Question: Using the following year-end data for Bauman, LLC Money $ 44,210 short term investment 9,800 accounts receivable 42,000 Inventory 244,000 Prepaid expenses 14,990 Accounts payable

Using the following year-end data for Bauman, LLC

Money$ 44,210
short term investment9,800
accounts receivable42,000
Inventory244,000
Prepaid expenses14,990
Accounts payable90.000
Other current accounts payable23,500


Calculate the current ratio and the acid test ratio

Step by Step Solution

★★★★★

3.51 Rating (148 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To calculate the current ratio we divide current assets by current liabilities Cur... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

You have recently been named the chief accountant for Stop Smog Now ( SSN ) , a not - for - profit organization ( NFPO ) that provides pollution control devices for electricity - generating plants in...

Q:

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...

Q:

Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...

Q:

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Q:

Chapter 10: Decision Case 10-2 Required Part A. The Ratio Analysis Model For each company, determine: The debt-to-equity ratio = Total Liabilities/Total Stockholders' Equity = X.XX% (relationship) Is...

Q:

Financial Statement Analysis I need to Update the report in the Word document for years 2011-2015. so delete any info for 2010 and add the info for 2015 with the explanations for the ratios and...

Q:

Hi, can you look over my assignment and let me know if it meets all the requirements? Here is the case study:: Exhibit 1 (continued) Panel B: Additional information from Hopkins's box of notes,...

Q:

Hi, can you look over my assignment and let me know if it meets all the requirements? Here is the case study:: Exhibit 1 (continued) Panel B: Additional information from Hopkins's box of notes,...

Q:

Hi, can you look over my assignment and let me know if it meets all the requirements? Here is the case study:: Exhibit 1 (continued) Panel B: Additional information from Hopkins's box of notes,...

Q:

PART II (1 Page) Analyze One Ethical Problem/Issue NIKE Has Now (or Had Before) Why this is an ethical problem/issue for NIKE Did NIKE handle this ethical problem/issue properly? Can NIKE do better,...

Q:

BTU-0-0-A 31 Meigta Center $ -% 48-58 Paste py Format Painter Cleboard S Conditional Formats Calculation Formatting Table Check Cel Font 19 Alignment Number D AZ > Amazing Company began operations on...

Q:

What would be the firms expected dollar cost of granting discounts under the new policy? Rich Jackson, a recent finance graduate, is planning to go into the wholesale building supply business with...

Q:

Graph the function f(x) x3 + x2 + x + 1 and explain why it is one-to-one. Then use a computer algebra system to find an explicit expression for f-1 (x). (Your CAS will produce three possible...

Q:

Compare and contrast the IPMA Project Excellence Model with Kerzner's Project Management Maturity Model. How would each approach assess a project's maturity level differently?

Q:

For each of the following genetic topics, indicate whether it focuses on transmission genetics, molecular genetics, genomics or population genetics. Use all lower case for answers. A. Analysis of...

Q:

Suppose you are given the following requirements for a simple database for the National Hockey League (NHL): The NHL has many teams Each team has a name, a city, a coach, a captain, and a set of...

Q:

Bert the Payroll Guy is about to retire after 40 years and it's time to replace his manual time card system with some sort of computerized database. You have been asked to come up with the database...

Q:

Melissa established a revocable trust with son Gilbert as remainder beneficiary. The value of assets was $80,000 when the trust was created and $12,500,000 when Melissa died. Based on these facts,...

Q:

Suzanne and Philip are married and have a 9-year old grandson, Basil. They want to contribute to a 529 plan on behalf of Basils education. For 2009, what is the maximum amount they can transfer to...

Q:

How can we determine if a test has good validity?It produces the same result when it is given at different times to the same group of peopleIt measures what it is supposed to measureAll of the...

Q:

The following cash T-account for Holcomb Manufacturing summarizes all the transactions affecting cash during 2017. a. Compute the ending cash balance. b. Prepare a statement of cash flows (direct...

Q:

Financial statements as of December 31, 2014, for Johnson & Johnson are as follows. The company used the FIFO inventory cost flow assumption to prepare these statements (dollars in millions). Assume...

Q:

In 2008, Stuart Corporation began operations, issuing 100,000 shares of $1 par value common stock for $25 per share. Since that time, the company has been very profi table. The shareholders equity...

Q:

In year 1 (the current year), OCC Corp. made a charitable donation of $200,000 to the Phil and Amy Mickelson Foundation (a qualifying charity). For the year, OCC reported taxable income of $1,500,000...

Q:

Assume that on January 1, year 1, XYZ Corp. issued 1,000 nonqualified stock options with an estimated value of $4 per option. Each option entitles the owner to purchase one share of XYZ stock for $14...

Q:

Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $100,000. TBA confidently anticipates a current year tax liability of $240,000. What minimum estimated tax payments...