Homework Answers
| Answer to 1st image | ||||||||
| Current Ratio | = | Current Assets / Current Liabilities | ||||||
| = | (Cash + Short Term Investment + Accounts Receivable + Supplies) / (Accounts Payable + Accrued Liabilities + Short Term Notes Payable) | |||||||
| = | ($ 39400 + $ 5400 + $ 7400 + $ 55000) / ($ 28600 + $ 3300 + $ 16800) | |||||||
| = | 2.20 | : 1 | ||||||
| Answer to 2nd image | ||||||
| Particulars | Assets | = | Liabilities | + | Equity | |
| Beginning balance | $ 1,57,000.00 | $ 63,500.00 | $ 93,500.00 | |||
| a) | $ -13,500.00 | $ -13,500.00 | ||||
| b) | A/R | $ -12,500.00 | ||||
| Cash | $ 12,500.00 | |||||
| c) | $ -5,700.00 | $ -5,700.00 | ||||
| d) | Truck | $ 29,200.00 | ||||
| Cash | $ -5,700.00 | $ 23,500.00 | ||||
| Ending Balance | $1,61,300.00 | $ 67,800.00 | $93,500.00 | |||
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