The following amounts were reported on the December 31, 2022, balance sheet: Required: a. Calculate working capital
Question:
The following amounts were reported on the December 31, 2022, balance sheet:
Required:
a. Calculate working capital at December 31, 2022.
b. Calculate the current ratio at December 31, 2022.
c. Calculate the acid-test ratio at December 31, 2022.
Transcribed Image Text:
Cash....... Accounts receivable . . . . . Common stock. .... Wages payable. Retained earnings Land..... Accounts payable... Bonds payable... .... Merchandise inventory..... Buildings and equipment, net of accumulated depreciation $ 12,000 33,000 75,000 8,000 120,000 30,000 17,000 180,000 55,000 270,000
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a Working capital CA 100000 CL 25000 75000 b Current ratio CA 1...View the full answer
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