Current assets:Cash$655,500Marketable securities759,000Accounts and notes receivable (net) 310,500Inventories643,500Prepaid expenses331,500Total current assetsCurrent liabilities:Accounts and notes payableCurrent YearAccrued liabilities(short-term)$2,700,000$435,000Previous Year315,000Total current liabilities $750,000a. Determine for each year (1) the working capital, (2) the current ratio, and$520,000585,000195,000475,800304,200195,000$2,080,000$455,000$650,000The quicle ratio. Round raties to a

Working capital is the amount of capital needed for daily operations of the business. This is…

Cash $655,500 759,000 Marketable securities Accounts and notes receivable (net) 310,500 Inventories 643,500 Prepaid expenses 331,500 Total current assets Current liabilities: Accounts and notes payable Accrued liabilities (short-term) $2,700,000 $435,000 315,000 Total current liabilities $750,000 a. Determine for each year (1) the working capital, (2) the current ratio, and the que $520,000 585,000 195,000 475,800 304,200 195,000 $2,080,000 $455,000 $650,000 satio. Round ratios to

Cash $655,500 759,000 Marketable securities Accounts and notes receivable (net) 310,500 Inventories 643,500 Prepaid expenses 331,500 Total current assets Current liabilities: Accounts and notes payable Accrued liabilities (short-term) $2,700,000 $435,000 315,000 Total current liabilities $750,000 a. Determine for each year (1) the working capital, (2) the current ratio, and the que $520,000 585,000 195,000 475,800 304,200 195,000 $2,080,000 $455,000 $650,000 satio. Round ratios to

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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25. Coronado Inc., a greeting card company, had the following statements prepared as of December 31, 2020. CORONADO INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $5,900 $7,000 Accounts receivable 61,400 51,500 Short-term debt investments (available-for-sale) 35,000 18,200 Inventory 40,000 60,500 Prepaid rent 5,000 4,100 Equipment 152,900 131,100 Accumulated depreciation—equipment (35,200 ) (25,100 ) Copyrights 45,800 50,000 Total assets $310,800 $297,300 Accounts payable $46,100 $40,100 Income taxes payable 3,900 5,900 Salaries and wages payable 8,000 4,000 Short-term loans payable 8,100 10,000 Long-term loans payable 60,400 69,300 Common stock, $10 par 100,000 100,000…
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Statement of Financial Position as at 31 December 2008 RM 000 Current Liabilities: (15,000) Creditors Proposed Dividends Net Assets Fixed Assets: 17,300 70,500 5,000 (2,000) Fixtures and Fittings (NBV) Equipment Motor Vehicles 156,800 20,500 Intangible Assets Financed by: Capital Reserve 100,000 50,800 6,000 Current Assets: 28,000 Long Term Loan Cash at Bank Stock Debtors 9,000 23,500 156.800 At the end of the year, you have been informed of the following additional information: Palestinian Islamic bank has borrowed through short term financing facilities from a local bank on the 1st April 2008 to buy machinery equipment amounting to RM12,000,000. This amount has already been included as part of the debtors in the Statement of Financial Position. Part of the stocks in the above Statement is stock of goods for sales (Finish foods) valued at RM500,000 • One of the debtors in the above Statement is a non-trade debtor and the amount due is RM1,000,000. Required: Determine the zakatable…
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