Given the information above, give the following ratios, a.) acid test Ratio b.) working capital c.) Receivable turnover d.) Average collector period
Given the information above, give the following ratios, a.) acid test Ratio b.) working capital c.) Receivable turnover d.) Average collector period
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 5MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at...
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Given the information above, give the following ratios,
a.) acid test Ratio
b.) working capital
c.) Receivable turnover
d.) Average collector period
![Presented below is the unadjusted trial balance of the Bruce Company
for the year ended Dec. 31, 2021:
Bruce Company
Unadjusted Trial Balance
December 31, 2021
Cash
45,000
Notes Receivable
360,000
Inventory
Office Supplies
156,000
63,000
Land
300,000
Building
1,590,000
Accumulated Depreciation - Building
P 254,000
Equipment
2,150,000
Accumulated Depreciation - Equipment
612,000
Accounts Payable
213,000
Unearned Consulting Revenue
450,000
Bruce, Capital, 1/1/2021
2,655,000
Bruce, Withdrawal
600,000
Consulting Revenues
2,108,000
Salaries Expense
875,000
Repairs Expense
Miscellaneous Expense
116,000
37,000
P 6,292,000
Totals
P6,292,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbd08a0bd-21be-433f-8252-5ca37a782b8c%2F8bc222d2-d382-48b8-8428-101bdfc82f21%2F2kydpkg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Presented below is the unadjusted trial balance of the Bruce Company
for the year ended Dec. 31, 2021:
Bruce Company
Unadjusted Trial Balance
December 31, 2021
Cash
45,000
Notes Receivable
360,000
Inventory
Office Supplies
156,000
63,000
Land
300,000
Building
1,590,000
Accumulated Depreciation - Building
P 254,000
Equipment
2,150,000
Accumulated Depreciation - Equipment
612,000
Accounts Payable
213,000
Unearned Consulting Revenue
450,000
Bruce, Capital, 1/1/2021
2,655,000
Bruce, Withdrawal
600,000
Consulting Revenues
2,108,000
Salaries Expense
875,000
Repairs Expense
Miscellaneous Expense
116,000
37,000
P 6,292,000
Totals
P6,292,000
![Bruce Company
Adjusted Trial Balance
December 31, 2020
Cash
P
60,000
Notes Receivable
250,000
Office Supplies
48,000
Land
300,000
Building
1,590,000
Accumulated Depreciation - Building
P 216,000
Equipment
Accumulated Depreciation - Equipment
Accounts Payable
Tax Payable
2,150,000
489,000
550,000
40,000
Bruce, Capital, 1/1/2020
Bruce, Withdrawal
2,537,000
500,000
Consulting Revenues
1,548,000
Salaries Expense
400,000
Advertising Expense
Miscellaneous Expense
50,000
32,000
P5,380,000
P5,380,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbd08a0bd-21be-433f-8252-5ca37a782b8c%2F8bc222d2-d382-48b8-8428-101bdfc82f21%2F5grojwm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Bruce Company
Adjusted Trial Balance
December 31, 2020
Cash
P
60,000
Notes Receivable
250,000
Office Supplies
48,000
Land
300,000
Building
1,590,000
Accumulated Depreciation - Building
P 216,000
Equipment
Accumulated Depreciation - Equipment
Accounts Payable
Tax Payable
2,150,000
489,000
550,000
40,000
Bruce, Capital, 1/1/2020
Bruce, Withdrawal
2,537,000
500,000
Consulting Revenues
1,548,000
Salaries Expense
400,000
Advertising Expense
Miscellaneous Expense
50,000
32,000
P5,380,000
P5,380,000
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