Please help me with all answers I will give upvote thanku Chapter 4 The Balance Sheet (1): Assets11. The balance sheet of Steel Traders Inc. as at December 31, 2020, was asfollows:Current assetsCashReceivablesInventoryTotalLong-term assets$ 50,000450,000425,000$ 925,000500,000TotalCurrent liabilitiesTrade payablesBank loanRequired(a) Calculate the following ratios:Current ratioQuick ratioIncome tax dueTotalLong-term liabilitiesTotal liabilitiesEquityShare capitalRetained earningsTotalTotal$ 165,000180,00055.000$ 400,000$1.425.000You are told that the sales revenue for 2020 was $9,800,000 and thatthe company made a net income of $500,000 in 2020.Receivables turnover ratio.Receivables collection period450.000$ 850,000$ 175,000400.000$ 575.000$1.425.000

Current ratio is calculated by dividing total current assets by total current liabilities. Quick…

apter 4 The Balance Sheet (1): Assets 11. The balance sheet of Steel Traders Inc. as at December 31, 2020, was as follows: Current assets Cash Receivables Inventory Total Long-term assets $ 50,000 450,000 425.000 $ 925,000 500,000 Total Current liabilities Trade payables Bank loan Income tax due Total Required (a) Calculate the following ratios: Current ratio Quick ratio Long-term liabilities Total liabilities Equity Share capital Retained earnings Total Total $ 165,000 180,000 55.000 $ 400,000 Receivables turnover ratio Receivables collection period 450.000 850.000 $1.425.000 You are told that the sales revenue for 2020 was $9,800,000 and that the company made a net income of $500,000 in 2020. $ 175,000 400,000 $575.000 $1.425.000

apter 4 The Balance Sheet (1): Assets 11. The balance sheet of Steel Traders Inc. as at December 31, 2020, was as follows: Current assets Cash Receivables Inventory Total Long-term assets $ 50,000 450,000 425.000 $ 925,000 500,000 Total Current liabilities Trade payables Bank loan Income tax due Total Required (a) Calculate the following ratios: Current ratio Quick ratio Long-term liabilities Total liabilities Equity Share capital Retained earnings Total Total $ 165,000 180,000 55.000 $ 400,000 Receivables turnover ratio Receivables collection period 450.000 850.000 $1.425.000 You are told that the sales revenue for 2020 was $9,800,000 and that the company made a net income of $500,000 in 2020. $ 175,000 400,000 $575.000 $1.425.000

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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