Question #42 of 100 Question ID: 715384 What is the quick ratio of a company that...
Question #42 of 100
Question ID: 715384
What is the quick ratio of a company that has a balance sheet showing cash of $120,000, accounts receivable $80,000, inventories of $125,000, accounts payable of $140,000, and owner's capital of $185,000?
A)
.6
B)
1.4
C)
2.3
D)
3.4
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Question #42 of 100
Question ID: 715384
What is the quick ratio of a company that...
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020...
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1,100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments...
Homewood Company has the following partial list of account balances at year-end: Compute the quick ratio...
Homewood Company has the following partial list of account
balances at year-end: Compute the quick ratio
Homework 4 Accounting and Financial Reporting Professor Dalton Tong Carey Business School 1) Homewood Company has the following partial list of account balances at year-end: $1,500 Accounts payable 4,600 Accounts receivable 3.200 Cost of goods sold 23.000 Cash Taxes payable 10,000 Land 25,000 Notes payable (due in 6 months) 1.000 Salaries payable 900 Inventory 4,300 Requirements: A Compute the quick ratio. B. Determine the...
Compute the (1) current ratio and the (2) quick ratio for Nikey, Inc. using the following...
Compute the (1) current ratio and the (2) quick ratio for Nikey, Inc. using the following excerpt from the balance sheet reported in a recent financial statement of Nikey, Inc. At May 31 (in millions) 2020 Current assets Cash and equivalents $6,934 Short-term investments 3,730 Accounts receivable, net 6,044 Inventories 7,807 Deferred income taxes 700 Prepaid expenses and other current assets 3,542 Total current assets $28,757 Current liabilities Current portion of long-term debt $182 Notes payable 126 Accounts payable 3,623...
Workout Problem (Use provided answer sheet for answers and show your work! LLJ Inc. (a speciality...
Workout Problem (Use provided answer sheet for answers and show your work! LLJ Inc. (a speciality plastic molding manufacturer) is based in Houston. This year's balance sheet (dated December 31, 2016), income statement, and statement of cash flows are below LLJ Balance Sheet As of December 31, 2016 Cash Accounts Receivable Materials Inventory Prepaid Insurance Land Factory Building (Cost) Acc. Depreciation - Building Equipment (Cost) $121,410 $26,200 $3,200 .a $12,800 $185,000 $780,000 ($208,000) $86,000 ($21,300) $985,310 Acc Depreciation -Equipment Total...
c. Calculate the current ratio and quick ratio for 2018. (Round your answers to one decimal...
c. Calculate the current ratio and quick ratio for 2018. (Round your answers to one decimal place.) Current Ratio: 1.5 Quick Ratio: 0 X Preparing Balance Sheets, Computing Income, and Applying the current and Quick Ratios Balance sheet information for Lang Services at the end of 2018 and 2017 is: Accounts Receivable Notes Payable Cash December 31, December 31, 2018 2017 $22,800 $17,500 1,800 1,600 10,000 8,000 32,000 27,000 4,700 4,200 25,000 25,000 Equipment Supplies Accounts Payable Stockholders' Equity ?...
Bavarian Sausage, Inc. Bavarian Sausage, Inc. posted the following balance sheet and income statement. Cash Balance...
Bavarian Sausage, Inc. Bavarian Sausage, Inc. posted the following balance sheet and income statement. Cash Balance Sheet $ 50,000 Accounts Payable 125,000 Notes Payable 225,000 Long-term debt $185,000 125,000 115,000 Accounts Receivable Inventories Net Plant and Equipment 525,000 350,000 150,000 Common Stock Retained earnings Total liabilities and Stockholders' Equity Total Assets $925,000 $925,000 Income Statement Sales Cost of goods sold Depreciation $525,000 215,000 65,000 Earnings before interest and taxes 245,000 Interest expense 35,000 Net profit before taxes Taxes (@40%) 210,000...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
Calculating the Current Ratio and the Quick (or Acid-Test) Ratio LoLo Lemon Company has current assets...
Calculating the Current Ratio and the Quick (or Acid-Test) Ratio LoLo Lemon Company has current assets equal to $500,000. Of these, $300,000 is cash, $75,000 is accounts receivable, $125,000 is inventory, and the remainder is marketable securities. Current liabilities total $425,000. Required: Note: Round answers to two decimal places. 1. Calculate the current ratio. 2. Calculate the quick ratio (acid-test ratio).
Use the following information and calculate the quick ratio for Davis Company and for Bender Inc....
