Dennisport Corporation has an acid-test ratio of 1.7. It has current liabilities of $58,000 and noncurrent assets of $88,000. Thecorporation's current assets consist of cash, marketable securities, accounts receivable, prepaid expenses, and inventory. IfDennisport's current ratio is 2.8, its inventory and prepaid expenses must be:Multiple Choice$51,000$84,000$74,400$63,800

Name: Dennisport Corporation has an acid-test ratio of 1.7. It has current
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Description: Dennisport Corporation has an acid-test ratio of 1.7. It has current liabilities of $58,000 and noncurrent assets of $88,000. Thecorporation's current assets consist of cash, marketable securities, accounts receivable, prepaid expenses, and inventor

Current Assets are the assets which are realized within 12 months for example: inventory, cash ,…

Answered: Dennisport's current ratio is 2.8, its…

Business

Accounting

Dennisport's current ratio is 2.8, its inventory and prepaid expenses must be: Multiple Choice O $51,000 $84,000 $74,400 $63,800

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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# of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a) LIFO (b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d) LIFO (e) Weighted Average (f)
ABC company has the following information is available for June 2019: Cost Retail $ 60,000 $ 100,000 Inventory, 1 June Purchases 270,000 350,000 Purchase returns 2,500 1,500 Freight-in 5,500 Net markups 9,500 Net markdowns 16,000 Sales 400,000 Sales discount 3,500 If ABC company uses the cost method to determine its ending inventory at cost. what is the cost to retail ratio?
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