Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Debit $ 9,700 16,500 2,000 162,000 Credit $ 33,372 75,000 Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense 13,700 3,000 58, 000 17,093 140,000 19,000 104,000 21,525 48,776 5,720 8,944 $ 369,165 $ 369,165 Totals (a) Calculate the current ratio for Wilson Trucking. (b) Assuming Spalding (a competitor) has a current ratio of 1.5, which company is better able to pay its short-term obligations? Complete this question by entering your answers in the tabs below. Required A Required B
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Debit $ 9,700 16,500 2,000 162,000 Credit $ 33,372 75,000 Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense 13,700 3,000 58, 000 17,093 140,000 19,000 104,000 21,525 48,776 5,720 8,944 $ 369,165 $ 369,165 Totals (a) Calculate the current ratio for Wilson Trucking. (b) Assuming Spalding (a competitor) has a current ratio of 1.5, which company is better able to pay its short-term obligations? Complete this question by entering your answers in the tabs below. Required A Required B
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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Please answer the whole thing
 alt="Saved
Account Title
Cash
Accounts receivable
Office supplies
Trucks
Debit
Credit
$ 9,700
16,500
2,000
162,000
Accumulated depreciation-Trucks
Land
Accounts payable
Interest payable
Long-term notes payable
Common stock
Retained earnings
Dividends
Trucking revenue
Depreciation expense-Trucks
Salaries expense
Office supplies expense
Interest expense
$ 33,372
75,000
13,700
3,000
58,000
17,093
140,000
ok
19,000
104,000
21,525
48,776
5,720
8,944
$ 369,165 $ 369,165
nt
Totals
int
(a) Calculate the current ratio for Wilson Trucking.
(b) Assuming Spalding (a competitor) has a current ratio of 1.5, which company is better able to pay its short-term obligations?
rences
Complete this question by entering your answers in the tabs below.
Required A
Required B
Calculate the current ratio for Wilson Trucking.
Current Ratio
Numerator
Denominator
Current Ratio
raw
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Transcribed Image Text:Saved
Account Title
Cash
Accounts receivable
Office supplies
Trucks
Debit
Credit
$ 9,700
16,500
2,000
162,000
Accumulated depreciation-Trucks
Land
Accounts payable
Interest payable
Long-term notes payable
Common stock
Retained earnings
Dividends
Trucking revenue
Depreciation expense-Trucks
Salaries expense
Office supplies expense
Interest expense
$ 33,372
75,000
13,700
3,000
58,000
17,093
140,000
ok
19,000
104,000
21,525
48,776
5,720
8,944
$ 369,165 $ 369,165
nt
Totals
int
(a) Calculate the current ratio for Wilson Trucking.
(b) Assuming Spalding (a competitor) has a current ratio of 1.5, which company is better able to pay its short-term obligations?
rences
Complete this question by entering your answers in the tabs below.
Required A
Required B
Calculate the current ratio for Wilson Trucking.
Current Ratio
Numerator
Denominator
Current Ratio
raw
< Prev
5 of 8
Next >
MacBook Air
888
F7
&
2
з
4
5
6
8
W
E
R
Y
F
C
M
B

Transcribed Image Text:Account Title
Cash
Accounts receivable
Office supplies
Trucks
Accumulated depreciation-Trucks
Land
Accounts payable
Interest payable
Long-term notes payable
Common stock
Retained earnings
Dividends
Trucking revenue
Depreciation expense-Trucks
Salaries expense
Office supplies expense
Interest expense
Debit
$ 9,700
16,500
2,000
162,000
Credit
$33,372
75,000
13,700
3,000
58,000
17,093
140,000
19,000
104,000
21,525
48,776
5,720
8,944
$ 369, 165
Totals
$ 369,165
(a) Calculate the current ratio for Wilson Trucking.
(b) Assuming Spalding (a competitor) has a current ratio of 1.5, which company is better able to pay its short-term obligations?
Complete this question by entering your answers in the tabs below.
Required A
Required B
Assuming Spalding (a competitor) has a current ratio of 1.5, which company is better able to pay its short-term obligations?
Assuming Spalding (a competitor) has a current ratio of 1.5, which company is
better able to pay its short-term obligations?
Required A
Required B >
( Prev
5 of 8
Next >
MacBook Air
888
F7
F6
F4
F2
&
@
%23
3
4
6.
2
W
E
R
T.
K
F
S
C
V
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