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Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Debit Credit $ 9,700 16,500 2,000 162,000 $ 33,372 75,000

Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Debit Credit $ 9,700 16,500 2,000 162,000 $ 33,372 75,000

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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se the information in the following adjusted trial balance for the Wilson Trucking Company. 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 s 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 %3D Current assets Current liabilities < Prev 5 of 8 Next > MacB F4 F6 F7 %23 24 % 4 6. 7 8
Transcribed Image Text:se the information in the following adjusted trial balance for the Wilson Trucking Company. 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 s 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 %3D Current assets Current liabilities < Prev 5 of 8 Next > MacB F4 F6 F7 %23 24 % 4 6. 7 8
M Question h Hulu | Search CHAPTER 3 i (a) Calculate the current ratio for each of the following competin Current Current Liabilities Current Assets Ratio Edison %$4 79,000 2$ 35,909 МАXТ 105,070 86,520 Chatter 44,556 55,487 TRỤ 85,557 93,260 Gleeson 60,751 114,108 (b) Which competitor is in the best position to pay its short-term ob es O Edison МАXТ O Chatter TRU
Transcribed Image Text:M Question h Hulu | Search CHAPTER 3 i (a) Calculate the current ratio for each of the following competin Current Current Liabilities Current Assets Ratio Edison %$4 79,000 2$ 35,909 МАXТ 105,070 86,520 Chatter 44,556 55,487 TRỤ 85,557 93,260 Gleeson 60,751 114,108 (b) Which competitor is in the best position to pay its short-term ob es O Edison МАXТ O Chatter TRU
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