Heart of Texas Telecom has these account balances at December 31, 2012: Requirements 1. Compute Heart of

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Heart of Texas Telecom has these account balances at December 31, 2012:

$ 7,800 Accounts payable 2,300 Accounts receivable 3,700 Note payable, long-term Prepaid rent Salary payable Service rev

Requirements
1. Compute Heart of Texas Telecom€™s current ratio and debt ratio.
2. How much in current assets does Heart of Texas Telecom have for every dollar of current liabilities that itowes?

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Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

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Question Posted: Dec 16, 2011 07:18 AM

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Heart of Texas Telecom has these account balances at December 31, 2012: Requirements 1. Compute Heart of

Question:

$ 7,800 Accounts payable 2,300 Accounts receivable 3,700 Note payable, long-term Prepaid rent Salary payable Service revenue 5,700 3,000 Cash 29,400 Depreciation expense 6,000 15,000 500 Equipment Supplies

Step by Step Answer:

Req 1 Current ratio Total current assets Total current liabilit...View the full answer

Financial and Managerial Accounting

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