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0 Answer 15 0 Notes Payable Answer 16 0 Answer 17 0 Total Liabilities Answer 18 0 Answer 19 0 Stockholders' Equity Answer 20 Answer 21 0 Answer 22 0 Retained Earnings Answer 23 0 Answer 24 0 Total Stockholders Equity Answer 25 0 Answer 26 Total Liabilities and Stockholders' Equity Answer 27 0 Answer 28 0 c. Calculate Brownlee's current and quick ratios on September 30 and October 1. (Assume that Notes Payable are noncurrent.) (Round answers to one decimal point.) September 30 October 1 Current Ratio Answer 29 0 Answer 30 0 Quick Ratio Answer 31 0 Answer 32 0 Please answer all parts of the question. Constructing Balance Sheets and Applying the Current and Quick Ratios The following balance sheet data are reported for Brownlee Catering at September 30. Accounts Receivable $8,500 Accounts Payable $11,000 Notes Payable 7,000 Cash 5,000 Equipment 17,000 Common Stock 13,750 Supplies Inventory 4,500 Retained Earnings ? Assume that on October 1, only the following two transactions occurred: October 1 Purchased additional equipment costing $11,000, giving $3,000 cash and signing an $8,000 note payable. Declared and paid a cash dividend of $3,000. Required a. Prepare Brownlee Catering's balance sheet at September 30. b. Prepare the company's balance sheet at the close of business on October 1. BROWNLEE CATERING SERVICE BALANCE SHEETS September 30 October 1 Assets Answer 1 Answer 2 0 Answer 3 0 Accounts Receivable Answer 4 0 Answer 5 0 Supplies Inventory Answer 6 0 Answer 7 0 Answer 8 Answer 9 0 Answer 10 0 Total Assets Answer 11 0 Answer 12 0 Liabilities Answer 13 Answer 14

0 Answer 15 0 Notes Payable Answer 16 0 Answer 17 0 Total Liabilities Answer 18 0 Answer 19 0 Stockholders' Equity Answer 20 Answer 21 0 Answer 22 0 Retained Earnings Answer 23 0 Answer 24 0 Total Stockholders Equity Answer 25 0 Answer 26 Total Liabilities and Stockholders' Equity Answer 27 0 Answer 28 0 c. Calculate Brownlee's current and quick ratios on September 30 and October 1. (Assume that Notes Payable are noncurrent.) (Round answers to one decimal point.) September 30 October 1 Current Ratio Answer 29 0 Answer 30 0 Quick Ratio Answer 31 0 Answer 32 0 Please answer all parts of the question. Constructing Balance Sheets and Applying the Current and Quick Ratios The following balance sheet data are reported for Brownlee Catering at September 30. Accounts Receivable $8,500 Accounts Payable $11,000 Notes Payable 7,000 Cash 5,000 Equipment 17,000 Common Stock 13,750 Supplies Inventory 4,500 Retained Earnings ? Assume that on October 1, only the following two transactions occurred: October 1 Purchased additional equipment costing $11,000, giving $3,000 cash and signing an $8,000 note payable. Declared and paid a cash dividend of $3,000. Required a. Prepare Brownlee Catering's balance sheet at September 30. b. Prepare the company's balance sheet at the close of business on October 1. BROWNLEE CATERING SERVICE BALANCE SHEETS September 30 October 1 Assets Answer 1 Answer 2 0 Answer 3 0 Accounts Receivable Answer 4 0 Answer 5 0 Supplies Inventory Answer 6 0 Answer 7 0 Answer 8 Answer 9 0 Answer 10 0 Total Assets Answer 11 0 Answer 12 0 Liabilities Answer 13 Answer 14

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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0 Answer 15 0 Notes Payable Answer 16 0 Answer 17 0 Total Liabilities Answer 18 0 Answer 19 0 Stockholders' Equity Answer 20 Answer 21 0 Answer 22 0 Retained Earnings Answer 23 0 Answer 24 0 Total Stockholders Equity Answer 25 0 Answer 26 Total Liabilities and Stockholders' Equity Answer 27 0 Answer 28 0 c. Calculate Brownlee's current and quick ratios on September 30 and October 1. (Assume that Notes Payable are noncurrent.) (Round answers to one decimal point.) September 30 October 1 Current Ratio Answer 29 0 Answer 30 0 Quick Ratio Answer 31 0 Answer 32 0 Please answer all parts of the question.
Transcribed Image Text:0 Answer 15 0 Notes Payable Answer 16 0 Answer 17 0 Total Liabilities Answer 18 0 Answer 19 0 Stockholders' Equity Answer 20 Answer 21 0 Answer 22 0 Retained Earnings Answer 23 0 Answer 24 0 Total Stockholders Equity Answer 25 0 Answer 26 Total Liabilities and Stockholders' Equity Answer 27 0 Answer 28 0 c. Calculate Brownlee's current and quick ratios on September 30 and October 1. (Assume that Notes Payable are noncurrent.) (Round answers to one decimal point.) September 30 October 1 Current Ratio Answer 29 0 Answer 30 0 Quick Ratio Answer 31 0 Answer 32 0 Please answer all parts of the question.
Constructing Balance Sheets and Applying the Current and Quick Ratios The following balance sheet data are reported for Brownlee Catering at September 30. Accounts Receivable $8,500 Accounts Payable $11,000 Notes Payable 7,000 Cash 5,000 Equipment 17,000 Common Stock 13,750 Supplies Inventory 4,500 Retained Earnings ? Assume that on October 1, only the following two transactions occurred: October 1 Purchased additional equipment costing $11,000, giving $3,000 cash and signing an $8,000 note payable. Declared and paid a cash dividend of $3,000. Required a. Prepare Brownlee Catering's balance sheet at September 30. b. Prepare the company's balance sheet at the close of business on October 1. BROWNLEE CATERING SERVICE BALANCE SHEETS September 30 October 1 Assets Answer 1 Answer 2 0 Answer 3 0 Accounts Receivable Answer 4 0 Answer 5 0 Supplies Inventory Answer 6 0 Answer 7 0 Answer 8 Answer 9 0 Answer 10 0 Total Assets Answer 11 0 Answer 12 0 Liabilities Answer 13 Answer 14
Transcribed Image Text:Constructing Balance Sheets and Applying the Current and Quick Ratios The following balance sheet data are reported for Brownlee Catering at September 30. Accounts Receivable $8,500 Accounts Payable $11,000 Notes Payable 7,000 Cash 5,000 Equipment 17,000 Common Stock 13,750 Supplies Inventory 4,500 Retained Earnings ? Assume that on October 1, only the following two transactions occurred: October 1 Purchased additional equipment costing $11,000, giving $3,000 cash and signing an $8,000 note payable. Declared and paid a cash dividend of $3,000. Required a. Prepare Brownlee Catering's balance sheet at September 30. b. Prepare the company's balance sheet at the close of business on October 1. BROWNLEE CATERING SERVICE BALANCE SHEETS September 30 October 1 Assets Answer 1 Answer 2 0 Answer 3 0 Accounts Receivable Answer 4 0 Answer 5 0 Supplies Inventory Answer 6 0 Answer 7 0 Answer 8 Answer 9 0 Answer 10 0 Total Assets Answer 11 0 Answer 12 0 Liabilities Answer 13 Answer 14
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