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In its most recent annual report, Appalachian Beverages reported current assets of $39,900 and a current...
Can someone please help? I can't figure out Transaction (4) and it is not 1.07 nor...
Can someone please help? I
can't figure out Transaction (4) and it is not 1.07 nor is it
1.03.
Good Sports, Inc., is a private full-line sporting goods
retailer. Assume one of the Good Sports stores reported current
assets of $87,850 and its current ratio was 1.75, and then
completed the following transactions: (1) paid $6,100 on accounts
payable, (2) purchased a delivery truck for $11,000 cash, (3) wrote
off a bad account receivable for $1,800, and (4) paid previously...
The Sports Authority, Inc. is a private full-line sporting goods retailer. Assume one of the Sports...
The Sports Authority, Inc. is a private full-line sporting goods retailer. Assume one of the Sports Authority stores reported current assets of $88,550 and its current ratio was 1.75, and then completed the following transactions: (1) paid $5,700 on accounts payable, (2) purchased a delivery truck for $11,500 cash, (3) wrote off a bad account receivable for $2,300, and (4) paid previously declared dividends in the amount of $26,500. Required: Compute the updated current ratio after each transaction, by showing...
E12-7 Analyzing the Impact of Selected Transactions on the Current Ratio L012-7 Current assets for JC...
E12-7 Analyzing the Impact of Selected Transactions on the Current Ratio L012-7 Current assets for JC Inc. totalled $35,550, and the current ratio was 1.58. Assume that the following transactions were completed: (1) Purchased merchandise for $5,000 on short-term credit. (2) Purchased a delivery truck for $31,000—paid $4,400 cash and signed a two-year interest-bearing note for the balance. Required: Compute the current ratio after each transaction. (Round the final answers to 2 decimal places.) Answer is complete but not entirely...
The Sports Authority, Inc. is a private full-line sporting goods retailer. Assume one of the Sports...
The Sports Authority, Inc. is a private full-line sporting goods retailer. Assume one of the Sports Authority stores reported current assets of $88,550 and its current ratio was 1.75, and then completed the following transactions: (1) paid $5,700 on aunts payable, (2) purchased a de ivery tuck for $11,500 cash, (3) wrote off a bad account receivable for $2,300, and (4) paid previously declared dividends in the amount of $26,500. Required: Compute the updated current ratio after each transaction, by...
Jones Corp. reported current assets of $186,000 and current liabilities of $130,500 on its most recent...
Jones Corp. reported current assets of $186,000 and current liabilities of $130,500 on its most recent balance sheet. The current assets consisted of $63,400 Cash; $45,100 Accounts Receivable; and $77,500 of Inventory. The acid-test (quick) ratio is: Ο Ο Ο Ο Ο Ο
E10-5 Determining the Impact of Current Liability Transactions, including Analysis of the Debt-to-Assets Ratio [LO...
E10-5 Determining the Impact of Current Liability Transactions, including Analysis of the Debt-to-Assets Ratio [LO 10-2, LO 10-5) Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $28,000. The company uses a perpetual Inventory system. b. On March 1, borrowed $60,000 cash...
Plum Corporation began the month of May with $1,400,000 of current assets, a current ratio of...
Plum Corporation began the month of May with $1,400,000 of
current assets, a current ratio of 2.30:1, and an acid-test ratio
of 1.60:1. During the month, it completed the following
transactions (the company uses a perpetual inventory
system).
May
2
Purchased $55,000 of merchandise inventory on credit.
8
Sold merchandise inventory that cost $65,000 for $145,000
cash.
10
Collected $24,000 cash on an account receivable.
15
Paid $31,500 cash to settle an account payable.
17
Wrote off a $5,000 bad...
Indicate the effects of the transactions listed in the following table on total current assets, current...
Indicate the effects of the transactions listed in the following table on total current assets, current ratio, net income and cash flow. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0 Total Current Current Ratio Effect on Net Assets Impact on Cash Flow income 1) 2) 3) 4) 5) 6)...
Plum Corporation began the month of May with $1,000,000 of current assets, a current ratio of...
