Current Liabilities and RatiosSeveral accounts that appeared on Kruse's 2017 balance sheet are as follows:Accounts Payable$75,000 Equipment$950,000Marketable Securities40,000Taxes Payable15,000Accounts Receivable74,000Retained Earnings250,000Notes Payable, 12%, due in 60 days20,000Inventory165,000Capital Stock1,150,000Allowance for Doubtful Accounts20,000Salaries Payable10,000Land600,000Cash65,000Required:1. Prepare the Current Liabilities section of Kruse's 2017 balance sheet.KrusePartial Balance SheetAs Of December 31, 2017Current liabilities:Accounts receivableAllowance for doubtful accountsEquipmentInventoryHal.Marketable securitiesNotes payable, 12%, due in 60 days3. Compute Kruse's current ratio. Round your answer to one decimal place.: 1What does this ratio indicate about Kruse's condition?It seems that Kruse hasv current assets to meetshort-term obligations. Current Liabilities and RatiosSeveral accounts that appeared on Kruse's 2017 balance sheet are as follows:Accounts Payable$75,000 Equipment$950,000Marketable Securities40,000 Taxes Payable15,000Accounts Receivable74,000Retained Earnings250,000Notes Payable, 12%, due in 60 days20,000Inventory165,000Capital Stock1,150,000Allowance for Doubtful Accounts20,000Salaries Payable10,000Land600,000Cash65,000Required:1. Prepare the Current Liabilities section of Kruse's 2017 balance sheet.KrusePartial Balance SheetAs Of December 31, 2017Current liabilities:Total current liabilities $2. Compute Kruse's working capital.3. Compute Kruse's current ratio. Round your answer to one decimal place.: 1What does this ratio indicate about Kruse's condition?It seems that Kruse hascurrent assets to meet its short-term obligations.

The preparation of Current Liabilities Section, computation of Working Capital and computation of…

Current Liabilities and Ratios Several accounts that appeared on Kruse's 2017 balance sheet are as follows: Accounts Payable $75,000 Equipment $950,000 Marketable Securities 40,000 Taxes Payable 15,000 Accounts Receivable 74,000 Retained Earnings 250,000 Notes Payable, 12%, due in 60 days 20,000 Inventory 165,000 Capital Stock 1,150,000 Allowance for Doubtful Accounts 20,000 Salaries Payable 10,000 Land 600,000 Cash 65,000 Required: 1. Prepare the Current Liabilities section of Kruse's 2017 balance sheet. Kruse Partial Balance Sheet As Of December 31, 2017 Current liabilities: Accounts receivable Allowance for doubtful accounts Equipment Inventory al. Marketable securities Notes payable, 12%, due in 60 days 3. Compute Kruse's current ratio. Round your answer to one decimal place.

Current Liabilities and Ratios Several accounts that appeared on Kruse's 2017 balance sheet are as follows: Accounts Payable $75,000 Equipment $950,000 Marketable Securities 40,000 Taxes Payable 15,000 Accounts Receivable 74,000 Retained Earnings 250,000 Notes Payable, 12%, due in 60 days 20,000 Inventory 165,000 Capital Stock 1,150,000 Allowance for Doubtful Accounts 20,000 Salaries Payable 10,000 Land 600,000 Cash 65,000 Required: 1. Prepare the Current Liabilities section of Kruse's 2017 balance sheet. Kruse Partial Balance Sheet As Of December 31, 2017 Current liabilities: Accounts receivable Allowance for doubtful accounts Equipment Inventory al. Marketable securities Notes payable, 12%, due in 60 days 3. Compute Kruse's current ratio. Round your answer to one decimal place.

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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