The following amounts were reported on the December 31, 2019, balance sheet: Cash $ 36,000 Accounts receivab...
The following amounts were reported on the December 31, 2019,
balance sheet:
| Cash | $ | 36,000 | |
| Accounts receivable | 99,000 | ||
| Common stock | 180,000 | ||
| Wages payable | 22,500 | ||
| Retained earnings | 360,000 | ||
| Land | 90,000 | ||
| Accounts payable | 19,500 | ||
| Bonds payable | 528,000 | ||
| Merchandise inventory | 75,000 | ||
| Buildings and equipment, net of accumulated depreciation |
810,000 | ||
Required:
- Calculate working capital at December 31, 2019.
- Calculate the current ratio at December 31, 2019. (Round your answer to 1 decimal place.)
- Calculate the acid-test ratio at December 31, 2019. (Round your answer to 1 decimal place.)
Homework Answers
working capital = current assets - current liability
= (36,000 + 99000 + 75000) - (22,500+19500)
= 210000 - 42000 = $168000
current ratio = current assets / current liability
= 210000 / 42000 = 5
acid-test ratio = quick assets - current liability
= (36,000 + 99000 ) - (22,500+19500)
= 135000 / 42000
= 3.21
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