Use the following information and calculate the quick ratio for Davis Company and for Bender Inc. Davis Co. Bender Inc. Account Dr. Cr. Dr. Cr. Cash $321 $425 Cash equivalents 88 95 Current notes receivable 56 46 Accounts receivable 603 307 Prepaid expenses 55 85 Merchandise inventory 714 898 Fixed assets 920 755 Accumulated depreciation—Fixed assets $415 $225 Accounts payable 260 198 Current accrued liabilities 213 149 Mortgage payable 917 824 Capital 952 1,215 Total $2,757 $2,757 $2,611 $2,611 a....
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 2, Oak Consulting had the following
normal balances in its accounts:
Account
Balance
Cash
$
42,000
Accounts
receivable
25,000
Accounts
payable
8,400
Common
stock
24,000
Retained
earnings
34,600
The following events apply to Oak Consulting for Year 2:
Provided $185,000 of services on account.
Incurred $45,800 of operating expenses on account.
Collected $140,000 of accounts receivable.
Paid $120,000 cash for salaries expense.
Paid $31,400 cash as a partial payment on accounts
payable.
Paid a $10,000...
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1,100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments...
Homewood Company has the following partial list of account
balances at year-end: Compute the quick ratio
Homework 4 Accounting and Financial Reporting Professor Dalton Tong Carey Business School 1) Homewood Company has the following partial list of account balances at year-end: $1,500 Accounts payable 4,600 Accounts receivable 3.200 Cost of goods sold 23.000 Cash Taxes payable 10,000 Land 25,000 Notes payable (due in 6 months) 1.000 Salaries payable 900 Inventory 4,300 Requirements: A Compute the quick ratio. B. Determine the...
Compute the (1) current ratio and the (2) quick ratio for Nikey, Inc. using the following excerpt from the balance sheet reported in a recent financial statement of Nikey, Inc. At May 31 (in millions) 2020 Current assets Cash and equivalents $6,934 Short-term investments 3,730 Accounts receivable, net 6,044 Inventories 7,807 Deferred income taxes 700 Prepaid expenses and other current assets 3,542 Total current assets $28,757 Current liabilities Current portion of long-term debt $182 Notes payable 126 Accounts payable 3,623...
Workout Problem (Use provided answer sheet for answers and show your work! LLJ Inc. (a speciality plastic molding manufacturer) is based in Houston. This year's balance sheet (dated December 31, 2016), income statement, and statement of cash flows are below LLJ Balance Sheet As of December 31, 2016 Cash Accounts Receivable Materials Inventory Prepaid Insurance Land Factory Building (Cost) Acc. Depreciation - Building Equipment (Cost) $121,410 $26,200 $3,200 .a $12,800 $185,000 $780,000 ($208,000) $86,000 ($21,300) $985,310 Acc Depreciation -Equipment Total...
c. Calculate the current ratio and quick ratio for 2018. (Round your answers to one decimal place.) Current Ratio: 1.5 Quick Ratio: 0 X Preparing Balance Sheets, Computing Income, and Applying the current and Quick Ratios Balance sheet information for Lang Services at the end of 2018 and 2017 is: Accounts Receivable Notes Payable Cash December 31, December 31, 2018 2017 $22,800 $17,500 1,800 1,600 10,000 8,000 32,000 27,000 4,700 4,200 25,000 25,000 Equipment Supplies Accounts Payable Stockholders' Equity ?...
Bavarian Sausage, Inc. Bavarian Sausage, Inc. posted the following balance sheet and income statement. Cash Balance Sheet $ 50,000 Accounts Payable 125,000 Notes Payable 225,000 Long-term debt $185,000 125,000 115,000 Accounts Receivable Inventories Net Plant and Equipment 525,000 350,000 150,000 Common Stock Retained earnings Total liabilities and Stockholders' Equity Total Assets $925,000 $925,000 Income Statement Sales Cost of goods sold Depreciation $525,000 215,000 65,000 Earnings before interest and taxes 245,000 Interest expense 35,000 Net profit before taxes Taxes (@40%) 210,000...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
At the beginning of Year 2, Oak Consulting had the following
normal balances in its accounts:
Account
Balance
Cash
$
42,000
Accounts
receivable
25,000
Accounts
payable
8,400
Common
stock
24,000
Retained
earnings
34,600
The following events apply to Oak Consulting for Year 2:
Provided $185,000 of services on account.
Incurred $45,800 of operating expenses on account.
Collected $140,000 of accounts receivable.
Paid $120,000 cash for salaries expense.
Paid $31,400 cash as a partial payment on accounts
payable.
Paid a $10,000...
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