Charleston Company had current assets of $10,000 and current liabilities of $5,000 on 1/1/21. The following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Charleston Company had current assets of $10,000 and current liabilities of $5,000 on 1/1/21. The following events were recorded in 2021: • Purchase of $2,000 of equipment by signing a 3-month Note Payable . Payment of current expenses $1,000 • Cash Sale $3,000 Following these events, the current ratio (rounded) is closest to: Select one: a. 1.71 Ob. 129 c.1.5 Od. 163 Oe. 20 Charleston Company had current assets of $10,000 and current liabilities of $5,000 on 1/1/21. The following events were recorded in 2021: • Purchase of $2,000 of equipment by signing a 3-month Note Payable . Payment of current expenses $1,000 • Cash Sale $3,000 Following these events, the current ratio (rounded) is closest to: Select one: a. 1.71 Ob. 129 c.1.5 Od. 163 Oe. 20
Expert Answer:
Related Book For
Survey of Accounting
ISBN: 978-0077862374
4th edition
Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair, Bor
Posted Date:
Students also viewed these accounting questions
-
The following events were recorded on the books of Mercy Hospital for the year ended December 31, 2012. 1. Revenue from patient services totaled $16,000,000. The allowance for uncollectibles was...
-
The following events were experienced by Carver Inc.: 1. Issued common stock for cash. 2. Distributed a 2-for-1 stock split on the common stock . 3. Appropriated retained earnings. 4. Issued...
-
The following events were completed by Yangs Imports in September 2014. Sept. 1 Acquired $30,000 cash from the issue of common stock. 1 Purchased $18,000 of merchandise on account with terms 2/10,...
-
Prepare journal entries for each of the following transactions: 1. Purchase equipment in exchange for cash of $22,400. 2. Provide services to customers and receive cash of $5,100. 3. Pay the current...
-
If money demand is unaffected by changes in the interest rate, what effect will a rise in government spending have on the position of the aggregate demand curve?
-
As controller of Tallman Company, you are responsible for keeping the board of directors informed about the company's financial activities. At the recent board meeting, you presented the following...
-
What types of investments might you make for tax purposes?
-
Knockoffs Unlimited, a nationwide distributor of low-cost imitation designer necklaces, has an exclusive franchise on the distribution of the necklaces, and sales have grown so rapidly over the past...
-
View Policies Current Attempt in Progress The payment of a dividend O decreases stockholders' equity and total assets. O decreases stockholders' equity and increases liabilities. O does not require a...
-
Provide a brief evaluation of the different types of machine learning methods that can be used to improve the recommendation system, and ultimately, the output generated by the algorithm. In your...
-
YodelAir operates a charter jet service out of an airport in a secuded mountain ski resort. The chief safety officer for YodelAir uses a normal distribution with a mean of 633 m and a standard...
-
Robert was able to travel 244.0 miles in 4 hours and used 39 liters of gasoline. What was roberts speed in feet per second
-
What ways does organizational culture serve as a mechanism for social cohesion, and how does it impact employee engagement, retention, and overall job satisfaction ?
-
What can be interpreted on the capital structure of both companies (based on the debt and equity). What could be causing the difference in capital structure for both companies? 1) b) Do both...
-
Culture and diversity, MANAGING ORGANIZATIONAL BEHAVIOR SECOND EDITION) Identify issues in the workplace based on that week's readings (what is happening, background info - provide your mini case...
-
what ways can organizational culture influence decision-making processes, and how do you ensure those processes align with company values ?
-
Read this case study and then answer the following questions. Case Study D - Monitoring communications -- You work for an organisation selling goods to customers and are responsible for the sales...
-
If someone's Z-score for a variable was 0.67. Their score is a significant extreme score. Their score is not significant. O Their score is slightly above average. O Their score is an outlier.
-
Melvin Company has a line of credit with Bay Bank. Melvin can borrow up to $500,000 at any time over the course of the 2014 calendar year. The following table shows the prime rate expressed as an...
-
Concord Corp. completed the following transactions in 2014, the first year of operation: 1. Issued 30,000 shares of $10 par common stock for $15 per share. 2. Issued 6,000 shares of $100 par, 5...
-
Frankel Inc. experienced the following transactions for 2014, its first year of operations: 1. Issued common stock for $60,000 cash. 2. Purchased $210,000 of merchandise on account. 3. Sold...
-
It is known that 1 inch is 2.54 centimeters. Use this to convert 100 centimeters into inches.
-
It is known that 1 liter (L) is 0.264172 gallons (gal). Use this to convert 14 liters into gallons.
-
Find the percentage in the following: 1. Total is 300 , percentage of the total is 60 . 2. Total is 440 , percentage of the total is 176.
Study smarter with the SolutionInn App