Information related to the Tolbert Company is presented below. Current assets Cash $4,000 Short-term investments 75,000 Accounts

Fantastic news! We've Found the answer you've been seeking!

Question:

Information related to the Tolbert Company is presented below.

Current assets

Cash $4,000

Short-term investments 75,000

Accounts receivable 61,000

Inventories 110,000

Expenses paid in advance 30,000

Total current assets $280,000

The total current liability is $100,000.

What is the acid test ratio?

Related Book For answer-question

Financial accounting

ISBN: 978-1118285909

IFRS Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

See More Books

Posted Date: May 11, 2023 01:11 AM

See More Questions

Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
Use the test of your choice to determine whether the following series converge. 1 + 1.3 1 3.5 + 1 5.7
A steel ball is dropped from a building's roof and passes a window, taking 0.125 s to fall from the top to the bottom of the window, a distance of 1.2Am. It then falls to a sidewalk and bounces back...
Hip Replacements, Inc., has a master production schedule for its newest model, as shown below, a setup cost of $$50,$ a holding cost per week of $$2,$ beginning inventory of 0, and lead time of 1...
Environmental compliance: a market opportunity. Table 2.1 shows estimates of the size of the market for environmental technologies and services needed to comply with environmental standards. In 1996...
Jeremy Zabel operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction...
3. Two companies (A and B) are duopolists that produce identical products. Demand for the products is given by the following demand function: P = 10,000 QA- QB - where QA and QB are the quantities...
Will the industry generate an attractive rate of profit over this period?
Briefly define and explain Applicability and Satisfaction as they apply to the legal framework of the Fourth Amendment.
- Benjamin Company had the following results of operations for the past year: Sales (16,800 units at $10.00) Variable costs Direct materials Direct labor Overhead Contribution margin Fixed costs...
The motor vehicle is depreciated using the straight line method. It has a useful life of 1 0 years and a zero residual value. How would I enter this into the general journal?
During the financial year ended 3 0 June 2 0 2 3 Jhie, a resident taxpayer, won $ 5 , 0 0 0 on the poker machines at Ashfield Leagues Club.She earnt salary income of $ 5 5 , 0 0 0 . Her employer also...
Indicate what is considered a disadvantage for Air Transportation mode?
Dawson Company offers tours within the Yukon. The owner, Raj Dawson, reviews the account balances of the company on May 3 1 , 2 0 2 3 . Raj realizes that in his books the cash account has a balance...
Patrick works a 40-hour week at $10.70 an hour with time and a half for overtime. Last week he worked 45 hours. What were his total earnings for the week?
Illini Company, Inc. Balance Sheet as of 12/31/20X0 Assets Current Assets: Cash $1,500,000 Accounts receivable, net 18,000 Inventory 50,000 Total current assets 1,568,000 Equipment 90,000 Goodwill...
Rapture Company had the following transactions. 1. Issued $200,00 of bonds payable. 2. Paid utilities expense. 3. Issued 500 shares of preference shares for$45,000. 4. Sold land and a building for...
Patel Company purchased all the outstanding ordinary shares of Singh Company on December 31, 2011. Just before the purchase, the condensed statements of financial position of the two companies were...
Rio de Janeiro Company had the following adjusted trial balance. Instructions (a) Prepare closing entries at June 30, 2011. (b) Prepare a post-closing trialbalance. RIO DE JANEIRO COMPANY Adjusted...
For the data set a. Find the first and third quartiles. b. Find the IQR. c. Find the upper and lower outlier boundaries. d. List all the values, if any, that are classified as outliers. 15 7 2 4 4 3...
A population has mean = 25 and standard deviation = 4. a. Find the z-score for a population value of 16. b. Find the z-score for a population value of 31. c. What number has a z-score of 2.5?
For the data set 37 82 20 25 31 10 41 44 4 36 68 a. Find the first and third quartiles. b. Find the IQR. c. Find the upper and lower outlier boundaries. d. List all the values, if any, that are...

Information related to the Tolbert Company is presented below. Current assets Cash $4,000 Short-term investments 75,000 Accounts

Question:

Expert Answer:

The acid test ratio also known as the quick ratio is a liquidit... View the full answer

Financial accounting

Students also viewed these accounting questions