Mini-Exercise 11-1 (Algo) Calculate liquidity measures The following amounts were reported on the December 31, 2019, balance sheet: Cash $ 24,000 Accounts receivable 66,000 Common stock 120,000 Wages payable Retained earnings 15,000 240,000 60,000 25,800 354,240 65,040 Land Accounts payable Bonds payable Merchandise inventory Buildings and equipment, net of accumulated depreciation 540,000 Required: a. Calculate working capital at December 31, 2019. b. Calculate the current ratio at December 31, 2019. (Round your answer to 1 decimal place.) c. Calculate the acid-test ratio at December 31, 2019. (Round your answer to 1 decimal place.) a. Working capital b. Current ratio c. Acid-test ratio

Mini-Exercise 11-1 (Algo) Calculate liquidity measures The following amounts were reported on the December 31, 2019, balance sheet: Cash $ 24,000 Accounts receivable 66,000 Common stock 120,000 Wages payable Retained earnings 15,000 240,000 60,000 25,800 354,240 65,040 Land Accounts payable Bonds payable Merchandise inventory Buildings and equipment, net of accumulated depreciation 540,000 Required: a. Calculate working capital at December 31, 2019. b. Calculate the current ratio at December 31, 2019. (Round your answer to 1 decimal place.) c. Calculate the acid-test ratio at December 31, 2019. (Round your answer to 1 decimal place.) a. Working capital b. Current ratio c. Acid-test ratio

Name: Mini-Exercise 11-1 (Algo) Calculate liquidity measuresThe following a
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Description: Mini-Exercise 11-1 (Algo) Calculate liquidity measuresThe following amounts were reported on the December 31, 2019, balance sheet:Cash$ 24,00066,000120,00015,000240,000Accounts receivableCommon stockWages payableRetained earningsLand60,000Accounts p

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 47E

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