The following amounts were reported on the December 31, 2019, balance sheet: Cash: $ 16,000 Accounts receivable:
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Question:
The following amounts were reported on the December 31, 2019, balance sheet:
Cash: $ 16,000
Accounts receivable: 44,000
Common stock: 80,000
Wages payable: 10,000
Retained earnings: 160,000
Land: 40,000
Accounts payable: 30,000
Bonds payable: 240,000
Merchandise inventory: 60,000
Buildings and equipment, net of accumulated depreciation: 360,000
Required:
a) Calculate working capital at December 31, 2019.
b) Calculate the current ratio at December 31, 2019.
c) Calculate the acid-test ratio at December 31, 2019.
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