Homework Answers
Boston Company
Quick Ratio = (Cash + Accounts Receivable) / Current
Liabilities
= ($50000 + $40000) / $49000 = 1.84
Answer is (d) Quick Ratio 1.84
Unrealized Gain = Ending Value - Beginning Value -
Purchases
= $8000 - $4500 - $3000 = $500
Since ending value is greater than purchase + beginning value it is
gain
Answer is (a) Unrealized Gain $500
| August | ||
| Payment for July Purchase | $ 61,600.00 | 80% of 77000 |
| Payment for August Purchase | $ 14,600.00 | 20% of 73000 |
| Payment for July Direct Labor Cost | $ 3,380.00 | 10% of 33800 |
| Payment for August Direct Labor Cost | $ 31,860.00 | 90% of 35400 |
| Payment for Overhead | $ 70,850.00 | 77200 -6350 depreciation |
| Interest on loan | $ 690.00 | 23000*9%*4/12 |
| Repayment of Loan | $ 23,000.00 | |
| $ 205,980.00 |
Depreciation is non cash expense
Answer is (a) $205980
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3,200
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At the end of 2018, Terry Company prepared the following
schedule of investments in available-for-sale debt securities (all
of which were acquired at par value):
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Amortized Cost
12/31/18 Fair Value
Cumulative Change in Fair Value
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$35,000
$34,200
$(800)
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60,000
63,200
3,200
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$97,400
$2,400
During 2019, the following transactions occurred:
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Purchased Oscar Company debt securities with a par value of
100,000 for $97,000. The securities carry an annual interest rate
of 10%,...
At the beginning of 2019, Ace Company had the following
portfolio of investments in available-for-sale debt securities (all
of which were acquired at par value):
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Cost
1/1/19 Fair Value
A
$35,000
$44,000
B
53,000
50,000
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$94,000
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3
Purchased C debt securities at their par value for
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Sold all of the A securities for $44,000 plus interest of
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