Homework Answers
Ans.
1. Current assets=A/r+Cash+Inventory+Supplies
=81336+73324+25816+5512
=185988
Current liabilities=A/p+Income Tax payable+Wages payable
=19207+3512+12880
=35599
Current ratio= Current assets/current liabilities
Current ratio= 185988/35599
=5.22
2.
|
Account |
Category | Normal balance |
| Account receivable | CA | Debit |
| Notes payable(Short) | CL | Credit |
| Common stock | SE | Credit |
| Notes payable | NCL | Credit |
| Income Tax payable | CL | Credit |
| Equipment | NCA | Debit |
| Retained earnings | RE | Credit |
| Account payable | CL | Credit |
| Cash | CA | Debit |
Add Answer to:
multiple choice answers
a. 5.22
b. 1.00
c. 5.00
d. 2.02
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