7. Compute Working Capital: a. 60,000 b. 50,000 c. 55,000 d. 100,000 e. 10,000 3. Compute Current Ratio: a. 6:1 (b. 7:1 C. 5:1 d. 5.5:1 40. Compute Goods Available: a. 200,000 b. 210,000 c. 240,000 d. 220,000 e. 140,000 41. Compute Cost Of Goods:SOLD (C.O.G. a. 180,000 b. 190,000 c. 200,000 d. 210,000 230.000
7. Compute Working Capital: a. 60,000 b. 50,000 c. 55,000 d. 100,000 e. 10,000 3. Compute Current Ratio: a. 6:1 (b. 7:1 C. 5:1 d. 5.5:1 40. Compute Goods Available: a. 200,000 b. 210,000 c. 240,000 d. 220,000 e. 140,000 41. Compute Cost Of Goods:SOLD (C.O.G. a. 180,000 b. 190,000 c. 200,000 d. 210,000 230.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A6
Transcribed Image Text:34. Property of a relatively permanent nature used in the operation of a business and not intended for resale:
d.
e.
a. current liabilities
(b.
fixed asset
owner's equity
C.
35. Person who agrees to perform a service for a fee and who is not subject to the control of those for whom the
service is performed:
a. employee
b.
C.
36. Prepaid insurance should be classified on the
balance sheet as a current liability
balance sheet as a long-term liability
balance sheet as a current asset
a.
b.
C.
bookkeeper
manager
building
land
Use the following information for items 37 - 42:
equipment
cash
accounts rec.
prepaid ins.
supplies
ending inventory
accounts payable
salaries payable
drawing
capital
37. Compute Working Capital:
a. 60,000
b. 50,000
c. 55,000
d. 100,000
e. 10,000
38. Compute Current Ratio:
a. 6:1
b. 7:1
C. 5:1.
d. 5.5:1
e. 10:1
39. Compute net purchases:
a. 140,000
b. 170,000
C. 190,000
d. 185,000
e. 180,000
$500,00
200,000
100,000
long term liability
current asset
10,000
20,000
5,000
5,000
30,000
8,000
2,000
50,000
100,000
d. independent contractor
e. stockholder
d. balance sheet as a fixed asset
e. income statement as an expense
purchases
purchases ret.
purchases disc.
beginning inventory
$200,000
15,000
5,000
40,000
40. Compute Goods Available:
uring the
a. 200,000
b. 210,000
c. 240,000
d. 220,000
e. 140,000
41. Compute Cost Of Goods:SOLD (C.O.G.S.)
a. 180,000
b. 190,000
c. 200,000
d. 210,000
e. 220,000
42. Total Fixed Assets:
a. 500,000
b. 700,000
c. 600,000
d. 300,000
e. 800,000
operating
sed
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