Homework Answers
Current Ratio = Current Assets / Current Liability
Current Ratio
As on 01 Feb, 2020
- Current Asset = $129,480
- Current Liability = $49,800
- Ratio = 2.6:1
As on 03 Feb, 2020
- Current Asset = $129,480 (Collection of accounts receivable will increase cash and decrease accounts receivable, So there will be not effect on current assets)
- Current Liability = $49,800
- Ratio = 2.6:1
As on 07 Feb, 2020
- Current Asset = $101,080 ( $129,480 - $28,400, Purchase of equipment will lead to decrease in cash and increase in fixed asset)
- Current Liability = $49,800
- Ratio = 2.03:1
As on 11 Feb, 2020
- Current Asset = $101,080 ( 1 Year insurance policy will result in decrease in cash but increse in prepaid amount, thus, there will be no impact on the current asset)
- Current Liability = $49,800
- Ratio =2.03:1
As on 14 Feb, 2020
- Current Asset = $88,080 ( $101,080 - $13,000, This will result in decrese in cash and decrese in current liability)
- Current Liability = $36,800 ( $49,800 - $13,000, There is decrese in accounts payable)
- Ratio = 2.39:1
As on 18 Feb, 2020
- Current Asset = $88,080 (Declaration of Dividend has no impact on the current assets)
- Current Liability = $42,400 ( $36,800 + $5,600), Dividend payable will increse the current liability)
- Ratio = 2.08:1
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View Policies Current Attempt in Progress Gwynn Incorporated had the following transactions involving current assets and...
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020. Feb....
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020. Feb. 3 Collected accounts receivable of $14,000. 7 Purchased equipment for $27,100 cash. 11 Paid $3,300 for a 1-year insurance policy. 14 Paid accounts payable of $11,000. 18 Declared cash dividends, $5,600. Additional information: As of February 1, 2020, current assets were $133,920, and current liabilities were $49,600. Compute the current ratio as of the beginning of the month and after each transaction. (Round answers...
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020. Feb....
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020. Feb. 3 Collected accounts receivable of $14,000. 7 Purchased equipment for $27,800 cash. 11 Paid $2,300 for a 1-year insurance policy. 14 Paid accounts payable of $12,500. 18 Declared cash dividends, $5,700. Additional information: As of February 1, 2020, current assets were $128, 180, and current liabilities were $49,300. Compute the current ratio as of the beginning of the month and after each transaction. (Round...
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020 Feb....
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020 Feb. 3 Collected accounts receivable of $15,700. 7 Purchased equipment for $28,700 cash 11 Paid $ 3,700 for a 1-year insurance policy. 14 Paid accounts payable of $11,700 18 Declared cash dividends, $5,900. Additional information: As of February 1,2020, current assets were $ 130,520, and current liabilities were $ 50,200 Compute the current ratio as of the beginning of the month and after each transaction....
*Exercise 14-6 Keener Incorporated had the following transactions occur involving current assets and current liabilities during...
*Exercise 14-6 Keener Incorporated had the following transactions occur involving current assets and current liabilities during February 2017 Feb. 3 Accounts receivable of $14,200 are collected. Equipment is purchased for $28,400 cash. Paid $2,000 for a 3-year insurance policy. Accounts payable of $13,000 are paid. Cash dividends of $5,600 are declared. 7 11 14 18 Additional information: 1. 2. As of February 1, 2017, current assets were $130,600, and current liabilities were $49,800. As of February 1, 2017, current assets...
*Exercise 18-6 Keener Incorporated had the following transactions occur involving current assets and current liabilities during...
*Exercise 18-6 Keener Incorporated had the following transactions occur involving current assets and current liabilities during February 2017. Feb. 3 Accounts receivable of $14,300 are collected. Equipment is purchased for $27,500 cash. 7 Paid $2,400 for a 1-year insurance policy. 11 Accounts payable of $12,200 are paid. 14 Cash dividends of $4,900 are declared. 18 Additional information: As of February 1, 2017, current assets were $134,200, and current liabilities were $49,000. 1. As of February 1, 2017, current assets included...
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CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 13-8 Sage Hill Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,600. 7 Purchased equipment for $33,200 cash. 11 Paid $2,000 for a 1-year insurance policy. 14 Paid accounts payable of $14,600. 18 Declared cash dividends, $8,200. Additional information: As of February 1, 2019, current assets were $132,700 and current liabilities were $34,600. Compute the current ratio as of the...
Queston 260150 View Policies Current Attempt in Progress Bramble Corp, has current assets of $1750000 and...
Queston 260150 View Policies Current Attempt in Progress Bramble Corp, has current assets of $1750000 and current liabilities of $130000. If they issue $163000 of new stock what their new current ratio be? rounded Last 2 Attempts of led
18 18.7 we a vertical Murah "uld 10 Delaney Corporation for both years. om. Inc. operates...
