Use the information in the following adjusted trial balance for the Wilson Trucking Company. Account Title...

 

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Use the information in the following adjusted trial balance for the Wilson Trucking Company. Account Title Credit Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks Totals Choose Numerator: Debit $ 8,500 16,500 2,000 174,000 1 1 75,000 19,000 23,119 55,108 6,463 10,105 $389,795 $389,795 1. Calculate the current ratio. (Assume that the industry average for the current ratio is 1.5 Current Ratio Choose Denominator: $ 35,844 12,500 3,000 52,000 168,951 - = 117,500 Current Ratio . Current ratio 2. Compare Wilson's current ratio with the industry average. O Wilson's current ratio is above the industry average O Wilson's current ratio is below the industry average. Use the information in the following adjusted trial balance for the Wilson Trucking Company. Account Title Credit Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks Totals Choose Numerator: Debit $ 8,500 16,500 2,000 174,000 1 1 75,000 19,000 23,119 55,108 6,463 10,105 $389,795 $389,795 1. Calculate the current ratio. (Assume that the industry average for the current ratio is 1.5 Current Ratio Choose Denominator: $ 35,844 12,500 3,000 52,000 168,951 - = 117,500 Current Ratio . Current ratio 2. Compare Wilson's current ratio with the industry average. O Wilson's current ratio is above the industry average O Wilson's current ratio is below the industry average.

Answer rating: 100% (QA)

Statementshowing Computations Paticulars Amount Cash 850000 Accounts rec... View the full answer