Homework Answers
Acid-test ratio = Quick assets/Current liabilities
| Quick assets: | |
| Cash | 10000 |
| Accounts receivable | 20500 |
| Total quick assets $ | 30500 |
| Current liabilities: | |
| Accounts payable | 18352 |
| Wages payable | 2000 |
| Total current liabilities $ | 20352 |
Acid-test ratio = $30500/$20352 = 1.4986% = 1.50%
Answer: 1.50%
The credit terms 5/15, n/30 imply that the invoice is to be paid within 30 days and a cash discount of 5% can be availed if the invoice is paid within 15 days.
Answer: 5% cash discount if the amount is paid within 15 days, with the balance due in 30 days.
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What would be the account balance in the Cash account after the following transactions, assuming a zero beginning balance? $110,500 Owner invested cash. $24,9001 Purchased supplies with cash. Received bill for one month of rent. $2,690 $1,010 Paid wages. Billed customer for services performed services performed $1,600 Multiple Choice О O $85,680 О O $84,590 O $86,190 O $140,700 O $83,500 What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning...
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oct 1-31 Transactions Innovative Consulting Co. has the following accounts in its leder Cash, Accounts Receivable,...
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1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Office...
1.
Record each transaction in the journal using the
following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable;
Utilities Payable; Unearned Revenue; Common Stock; Dividends;
Service Revenue; Salaries Expense; Rent Expense; and Utilities
Expense. Explanations are not required.
2.
T-accounts have been opened for each of the accounts.
Post the journal entries to the T-accounts, using transaction
dates as posting references in the ledger accounts. Label the
balance of each account
Bal.
3.
Prepare the...
What would be the account balance in the Cash account after the following transactions, assuming a zero beginning balance? $110,500 Owner invested cash. $24,9001 Purchased supplies with cash. Received bill for one month of rent. $2,690 $1,010 Paid wages. Billed customer for services performed services performed $1,600 Multiple Choice О O $85,680 О O $84,590 O $86,190 O $140,700 O $83,500 What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning...
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oct 1-31
Transactions Innovative Consulting Co. has the following accounts in its leder Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Eamed, Rent Expense, Advertising Eponse, Utilities Expense, Miscellaneous Expense. Journalize the following selected transactions for October 2012 in a two column joumal. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. Oct. 1. Paid rent for the month, $4,900. 3. Pald advertising expense, $3,090....
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1.
Record each transaction in the journal using the
following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable;
Utilities Payable; Unearned Revenue; Common Stock; Dividends;
Service Revenue; Salaries Expense; Rent Expense; and Utilities
Expense. Explanations are not required.
2.
T-accounts have been opened for each of the accounts.
Post the journal entries to the T-accounts, using transaction
dates as posting references in the ledger accounts. Label the
balance of each account
Bal.
3.
Prepare the...
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