18
18.7
we a vertical Murah "uld 10 Delaney Corporation for both years. om. Inc. operates department stores in numerous states, Suppose selected finan- (in millions) for 2020 are presented below. (103) Nordstrom statement data Cash and cash equivalents Accounts receivable (net) Inventory Other current assets Total current assets End of Year $ 795 2,035 898 326 $4,054 Beginning of Year $ 72 1,942 900 303 $3,217 Total current liabilities $2,014 $1,601 for the year, net credit sala het credit...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 Cash $15.000 Accounts receivable (net) 70,000 Inventory 61,000 Plant assets (net) 195,000 $341,000 Accounts payable $50,000 Mortgage payable (15%) 101,500 Common stock, $10 par 144,000 Retained earnings 45.500 5341,000 2019 $ 30,000 59.000 49.000 179.000 $317.000 $60.900 101.500 118.500 36.100 $317.000 Additional information for 2020: 1 2 3. - 5. Net income was $25.800. Sales on account were $407,700....
View Policies Current Attempt in Progress During 2022, Whispering Winds Corp. entered into the following transactions....
View Policies Current Attempt in Progress During 2022, Whispering Winds Corp. entered into the following transactions. 1. 2. 3. Borrowed $60,200 by issuing bonds. Paid $9.240 cash dividend to stockholders. Received $14,500 cash from a previously billed customer for services performed. Purchased supplies on account for $3,300, 4. Using the following tabular analysis, show the effect of each transaction on the accounting equation (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign (or...
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020. Feb. 3 Collected accounts receivable of $14,000. 7 Purchased equipment for $27,100 cash. 11 Paid $3,300 for a 1-year insurance policy. 14 Paid accounts payable of $11,000. 18 Declared cash dividends, $5,600. Additional information: As of February 1, 2020, current assets were $133,920, and current liabilities were $49,600. Compute the current ratio as of the beginning of the month and after each transaction. (Round answers...
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020. Feb. 3 Collected accounts receivable of $14,000. 7 Purchased equipment for $27,800 cash. 11 Paid $2,300 for a 1-year insurance policy. 14 Paid accounts payable of $12,500. 18 Declared cash dividends, $5,700. Additional information: As of February 1, 2020, current assets were $128, 180, and current liabilities were $49,300. Compute the current ratio as of the beginning of the month and after each transaction. (Round...
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020 Feb. 3 Collected accounts receivable of $15,700. 7 Purchased equipment for $28,700 cash 11 Paid $ 3,700 for a 1-year insurance policy. 14 Paid accounts payable of $11,700 18 Declared cash dividends, $5,900. Additional information: As of February 1,2020, current assets were $ 130,520, and current liabilities were $ 50,200 Compute the current ratio as of the beginning of the month and after each transaction....
*Exercise 14-6 Keener Incorporated had the following transactions occur involving current assets and current liabilities during February 2017 Feb. 3 Accounts receivable of $14,200 are collected. Equipment is purchased for $28,400 cash. Paid $2,000 for a 3-year insurance policy. Accounts payable of $13,000 are paid. Cash dividends of $5,600 are declared. 7 11 14 18 Additional information: 1. 2. As of February 1, 2017, current assets were $130,600, and current liabilities were $49,800. As of February 1, 2017, current assets...
*Exercise 18-6 Keener Incorporated had the following transactions occur involving current assets and current liabilities during February 2017. Feb. 3 Accounts receivable of $14,300 are collected. Equipment is purchased for $27,500 cash. 7 Paid $2,400 for a 1-year insurance policy. 11 Accounts payable of $12,200 are paid. 14 Cash dividends of $4,900 are declared. 18 Additional information: As of February 1, 2017, current assets were $134,200, and current liabilities were $49,000. 1. As of February 1, 2017, current assets included...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 13-8 Sage Hill Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,600. 7 Purchased equipment for $33,200 cash. 11 Paid $2,000 for a 1-year insurance policy. 14 Paid accounts payable of $14,600. 18 Declared cash dividends, $8,200. Additional information: As of February 1, 2019, current assets were $132,700 and current liabilities were $34,600. Compute the current ratio as of the...
Queston 260150 View Policies Current Attempt in Progress Bramble Corp, has current assets of $1750000 and current liabilities of $130000. If they issue $163000 of new stock what their new current ratio be? rounded Last 2 Attempts of led
18
18.7
we a vertical Murah "uld 10 Delaney Corporation for both years. om. Inc. operates department stores in numerous states, Suppose selected finan- (in millions) for 2020 are presented below. (103) Nordstrom statement data Cash and cash equivalents Accounts receivable (net) Inventory Other current assets Total current assets End of Year $ 795 2,035 898 326 $4,054 Beginning of Year $ 72 1,942 900 303 $3,217 Total current liabilities $2,014 $1,601 for the year, net credit sala het credit...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 Cash $15.000 Accounts receivable (net) 70,000 Inventory 61,000 Plant assets (net) 195,000 $341,000 Accounts payable $50,000 Mortgage payable (15%) 101,500 Common stock, $10 par 144,000 Retained earnings 45.500 5341,000 2019 $ 30,000 59.000 49.000 179.000 $317.000 $60.900 101.500 118.500 36.100 $317.000 Additional information for 2020: 1 2 3. - 5. Net income was $25.800. Sales on account were $407,700....
View Policies Current Attempt in Progress During 2022, Whispering Winds Corp. entered into the following transactions. 1. 2. 3. Borrowed $60,200 by issuing bonds. Paid $9.240 cash dividend to stockholders. Received $14,500 cash from a previously billed customer for services performed. Purchased supplies on account for $3,300, 4. Using the following tabular analysis, show the effect of each transaction on the accounting equation (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign (or...
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