Kershaw Corporation had the following list of items from its balance sheet in alphabetical order for year 2021 and 2022 31st DECEMBER 2022 31ST DECEMBER 2021 $115215 97305 Accounts payable Accounts receivable Cash Income tax payable Inventory Marketable securities Prepaid expenses Salaries payable $125607 61809 26663 10066 114155 44711 43300 44254 31926 16257 97362 11154 23325 35424 During 2022, net credit sales and cost of goods sold were $663916 and $350880, respectively Net cash provided by operating activities for 2022 was $142600 Compute the CURRENT RATIO for 2022

Kershaw Corporation had the following list of items from its balance sheet in alphabetical order for year 2021 and 2022 31st DECEMBER 2022 31ST DECEMBER 2021 $115215 97305 Accounts payable Accounts receivable Cash Income tax payable Inventory Marketable securities Prepaid expenses Salaries payable $125607 61809 26663 10066 114155 44711 43300 44254 31926 16257 97362 11154 23325 35424 During 2022, net credit sales and cost of goods sold were $663916 and $350880, respectively Net cash provided by operating activities for 2022 was $142600 Compute the CURRENT RATIO for 2022

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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

Please do not give solution in image format thanku

Kershaw Corporation had the following list of items from its balance sheet in alphabetical order for year 2021 and 2022
31st DECEMBER 2022
31ST
DECEMBER
2021
$115215
$125507
61809
97305
26663
10066
114155
44/11
Accounts payable
Accounts receivable
Cash
Income tax payable
Inventory
Marketable
securities
Prepaid expenses
Salaries payable
43300
44254
31926
16257
97362
11154
23325
35424
During 2022, net credit sales and cost of goods sold were $663916 and $350880, respectively Net cash provided by operating activities for 2022 was
$142600
Compute the CURRENT RATIO for 2022

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