Homework Answers
VARIABLE/FIXED:
| Description | Variable / Fixed | Reason |
| Food cost | Variable Cost | Food cost is depend upon the no. of persons |
| Cost of the DJ | Fixed cost | Cost of DJ is fixed. |
| $1,200 to rent the hall for the evening | Fixed cost | Rent is a fixed cost |
| Cost of the Decorations | Fixed cost | Decoration cost is a fixed cost |
| Cost of the Goodie bags (1 per person) | Variable Cost | Cost of the Goodie bag is depend upon the no. of persons |
Current Assets:
Current ratio = Current assets ÷ Current liabilities
3/1 = Current assets ÷ $100,000
Current assets = 3 x $100,000
Current assets = $300,000
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