Lakewood Enterprises has a current ratio of 5:1 and an acid-test ratio of 2:1. If the inventories and prepaid items amount to $450,000, what is the amount of current liabilities?
Q: General Account
A: Concept of Accrual Principle:The accrual principle is a fundamental accounting concept that requires…
Q: General Accounting Question please answer
A: Step 1: Define EOQ (Economic Order Quantity)The Economic Order Quantity (EOQ) is the order quantity…
Q: what would net income be if the company used variable costing?
A: The question requires us to calculate net income under variable costing given that net income under…
Q: Compute the firm's gross profit margin?
A: Step 1: Define Gross MarginGross profit margin refers to the profit made by a company before the…
Q: General Accounting
A: Since NoGrowth Corporation pays a constant dividend forever, we can use the Gordon Growth Model…
Q: These are selected account balances on December 31, 2025. Land $180,000 Land (held for future use)…
A: Explanation of Property, Plant, and Equipment (PPE): PPE represents long-term tangible assets that a…
Q: Give me correct answer this general accounting question
A: Step 1: Define Stockholders' EquityStockholders' equity represents the residual interest in a…
Q: Accounting 25
A: Explanation of Return on Assets (ROA):Return on Assets (ROA) is a profitability metric that measures…
Q: Find out EPS
A: Step 1: Given Value for calculation Net Income = ni = $790,000Number of Share = n = 55,300 Step 2:…
Q: What is the total stockholder's equity for this general accounting question?
A: Step 1: Calculate Total Assets Step 2: Calculate Total Liabilities Step 3: Calculate Stockholders'…
Q: The payment of the owner's personal expenses from the business's checkbook should be recorded with a…
A: The correct answer is:C. withdrawals. ExplanationWhen the owner uses business funds to pay for…
Q: Pina Company reports pre-tax financial income of $66,000 for 2017. The following items cause taxable…
A: To calculate the taxable income for 2017, we adjust the pre-tax financial income reported in the…
Q: Provide correct answer general Accounting
A: Definition of Gross ProfitGross profit is the amount of revenue remaining after deducting the cost…
Q: General accounting
A: Calculation of Contribution per unit when 20,000 units are soldContribution per unit = Contribution…
Q: Need answer the accounting question
A: Step 1: Define Net Cash Provided by Operating ActivitiesNet Cash Provided by Operating Activities…
Q: I need Solution
A: 1. Classification of Activities in the Cash Flow Statement:The cash flow statement is divided into…
Q: What amount must Mr. Hines include in his income for 2016?
A: Detailed explanation:Mr. Hines must include $2,100 in his income for 2016. According to IRS…
Q: Company's estimated cost of goods sold?
A: Explanation of Beginning Inventory: Beginning inventory represents the value of goods on hand at the…
Q: ? Solution
A: Explanation of Markup:Markup refers to the percentage added to the cost price of a product to…
Q: What is the absorption cost per unit on these general accounting question?
A: Step 1: Define Absorption CostingAbsorption costing is a costing method that includes all variable…
Q: Hi expert please give me answer general accounting
A: Step 1: Definition of Interest RevenueInterest revenue represents the income earned from lending…
Q: Hello tutor provide correct answer
A: Step 1: Direct Labor BudgetA company's direct labor budget is used to calculate the total direct…
Q: Question: Quill Corp. shows the following information on its 2007 income statement: Sales $145,000…
A: I hope you are finding the material engaging and informative. If you have any questions or…
Q: Please need help with this accounting problem
A: Step 1: Define Key RatiosProfit Margin is the ratio of net income to sales. It measures how much…
Q: Kindly help me with general accounting question
A: Step 1: Define PurchasesPurchases refer to the activity of acquiring goods and services with the…
Q: GENERAL ACCOUNTING 2.4
A: Explanation of Equivalent Units for Materials:Equivalent units for materials refer to the number of…
Q: What amount should be recorded for the land ?
