Introduction to business chapter 12: Calculate the profit ratio, gross profit ratio, cost of sales ratio, current ratio and the quick ratio The College Shop Comparative Balance Sheet As of December 31, 20x7 and 20×6 Assets Current assets Cash Accounts receivable Inventory Total Current assets Long-term assets Furniture, equipment, net of depreciation Total Assets 12/31/20X7 Accounts payable Long-term liabilities Loan Total Liabilities Owner's equity $76,000 92,000 110,000 278,000 Liabilities and Owner's equity Current liabilities 90,000 368,000 $70,000 100,000 170,000 198,000 Total Liabilities and Owner's equity $368,000 12/31/20X6 $70,000 90,000 80,000 240,000 120,000 $360,000 80,000 100,000 180,000 180,000 $360,000

Introduction to business chapter 12: Calculate the profit ratio, gross profit ratio, cost of sales ratio, current ratio and the quick ratio The College Shop Comparative Balance Sheet As of December 31, 20x7 and 20×6 Assets Current assets Cash Accounts receivable Inventory Total Current assets Long-term assets Furniture, equipment, net of depreciation Total Assets 12/31/20X7 Accounts payable Long-term liabilities Loan Total Liabilities Owner's equity $76,000 92,000 110,000 278,000 Liabilities and Owner's equity Current liabilities 90,000 368,000 $70,000 100,000 170,000 198,000 Total Liabilities and Owner's equity $368,000 12/31/20X6 $70,000 90,000 80,000 240,000 120,000 $360,000 80,000 100,000 180,000 180,000 $360,000

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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