Selected financial information for Cullumber Enterprises as at December 31, 2024, follows: Accounts payable $105,900 Land...
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Selected financial information for Cullumber Enterprises as at December 31, 2024, follows: Accounts payable $105,900 Land $105,900 Accounts receivable 197,570 Licences 98,600 Accumulated depreciation-building 80,200 Long-term equity investments 46,100 Building 306,600 Mortgage payable 230,200 Cash 16,800 Notes payable 55,300 Goodwill 36,300 Prepaid expenses 7,200 Interest payable 16,800 Salaries payable 29,000 J. Williams, capital 275,380 Supplies 5,410 Unearned revenue 27,700 Prepare a classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land and Building.) > CULLUMBER ENTERPRISES Balance Sheet Assets $ Liabilities and Owner's Equity $ 49. Calculate working capital, the current ratio, and the acid-test ratio. (Round current ratio and acid-test ratio answers to 2 decimal places, e.g. 1.75:1. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Working capital $ Current ratio Acid-test ratio eTextbook and Media Identify the company's liquidity. 1 :1 Selected financial information for Cullumber Enterprises as at December 31, 2024, follows: Accounts payable $105,900 Land $105,900 Accounts receivable 197,570 Licences 98,600 Accumulated depreciation-building 80,200 Long-term equity investments 46,100 Building 306,600 Mortgage payable 230,200 Cash 16,800 Notes payable 55,300 Goodwill 36,300 Prepaid expenses 7,200 Interest payable 16,800 Salaries payable 29,000 J. Williams, capital 275,380 Supplies 5,410 Unearned revenue 27,700 Prepare a classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land and Building.) > CULLUMBER ENTERPRISES Balance Sheet Assets $ Liabilities and Owner's Equity $ 49. Calculate working capital, the current ratio, and the acid-test ratio. (Round current ratio and acid-test ratio answers to 2 decimal places, e.g. 1.75:1. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Working capital $ Current ratio Acid-test ratio eTextbook and Media Identify the company's liquidity. 1 :1
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Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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