000 Research 550 500 Miscellaneous 360 300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500...
Sherman Company reported the following financial statements for 2016 and 2017 E: (Click the icon to...
Sherman Company reported the following financial statements for 2016 and 2017 E: (Click the icon to view the income statement.) : (Click the icon to view the comparative balance sheet.) Read the requirements a. Compute the financing cash flows from new borrowing or payment of long-term notes payable. Sherman Company had only one long-term note payable transaction during the year (this long-term note payable is the only long-term liability that the company has). First, enter the formula and then compute...
The following financial information is for Oriole Company. ORIOLE COMPANY Balance Sheets December 31 Assets 2017...
The following financial information is for Oriole Company.
ORIOLE COMPANY
Balance Sheets
December 31
Assets
2017
2016
Cash
$ 70,000
$ 69,000
Debt investments (short-term)
51,000
40,000
Accounts receivable
107,000
92,000
Inventory
234,000
167,000
Prepaid expenses
26,000
23,000
Land
135,000
135,000
Building and equipment (net)
261,000
184,000
Total assets
$884,000
$710,000
Liabilities and Stockholders’ Equity
Notes payable
$172,000
$106,000
Accounts payable
66,000
52,000
Accrued liabilities
42,000
42,000
Bonds payable, due 2020
251,000
170,000
Common stock, $10 par
204,000
204,000
Retained...
The following is the ending balances of accounts at June 30, 2016, for Excell Company. Account Title Cash Short-term in...
The following is the ending balances of accounts at June 30, 2016, for Excell Company. Account Title Cash Short-term investments Accounts receivable Debits 113,000 95,000 310,000 62,000 105,000 350,000 Credits Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Accounts payable Accrued expenses Notes payable Mortgage payable Common stock Retained earnings 175,000 280,000 135,000 188,000 60,000 130,000 350,000 250,000 27,000 Totals 1,315,000 1,315,000 Additional information: 1. The short-term investments account includes $33,000 in U.S. treasury bills purchased in May. The...
The financial statements of Carrier Office Furniture Company include the following terms 2019 2018 Cash $50,500...
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The financial statements for Stephens' Electric Company indude the following items: 2016 2017 $51,000 $55,000 23,500 Cash 20,000 Cash Equivalents 30,000 81,000 26,000 Net Accounts Receivable Merchandise Inventory 65,000 Total Assets 530,000 548,000 Accounts Payable 44,500 44,500 Salaries Payable 35,000 24,000 20,000 Long-term Note Payable Income From Operations Interest Expense 61,000 57,000 124,500 28,000 115,000 33,000 Compute the 2016 cash ratio.
The financial statements of Weston Office Supply include the following items: 2017 2016 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Total Current Liabilities Long-term Note Payable $49,500 27,000 94,000 130,000 527,000 257,000 63,000 $50,000 11,000 98,000 127,000 545,000 232,000 54,000 What is 2017 current ratio? (Round your answer to two decimal places.) O A. 0.86 B. 0.57 O C. 1.17 OD. 1.65 Click to select your answer.
This Question: 2 pts 13 of 40 (12 complete The financial statements for Silver Service Company include the following items: 2019 2018 Cash $44,500 $50,000 Short-term Investments 30,000 17,500 Net Accounts Receivable 61,000 46,000 Merchandise Inventory 128,000 47,000 Total Assets 528,000 545,000 Accounts Payable 127,500 132,000 Salaries Payable 17,000 14,000 Long-term Note Payable 57,000 55,000 Compute the acid - test ratio for 2018. (Round your answer to two decimal places) A. 0.66 OB 0.94 OC. 0.78 OD 0.86
8) The financial statements for Silver Service Company include the following items: 2019 2018 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable $50,500 26,000 52,000 131,000 532,000 132,500 16,000 57,000 $42,000 14,500 48,000 51,000 548,000 127,000 16,000 57,000 Compute the acid-test ratio for 2018. (Round your answer to two decimal places) A) 0.87 B) 0.73 C) 0.82 D) 0.63
The financial statements for Barrington Service Company include the following items: 2019 2018 Cash $50,500 $40,000 Short-term Investments 31,000 18,000 Net Accounts Receivable 52,000 51,000 g Merchandise Inventory 165,000 46,000 Total Assets 535,000 549,000 Accounts Payable 124,500 126,000 Salaries Payable 21,000 13,000 Long-term Note Payable 53,000 ga Compute the current ratio for 2018. (Round answer to two decimal places.) 55,000I O A. 3.95 B. 6.95 OC. 0.9 OD. 1.12 les
Sherman Company reported the following financial statements for 2016 and 2017 E: (Click the icon to view the income statement.) : (Click the icon to view the comparative balance sheet.) Read the requirements a. Compute the financing cash flows from new borrowing or payment of long-term notes payable. Sherman Company had only one long-term note payable transaction during the year (this long-term note payable is the only long-term liability that the company has). First, enter the formula and then compute...
The following financial information is for Oriole Company.
ORIOLE COMPANY
Balance Sheets
December 31
Assets
2017
2016
Cash
$ 70,000
$ 69,000
Debt investments (short-term)
51,000
40,000
Accounts receivable
107,000
92,000
Inventory
234,000
167,000
Prepaid expenses
26,000
23,000
Land
135,000
135,000
Building and equipment (net)
261,000
184,000
Total assets
$884,000
$710,000
Liabilities and Stockholders’ Equity
Notes payable
$172,000
$106,000
Accounts payable
66,000
52,000
Accrued liabilities
42,000
42,000
Bonds payable, due 2020
251,000
170,000
Common stock, $10 par
204,000
204,000
Retained...
The following is the ending balances of accounts at June 30, 2016, for Excell Company. Account Title Cash Short-term investments Accounts receivable Debits 113,000 95,000 310,000 62,000 105,000 350,000 Credits Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Accounts payable Accrued expenses Notes payable Mortgage payable Common stock Retained earnings 175,000 280,000 135,000 188,000 60,000 130,000 350,000 250,000 27,000 Totals 1,315,000 1,315,000 Additional information: 1. The short-term investments account includes $33,000 in U.S. treasury bills purchased in May. The...
The financial statements of Carrier Office Furniture Company include the following terms 2019 2018 Cash $50,500 $46,000 Short-term Investments 25,000 13,000 Net Accounts Receivable 92,000 98.000 Merchandise Inventory 164,000 144,000 Total Assets 527,000 549,000 Total Current Liabilities 267.000 293,000 Long-term Note Payable 63,000 55,000 What is working capital for 2019? A. $197,000 OB. $99,500 O C. $64,500 OD. $39,500
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