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98) If current assets exceed current liabilities, prepaying an expense on the last day of the...
1. current assets are $100,000 and current liabilities are $80,000. what is the current ratio? 2. which of the following is considered a favorable change or trend? A. Decrease in inventory turnover B. Decrease in times interest earned C. Increase in debt ratio D. Increase in total assets turnover
When we collect Sales tax we DR Cash and Credit A Liability B) An Expense C) Revenue D) An Asset How many of the following events would require an expense to be recorded? Ordering office supplies Hiring a receptionist Paying employees' salaries for the current month Receiving but not paying a current utility bill Paying for insurance in advance One. B) Four. C) Three. D) Two. The balance sheet of ABC reports total assets of $1,500,000 and $1,700,000 at the...
An Operating Lease will have how many of these expenses Depreciation Expense Rental Expense Interest Expense One B) Three C) None D) Two Assuming a current ratio of 1.0 and an acid-test ratio of 0.80, how will the borrowing of cash by issuing a six-month note payable affect each ratio? Decrease the current ratio and increase the acid-test ratio. Decrease the current ratio and decrease the acid-test ratio. Increase the current ratio and increase the acid-test ratio. No change to...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided 96 (5 in millions) Current assets: Cash and cash equivalents $ 403 Current investments 82 Net receivables 271 Inventory Other current assets 125 Total current assets $ 977 Current liabilities: Accounts payable $1,061 Short-term debt 644 Other current liabilities 969 Total current liabilities $2,674 Required: 1. Calculate the current ratio and the acid test ratio for Queen's Line (Enter...
Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 960,000 $ 1,200,000 Marketable securities 0 300,000 Accounts receivable, net 2,700,000 1,800,000 Inventory 3,600,000 2,000,000 Prepaid expenses 260,000 200,000 Total current assets 7,520,000 5,500,000 Plant and equipment, net 9,520,000 9,050,000 Total assets $ 17,040,000 $ 14,550,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,010,000 $ 2,980,000 Note payable, 10% 3,660,000 3,060,000 Total liabilities 7,670,000 6,040,000 Stockholders' equity: Common stock, $75 par value 7,500,000 7,500,000 Retained...
A company's current assets are $29,920, its quick assets are $16,490 and its current liabilities are $12,870. Its acid-test ratio equals:
A company's current assets are $32,920, its quick assets are $17,690 and its current liabilities are $13,170. Its acid-test ratio equals:
14-15 p3 Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 980,000 $ 1,220,000 Marketable securities 0 300,000 Accounts receivable, net 2,780,000 1,880,000 Inventory 3,620,000 2,200,000 Prepaid expenses 260,000 200,000 Total current assets 7,640,000 5,800,000 Plant and equipment, net 9,560,000 9,070,000 Total assets $ 17,200,000 $ 14,870,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,030,000 $ 3,020,000 Note payable, 10% 3,680,000 3,080,000 Total liabilities 7,710,000 6,100,000 Stockholders' equity: Common stock, $75 par value 7,500,000...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided: ($ in millions) Current assets: Cash and cash $ 410 equivalents Current investments 65 Net receivables 204 136 Inventory 145 Other current assets Total current 960 assets Current liabilities: Accounts payable Short-term debt Other current $1,032 744 869 liabilities Total current liabilities $2,645 Required: 1. Calculate the current ratio and the acid-test ratio for Queen's Line. (Enter your answers...
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry.is provided ($ in millions) Current assets: Cash and cash equivalents $ 429 Current investments 94 Net receivables 224 Inventory 108 Other current assets 131 Total current assets $ 986 Current liabilities: Accounts payable $1,010 Short-term debt Other current liabilities 939 Total current liabilities $2,623 674 Required: 1. Calculate the current ratio and the acid-test ratio for Queen's Line (Enter your answers...