Instruction: Use the following ratio to complete Grandma's Cooking Company's balance sheet: a. Current ratio is 0.80. b. Acid-test ratio or Quick ratio is 0.40. Grandma's Cooking Company's Incomplete Balance Sheet is given below. Show your solution and write your answer in your yellow paper. Cash 375.00 Receivables Inventories 3,625.00 Prepaid Expenses Total Current Assets Plant assets, net Other assets Total assets 10,000.00 34,000.00 9,500.00 Total current liabilities Long term note payable Other long term liabilities Owner's capital 4,900.00 11,625.00 Total liabilities and equity

Instruction: Use the following ratio to complete Grandma's Cooking Company's balance sheet: a. Current ratio is 0.80. b. Acid-test ratio or Quick ratio is 0.40. Grandma's Cooking Company's Incomplete Balance Sheet is given below. Show your solution and write your answer in your yellow paper. Cash 375.00 Receivables Inventories 3,625.00 Prepaid Expenses Total Current Assets Plant assets, net Other assets Total assets 10,000.00 34,000.00 9,500.00 Total current liabilities Long term note payable Other long term liabilities Owner's capital 4,900.00 11,625.00 Total liabilities and equity

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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