Given below are the comparative balance sheets and an income statement for the excellent corporation.calculate the current ratio at year end and the quick ratio at the beginning of the year Excellent CorporationIncome Statement for the yearended 2018Dec. 31Jan. 1Cash$ 34,000Accounts receivable 94,000$ 34,000$524,000SalesInventoryEquipment (net)(328,000)$ 196,00078,000Cost of goods sold68,000Gross profit on salesOperating expensesOperating income74,000(118,700)$77,300114,000132,000Total Assets$310,000.00 $318,000.00Accounts payable(28,750)Interest expense54,00060,000and income taxesDividends payable 20,000$48,55012,000Net incomeLong-term notepayable32,00032,000Capital stock, $10par (14,000 shs)Retained earnings140,000140,00064,00074,000Total Liabilities+$310,000$318,000Equity(Show calculations below or on back

Name: Given below are the comparative balance sheets and an income statement
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Description: Given below are the comparative balance sheets and an income statement for the excellent corporation.calculate the current ratio at year end and the quick ratio at the beginning of the year Excellent CorporationIncome Statement for the yearended 2018

(A) current ratio = current assets / current liabilities (b) quick ratio = current assets -…

Business

Accounting

Excellent Corporation Income Statement for the year Dec. 31 ended 2018 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 (118,700) $ 77,300 78,000 Cost of goods sold 68,000 74,000 Gross profit on sales 114.000 132,000 $310,000.00 $318,000.00 Operating expenses Operating income Total Assets Accounts payable Interest expense and income taxes (28,750) 54,000 60,000 Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable Capital stock, $10 par (14,000 shs) Retained earnings 32,000 32,000 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity ow calculations below

Excellent Corporation Income Statement for the year Dec. 31 ended 2018 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 (118,700) $ 77,300 78,000 Cost of goods sold 68,000 74,000 Gross profit on sales 114.000 132,000 $310,000.00 $318,000.00 Operating expenses Operating income Total Assets Accounts payable Interest expense and income taxes (28,750) 54,000 60,000 Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable Capital stock, $10 par (14,000 shs) Retained earnings 32,000 32,000 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity ow calculations below

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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