Plum Corporation began the month of May with $1,000,000 of
current assets, a current ratio of 2.10:1, and an acid-test ratio
of 1.60:1. During the month, it completed the following
transactions (the company uses a perpetual inventory
system).
May
2
Purchased $75,000 of merchandise inventory on credit.
8
Sold merchandise inventory that cost $55,000 for $130,000
cash.
10
Collected $22,000 cash on an account receivable.
15
Paid $24,500 cash to settle an account payable.
17
Wrote off a $5,000 bad...
Can someone please help? I
can't figure out Transaction (4) and it is not 1.07 nor is it
1.03.
Good Sports, Inc., is a private full-line sporting goods
retailer. Assume one of the Good Sports stores reported current
assets of $87,850 and its current ratio was 1.75, and then
completed the following transactions: (1) paid $6,100 on accounts
payable, (2) purchased a delivery truck for $11,000 cash, (3) wrote
off a bad account receivable for $1,800, and (4) paid previously...
The Sports Authority, Inc. is a private full-line sporting goods retailer. Assume one of the Sports Authority stores reported current assets of $88,550 and its current ratio was 1.75, and then completed the following transactions: (1) paid $5,700 on accounts payable, (2) purchased a delivery truck for $11,500 cash, (3) wrote off a bad account receivable for $2,300, and (4) paid previously declared dividends in the amount of $26,500. Required: Compute the updated current ratio after each transaction, by showing...
E12-7 Analyzing the Impact of Selected Transactions on the Current Ratio L012-7 Current assets for JC Inc. totalled $35,550, and the current ratio was 1.58. Assume that the following transactions were completed: (1) Purchased merchandise for $5,000 on short-term credit. (2) Purchased a delivery truck for $31,000—paid $4,400 cash and signed a two-year interest-bearing note for the balance. Required: Compute the current ratio after each transaction. (Round the final answers to 2 decimal places.) Answer is complete but not entirely...
The Sports Authority, Inc. is a private full-line sporting goods retailer. Assume one of the Sports Authority stores reported current assets of $88,550 and its current ratio was 1.75, and then completed the following transactions: (1) paid $5,700 on aunts payable, (2) purchased a de ivery tuck for $11,500 cash, (3) wrote off a bad account receivable for $2,300, and (4) paid previously declared dividends in the amount of $26,500. Required: Compute the updated current ratio after each transaction, by...
Jones Corp. reported current assets of $186,000 and current liabilities of $130,500 on its most recent balance sheet. The current assets consisted of $63,400 Cash; $45,100 Accounts Receivable; and $77,500 of Inventory. The acid-test (quick) ratio is: Ο Ο Ο Ο Ο Ο
E10-5 Determining the Impact of Current Liability Transactions, including Analysis of the Debt-to-Assets Ratio [LO 10-2, LO 10-5) Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $28,000. The company uses a perpetual Inventory system. b. On March 1, borrowed $60,000 cash...
Plum Corporation began the month of May with $1,400,000 of
current assets, a current ratio of 2.30:1, and an acid-test ratio
of 1.60:1. During the month, it completed the following
transactions (the company uses a perpetual inventory
system).
May
2
Purchased $55,000 of merchandise inventory on credit.
8
Sold merchandise inventory that cost $65,000 for $145,000
cash.
10
Collected $24,000 cash on an account receivable.
15
Paid $31,500 cash to settle an account payable.
17
Wrote off a $5,000 bad...
Indicate the effects of the transactions listed in the following table on total current assets, current ratio, net income and cash flow. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0 Total Current Current Ratio Effect on Net Assets Impact on Cash Flow income 1) 2) 3) 4) 5) 6)...
Plum Corporation began the month of May with $1,000,000 of
current assets, a current ratio of 2.10:1, and an acid-test ratio
of 1.60:1. During the month, it completed the following
transactions (the company uses a perpetual inventory
system).
May
2
Purchased $75,000 of merchandise inventory on credit.
8
Sold merchandise inventory that cost $55,000 for $130,000
cash.
10
Collected $22,000 cash on an account receivable.
15
Paid $24,500 cash to settle an account payable.
17
Wrote off a $5,000 bad...
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