Ans:
Current Ratio=Current Assets /Current Liabilities=54990/720=76.375=76.38(if rounded off)
Computation:
Current assets=54270+720=54990
Cash=96000-7500-34000-230=54270
Supplies=950-230=720
Current Liabilities=720
Accounts payable=950-230=720
Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A...
a. Received $96,000 cash when Issuing 9,600 new common shares. b. Purchased land by paying $7,500 cash and signing a note payable for $11,500 due in three years. c. Hired a new aesthetician for a salary of $2,600 a month, starting next month. d. NGS purchased a company car for $34,000 cash (list price of $37,000) to assist in running errands for the business. e. Bought and received $950 in supplies for the spa on credit. Pald $230 of the...
CLA1 Accounting for the establishment of a business LU 2-1, LU 2-2, LU 2-3, LU 2-4, LU 2-5) The following information applies to the questions displayed below] Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30 a Received 585,000 cash when issuing 8,500 new common shares b. Purchased and by paying $4,500...
Nicole Mackisey is thinking of forming her own spa business, Nicole's Getaway Spa (NGS). Nicole expects that she and two family members will each contribute $11,500 to the business and receive 1,150 shares each. Nicole forecasts the following amounts for the first year of operations, ending December 31, 2017: cash on hand and in the bank, $2,430; amounts due from customers from spa treatments, $2,380; building and equipment, $84,435; amounts owed to beauty supply outlets for spa equipment, $8,050; notes...
Nicole Mackisey is thinking of forming her own spa business, Nicole's Getaway Spa (NGS), Nicole expects that she and two family members will each contribute $10,000 to the business and receive 1.000 shares each. Nicole forecasts the following amounts for the first year of operations, ending December 31, 2018: Cash on hand and in the bank. $2.250. amounts due from customers from spa treatments, $1790: building and equipment, $71,000, amounts owed to beauty supply outlets for spa equipment, $4,670: notes...
Required information CC2-1 Accounting for the Establishment of a Business [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5) [The following information applies to the questions displayed below.) Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30. a. Received $91,000 cash when issuing 9,100 new common shares. b. Purchased land by...
Check my work 11 Part 4 of 4 Required information The following information applies to the questions displayed below.) Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30. Doints eBook a. Received $100,000 cash when issuing 10,000 new common shares. b. Purchased land by paying $9,500 cash and signing a note payable...
Nicole Mackisey is thinking of forming her own spa business, Nicole's Getaway Spa (NGS). Nicole expects that she and two family members will each contribute $6,500 to the business and receive 650 shares each. Nicole forecasts the following amounts for the first year of operations, ending December 31, 2017: cash on hand and in the bank, $3,030; amounts due from customers from spa treatments, $1,230; building and equipment, $94,525; amounts owed to beauty supply outlets for spa equipment, $5,750; notes...
Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with...
Check my work Part 2 of 4 Required information The following information applies to the questions displayed below.) Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30. Doints eBook a. Received $100,000 cash when issuing 10,000 new common shares. b. Purchased land by paying $9,500 cash and signing a note payable for...
a. Received $96,000 cash when issuing 9,600 new common shares. b. Purchased land by paying $7,500 cash and signing a note payable for $11,500 due in three years. c. Hired a new aesthetician for a salary of $2,600 a month, starting next month. d. NGS purchased a company car for $34,000 cash (list price of $37,000) to assist in running errands for the business. e. Bought and received $950 In supplies for the spa on credit. f. Paid $230 of...