Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

A6

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
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
Expert Solution
steps

Step by step

Solved in 3 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Consolidations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS