The following is a partial list of account balances found on Company XYZ's Balance Sheet: Cash:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following is a partial list of account balances found on Company XYZ's Balance Sheet: Cash: 5600 Accounts Receivable: 7400 Equipment: 28000 Total Assets: 82000 Accounts Payable: 3700 Total Current Liabilities: 9000 Total Liabilities: 13500 And the following is a partial listing of Income Statement values also for Company XYZ: Revenue: 12000 Equipment Expenses: 5000 Advertising Expenses: 800 Total Expenses: 10500 Net Worth (Owner's Equity): 164000 For company XYZ, calculate the quick ratio using TWO DECIMAL PLACE accuracy. The following is a partial list of account balances found on Company XYZ's Balance Sheet: Cash: 5600 Accounts Receivable: 7400 Equipment: 28000 Total Assets: 82000 Accounts Payable: 3700 Total Current Liabilities: 9000 Total Liabilities: 13500 And the following is a partial listing of Income Statement values also for Company XYZ: Revenue: 12000 Equipment Expenses: 5000 Advertising Expenses: 800 Total Expenses: 10500 Net Worth (Owner's Equity): 164000 For company XYZ, calculate the quick ratio using TWO DECIMAL PLACE accuracy.
Expert Answer:
Answer rating: 100% (QA)
To calculate the quick ratio we need to use the formula Quick Ratio Cash Ac... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following is a partial list of account balances for VanBuskirk, Inc. as of December 31, 20B Required: Accounts Payable.............................................................. $5,000...
-
Following is a partial list of account balances for two different merchandising companies. The amounts in the accounts represent the balances at the end of the year before any adjustments are made or...
-
The following is a partial list of accounts and their balances for Davidson Company as at December 31, 2016: Net income for the year was $838,000 and the company declared $400,000 in dividends during...
-
A teacher traces a small circle on the palm of a kindergartener's hand to let him know it is time for free play. What type of disability does this child most likely have? A. Traumatic Brain Injury B....
-
What is the purpose of the statement of cash flows?
-
(a) A company calculates its corporation tax liability f or the year to 30 September 2017 as 250,000 and pays this amount on the due date. The correct liabi lity for the year eventually turns out to...
-
Kronenberger Burgoyne, LLP, was a law firm with two equity partners who agreed to equal ownership as of 2009. Before 2009, Kronenberger had owned a majority interest in the firm, and when, in 2011,...
-
(Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand,...
-
On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Debit $24,900 Credit Accounts Receivable 6,300 Supplies 4,200 Land 61,000 Accounts...
-
Tyre Recycling Inc. (TRI) operates a tire recycling plant in Murdochville, QC. Three years ago it acquired all of the shares of Tyre Distributors Corp. which sells tires to Canadian Tire and other...
-
Derek can deposit $17,072.00 on each birthday beginning with his 29.00th and ending with his 69.00th. What will the rate on the retirement account need to be for him to have $3,791,012.00 in it when...
-
Are you comfortable with the integrity of financial statements? What would you suggest investors do to become more comfortable making investment decisions?
-
(3) Filling a 15-gallon tank with gasoline of a density of 800 kg/m on average takes 4 minutes. If the heating value of the gasoline (the amount of heat released by burning 1 kg of gasoline) is 45...
-
Breakeven Point A product development project has been proposed to create a derivative product from one of the standard products for niche customers who are hobbyists. This would require some...
-
The Accounting Department has provided the following data concerning the proposed new product: HVM Drums Selling Price per frame..... Cost per frame: 13,112.00 Direct Materials 5,420.00 Direct Labor...
-
1. The building at 1200 Main Street comprises 32 one-bedroom units. The building was built 20 years ago and appears to have had little to no major updates done since it was built. The layouts of the...
-
You may need to use the appropriate appendix table or technology to answer this question. The increasing annual cost (including tuition, room, board, books, and fees) to attend college has been...
-
The following exercises are not grouped by type. Solve each equation. x610x -9
-
The following adjusted trial balance contains the accounts and balances of Ferrara Company as of December 31, 2011, the end of its fiscal year. (1) Prepare the December 31, 2011, closing entries for...
-
Does the balance in the Accumulated DepreciationMachinery account represents funds to replace the machinery when it wears out? If not, what does it represent?
-
Determine the missing amount from each of the separate situations a, b, and c below. a. b. $ 90,00039,000 c. $201,000 Assets Lablilitdes + Equity $164,000 $16,000 $62,000
-
When you exhale, all of the air in your lungs must exit through the trachea. If you exhale through your nose, this air subsequently leaves through your nostrils. The area of your nostrils is less...
-
A balloon is at a height of \(5.0 \mathrm{~km}\) and is descending at a constant rate. The buoyancy force is directed ; the drag force is directed A. Up, up B. Up, down C. Down, up D. Down, down...
-
A balloon is launched at sea level, where the air pressure is \(100 \mathrm{kPa}\). The density in the hot-air chamber is \(1.0 \mathrm{~kg} / \mathrm{m}^{3}\). What is the density of the air when...
Study smarter with the SolutionInn App