Question

Current Attempt in Progress Swifty Corporation started the year with total assets of $314000 and total liabilities of $254000. During the year the business recorded $628000 in revenues, $334000 in expenses, and dividends of $58000. The net income reported by Swifty Corporation for the year was $294000 $564000. O $236000. O $174000.

Answer 1

Solution

1) The correct answer is A) $ 294,000

Net income reported by Swifty corporation for the year was = $ 6,28,000- $ 334,000 = $ 294,000

2) The correct answer is A) $ 213,000

Stockholder equity at the end of june = ($224,000 -$ 123,000) + ( $325,000 - $ 154,000 ) - $ 59,000 = $ 213,000

3) The correct answer is B) $ 175,000

Net income reported by Nash's Trading Post LLC was= $ 325,000 - $ 150,000 = $ 175,000

4) The correct answer is B) $ 129,000 increase

5) The correct answer is D) 4.6 : 1

Current Assets = $ 15,90,000

Current Liabilities = $ 347,000 ( $710,000 - $ 363,000)

Current Ratio = Current Assets = $ 15,90,000 = 4.6 : 1

Current Liabilities $ 347,000

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