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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: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
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
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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