A: Step 1: Definition of Allocated Asset CostWhen a group of assets is purchased together for a lump…
Q: Provide general accounting soluutions
A: Key Information ProvidedTransaction Details:Scanlon Company sells 1,000 widgets to Avon Inc. for $14…
Q: A company buys equipment for $54,000 with a salvage value of $5,000 and an expected useful life of…
A: Explanation of Straight-Line DepreciationStraight-line depreciation is a method of systematically…
Q: Hello tutor please help me this question
A: Step 1: Define Taxable IncomeTaxable income refers to the net income of an individual or a business…
Q: General Account
A: According to IFRS provisions, if plan assets are insufficient to cover projected benefit obligations…
Q: What is the percentage contribution margin solve this accounting questions
A: Step 1: Definition of Contribution Margin PercentageThe Contribution Margin Percentage represents…
Q: Need help with this accounting questions
A: Step 1: Definition of Fair Value AllocationWhen assets are purchased as a group, the purchase price…
Q: Need help this question general accounting
A: Step 1: Define GoodwillThere are some assets that are not physical in nature. These assets are…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…
Q: The predetermined overhead rate would be ?
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is an estimated…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Accounts Receivable TurnoverAccounts Receivable Turnover measures how many…
Q: Help
A: Explanation of Revenue:Revenue is the total income a business earns from its core operations by…
Q: 10. All of the following are exclusions from gross income EXCEPT: A. Scholarships B. Gifts C.…
A: The correct answer is:C. Dividend Income Explanation:Gross income includes all income from whatever…
Q: If a company has average accounts receivable of $90,000 and annual sales of $840,000, what is the…
A: Explanation of Days Sales Outstanding (DSO):Days Sales Outstanding (DSO) is a financial metric that…
Q: Contribution margin ratio
A: Step 1: Definition of Contribution Margin RatioThe Contribution Margin Ratio is the percentage of…
Q: Provide correct answer with correct calculation for this accounting question
A: Step 1: Define Adjusting Journal Entry for InterestAn adjusting journal entry for interest is…
Q: Don't use ai given answer accounting questions
A: We can solve like this also a).Calculation of total assets turnover:Total assets turnover=Sales /…
Q: Determine the equivalent units in process for direct materials and conversion costs
A: Step 1: Key InformationDirect materials placed into the process: 180,000 liters.Beginning…
Q: Hii expert please given correct answer general Accounting
A: Step 1: Define Gross ProfitGross profit is a financial matrix that refers to the total amount of…
Q: I don't need ai answer general accounting question
A: Approach to solving the question: For better clarity of the solution, I have provided both the…
Q: What is the amount of gain
A: Step 1: Definition of Gain on SaleThe gain on sale of property is calculated as the difference…
Q: A company manufactures custom furniture and uses a process costing system. During the month of…
A: Concept of Process Costing: Process costing is a cost accounting system used ehwn identical or…
Q: The operating income using variable costing is: $_____. Financial Account
A: Step 1: Identify Relevant DataUnits Produced: 10,000Units Sold: 8,000Selling Price per Unit:…
Q: Calculate the return on assets for the period
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that…
What is the amount of current liabilities on these general accounting question?


Step by step
Solved in 2 steps

- What is the amount of current liabilities?provide correct answer. sub. general account.Kingery Corporation has current assets of $1,800,000 and current liabilities of $750,000. If they pay $250,000 of their accounts payable, what will their new current ration be, given that the current ratio is current assets/current liabilities?
- ABC has the following current assets: cash, $102 million; receivables, $94 million; inventory, $182 million; other current assets, $18 million. ABC also has the following liabilities: accounts payable, $98 million; long-term debt, $23 million. Based on these amounts, what is the acid-test ratio ? Numeric Response:?????????You are given the following information. What is your liquidity ratio? Annual disposable income: $45,000 Total liabilities: $17,400 Annual savings: $2,400 Long-term assets: $85,000 Current ratio: 2 Debt-to-asset ratio: 0.2 Select one: a. 0.90 b. 0.56 c. 0.89 d. 0.53Ace Industries has current assets equal to $4 million. The company's current ratio is 2.0, and its quick ratio is 1.7. What is the firm's level of current liabilities? What is the firm's level of inventories? Do not round intermediate calculations. Round your answers to the nearest dollar. Current Liabilities $ Inventory $

