Answered: 1. a. The quick ratio is 0.09, cash is…

1. a. The quick ratio is 0.09, cash is $10,000 and accounts receivable are $25,000. Accounts payable are $40,000, and accrued payroll is $15,000. What is the amount in the inventory account?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 5TF: LO4 Accounts receivable turnover is the number of times merchandise inventory turned over or was...

See similar textbooks

Related questions

Q: Beach Wear has current liabilities of $350,000, a quick ratio of 1.65, an inventory turnover of 3.2,…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Dungy Training Company has a current ratio of 0.90 to 1, based on current assets of $6.03 million…

A: The ratio is the technique used by the prospective investor or an individual or strategist to read…

Q: Jensen Corporation uses the percentage - of- sales method to estimate uncollectibles. Net credit…

A: Accounts receivables are the legal enforceable claims by the company for the products supplied to…

Q: Twist Corp. has a current accounts receivable balance of $357,615. Credit sales for the year just…

A: Given Information Current Accounts Receivable balance = $357,615 Credit Sales for year end…

Q: Shown below in T-account format are the beginning and ending balances ($ in millions) of both…

A: Introduction Cash paid to Suppliers represents the payment made by company to Merchandise the…

Q: The following data are taken from the financial statements of Colby Company. Accounts receivable…

A: Introduction: Financial records are written records that describe or attest to firm transactions. In…

Q: Sunland Inc. reports the following: Inventory Accounts Payable End of Year Beginning of Year $24400…

A: The objective of the question is to calculate the amount of cash paid to suppliers by Sunland Inc.…

Q: shown below in T-account format are the beginning and ending balances ($ in millons) of both…

A: General Journal Entry The accounting record-keeping system includes the…

Q: At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the…

A: Accounts receivable refers to the customers who have purchased the goods from a business entity on…

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all are 2/10,…

A: Accounts receivable turnover represents the efficiency of the entity in collecting its debts from…

Question

1.
a. The quick ratio is 0.09, cash is $10,000 and accounts receivable are $25,000.
Accounts payable are $40,000, and accrued payroll is $15,000. What is the amount in
the inventory account?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define quick ratio.

VIEW

Step 2: Compute the amount of quick ratio.

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Question: The quick ratio is 0.81. Current assets are $103,000 and current liabilities are $79,000. What is the amount in the inventory account?
2. Inventory is P15,000; Accounts Payable is P45,000. Cash and accounts receivable total P8,000. What is the current ratio? What is the quick ratio? 3. If current ratio is 1.5, what is the total accounts receivable if cash is P220,000, inventory is P75,000, and accounts payable is P330,000? 4. Cash is 30% of total current assets. If current ratio is 2.5, what is the new current ratio if total noncash current assets grow by 50%? 5. The total asset is P1,500,000. Sales is P4,500,000. What is the asset turnover?
Sub: financial Accounting
Determine amounts a, b, and c. Additional information follows: ∙ Return on total assets is 16% (average total assets is $68,750). ∙ Inventory turnover is 5 (average inventory is $6,000). ∙ Accounts receivable turnover is 8 (average accounts receivable is $6,250).
Please provide this question answer general accounting
Need answer the accounting question
What are the net sales on these accounting question?
Directions: Below is the summarized financial information of Redz Company. Compute the following. Write your answers on a separate sheet of paper. 1. Average Inventory Average Receivable Average Payable Inventory Turnover Ratio Days of Inventories Receivables Turnover Ratio Days of Receivable Payables Turnover Ratio 2. 3. 4. 3. 6. 785 7. 8. 9. Days of Payable 10. Operating Cycle Beginnine. Php 2.000,000.00 Php 1,150.000.00 Php 300.000,00 Php 10,000,0000,00 Php 6,5 00.000.00 Ending Php 3.100,000.00 Php 2.000,000.00 Php 18 00.000.00 Accounts Inventory Accournts Receivable Accouits Paynble Net Sales Cost of CGoods9 Sold
B Co had the following details extracted from its statement of financial position: $00 Inventory 3,800 Receivables 2,000 Bank overdraft 200 Payables 2,000 What was the current ratio based upon the available information? A 1.72:1 В 2.90:1 C 2.64:1 D 3.00:1
Consider the following financial statement information: Item Beginning Year Ending Inventory € 9.780 € 11.380 € 4.108 € 4.938 € 7.636 € 7.927 Accounts Receivable Accounts Payable Credit Sales Cost of Goods Sold € 89.804 € 56.384 Calculate the operating and cash cycles. How do you interpret your answer?
What is the accounts receivable turnover rate on these accounting question?
Prepaid expenses = 1,000; Net Credit Sales = 100; Inventory = 3,000; Cost of Goods Sold = 100; Receivables = 2,000; Cash = 4,000. Current Liabilities = 1,000. How much is current ratio?