Homework Answers
| Cash | 243000 |
| Add: Accounts Receivable, Net | 256000 |
| Total Quick Assets | 499000 |
| Total Quick Assets | 499000 |
| Divide by Total Current Liabilities | 285000 |
| Acid-test(quick) ratio | 1.75 |
| Option D 1.75 is correct |
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A) 1.85 B) 1.80 C) 2.54 D) 1.75 Mayfield Corporation has provided the following financial data:...
Mayfield Corporation has provided the following financial data: Balance Sheet Assets Current assets: Cash $ 288,000...
Mayfield Corporation has provided the following financial data: Balance Sheet Assets Current assets: Cash $ 288,000 Accounts receivable, net 301,000 Inventory 228,000 Prepaid expenses 23,000 Total current assets 840,000 Plant and equipment, net 730,000 Total assets $ 1,570,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 234,000 Accrued liabilities 65,000 Notes payable, short term 58,000 Total current liabilities 357,000 Bonds payable 126,000 Total liabilities 483,000 Stockholders' equity: Common stock, $4 par value 386,000 Additional paid-in capital 93,000 Retained earnings...
71) Macmillan Corporation has prov man Corporation has provided the following financial data: Year 1 Balance...
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Mahoe Corporation has provided the following financial data: Balance Sheet December 31, Year 2 and Year...
Mahoe Corporation has provided the following financial data: Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Year 1 Current assets: Cash $ 105,000 $ 190,000 Accounts receivable, net 255,000 220,000 Inventory 206,000 200,000 Prepaid expenses 44,000 50,000 Total current assets 610,000 660,000 Plant and equipment, net 1,065,000 970,000 Total assets $ 1,675,000 $ 1,630,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 119,000 $ 110,000 Accrued liabilities 88,000 80,000 Notes payable, short term 53,000 50,000...
73) Macmillan Corporation has provided the following financial data: Year 1 $ Balance Sheet December 31, Yea...
73) Macmillan Corporation has provided the following financial data: Year 1 $ Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Current assets: $ 156,000 Cash 268,000 Accounts receivable, net 146,000 Inventory 20,000 Prepaid expenses 120,000 280,000 130,000 20,000 550,000 760,000 590,000 732,000 $ 1,322,000 $ 1,310,000 Total current assets Plant and equipment, net Total assets 45 $ $ 175,000 46,000 80.000 301,000 190,000 491,000 180,000 50,000 80,000 310,000 190.000 500.000 Liabilities and Stockholders' Equity Current liabilities:...
Nickolls Corporation has provided the following financial data: Cash $ 226,000 Accounts receivable, net $ 342,000...
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Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as...
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Preparing a Classified Balance Sheet The following financial data for the Marshall Corporation was collected as...
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The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION...
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71) Macmillan Corporation has prov man Corporation has provided the following financial data: Year 1 Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Current assets: Cash $ 156,000 Accounts receivable, net 268,000 Inventory 146,000 20,000 Prepaid expenses Total current assets 590,000 732,000 Plant and equipment, net Total assets $ 1,322,000 $ 120,000 280,000 130,000 20,000 550,000 760,000 $ 1,310,000 $ $ 175,000 46,000 80,000 301,000 190,000 491,000 180,000 50,000 80,000 310,000 190,000 500,000 Liabilities and Stockholders'...
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Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances. Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 61,000 Accounts Receivable 95,200 Common Stock 190,000 Accounts Payable 19,200 Prepaid Insurance 300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31. Note: Do not use negative signs with your answers. REVEL CORPORATION Balance Sheet December 31 Assets Current Assets: Inventory Total Current...
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Preparing a Classified Balance Sheet The following financial data for the Marshall Corporation was collected as of December 31, 2013. All accounts have normal balances. Furniture & Equipment $100,000 Accumulated Depreciation $41,800 Cash 49,400 Accounts Receivable 98,200 Common Stock 203,000 Accounts Payable 20,400 Prepaid Insurance 3,300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31, 2013. Note: Do not use negative signs with your answers. MARSHALL CORPORATION Balance Sheet December 31,2013 Assets Current Assets: Inventory...
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