The following items are reported on a companys balance sheet: Cash .......... $125,000 Marketable securities ...... 40,000
Question:
Cash .......... $125,000
Marketable securities ...... 40,000
Accounts receivable (net) .... 30,000
Inventory ......... 120,000
Accounts payable ...... 150,000
Determine
(a) The current ratio and
(b) The quick ratio. Round to one decimal place.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (16 reviews)
a Current Ratio Current AssetsCurrent Liabili...View the full answer
Answered By
Benard Ndini Mwendwa
I am a graduate from Kenya. I managed to score one of the highest levels in my BS. I have experience in academic writing since I have been working as a freelancer in most of my time. I am willing to help other students attain better grades in their academic portfolio. Thank you.
4.90+
107+ Reviews
240+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
The following items are reported on a companys balance sheet: Cash $140,000 Temporary investments 60,000 Accounts receivable (net) 40,000 Inventory 80,000 Accounts payable 160,000 Determine (a) The...
-
The following items are reported on the first income tax return for the Ken Kimble Estate. Mr. Kimble, a cash method of accounting taxpayer, died on July 1, 2013. Dividends...
-
The following items are reported on the first income tax return for the Ken Kimble Estate. Mr. Kimble, a cash method of accounting taxpayer, died on July 1, 2014. Dividends...
-
Using the aggregate expenditures table below, answer the questions that follow. a. Compute the APC when income equals $2,300 and the APS when income equals $2,800. b. Compute the MPC and MPS. c. What...
-
Boyd Docker engaged in the following activities in establishing his photography studio, SnapShot!: 1. Opened a bank account in the name of SnapShot! and deposited $8,000 of his own money into this...
-
Compared with using the Singapore dollar as Acceletrons functional currency for 2007, if the US dollar were the functional currency, it is most likely that Redlines consolidated: A. inventories will...
-
A PI (Polarization Index) Test of a motor winding is performed and the 10-minute ratio is 3.0. The curve is a perfect parabolic shape. What is the verdict?
-
Chaz transfers cash of $60,000 to a newly formed corporation for 100% of the stock. In its initial year, the corporation has net income of $15,000. The income is credited to its earnings and profits...
-
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable...
-
Munro Limited reports the following information in its tax files covering the five-year period from 2015 to 2019. All assets are Class 10 with a 30% maximum CCA, and no capital assets had been...
-
Income statement information for Lewis Corporation is provided below. Sales ....... $250,000 Gross profit .... 100,000 Net income .... 50,000 Prepare a vertical analysis of the income statement for...
-
The following items are reported on a companys balance sheet: Cash ......... $275,000 Marketable securities ... 200,000 Accounts receivable (net) .. 625,000 Inventory ........ 300,000 Accounts...
-
1. A new car loses about ________ percent of its value in the first week because recent buyers are more likely to want to sell a ________ (lemon/plum). 2. Arrows up or down: Government regulations...
-
H ow are two topoisomers different from each other? How are they the same?
-
Compare the structural features of a double-stranded RNA molecule with those of a DNA double helix.
-
Single-strand binding proteins keep the two parental strands of DNA separated from each other until DNA polymerase has an opportunity to replicate the strands. Suggest how single-strand binding...
-
A tRNA anticodon has the sequence 3GGU5. What amino acid does it carry?
-
As the minor and major grooves wind around a DNA double helix, do they ever intersect each other, or do they always run parallel to each other?
-
Which statement is NOT correct? a. Indexed random files are dispersed throughout the storage device without regard for physical proximity with related records. b. Indexed random files use disk...
-
AB CORPORATION ISSUED THE FOLLOWING 850 COMMON STOCKS PAR VALUE P100 750 PARTICIPATING PREFERRED STOCKS PAR VALUE P100 AT 3% AB CORPORATION DECLARED P100,000.00 DIVIDEND IN 2022.
-
Calculate \(\mathbf{T}_{u}, \mathbf{T}_{v}\), and \(\mathbf{N}(u, v)\) for the parametrized surface at the given point. Then find the equation of the tangent plane to the surface at that point. ( ,...
-
The following comment appeared in the notes of Colorado Corporations annual report: Such distributions, representing proceeds from the sale of Sarazan, Inc. were paid in the form of partial...
-
The following comment appeared in the notes of Colorado Corporations annual report: Such distributions, representing proceeds from the sale of Sarazan, Inc. were paid in the form of partial...
-
This comment appeared in the annual report of Mac Cloud Inc.: The Company could pay cash or property dividends on the Class A common stock without paying cash or property dividends on the Class B...
-
The blue samurai, a japanese restraurant, has an asset turnover of 3.5 the total assets were 95,000 what are net sales for the blue samurai?
-
Gatekeeper Manufacturing reported 50,000 physical units that were 100% complete for direct materials during the period. In addition, the 50,000 physical units were 100% for conversion costs. In terms...
-
What red flag was overlooked on the Montague Fellowship Expense Report?
Study smarter with the SolutionInn App