PA15. LO 5.3 Using the following account balances, calculate for the two years presented:A. working capitalB. current ratio12/31/201812/31/2019$ 6,00012,750Unearned revenue$12,600Cash33,2009,000Prepaid rentSuppliesTaxes payableWages payable6,0002,5005,6004,8008,5005,5009,250

Current assets = Cash + Prepaid rent + Supplies 2018 = $33200+9000+5600 = $47800 2019 = $12750+6000+2500 = $21250 Current liabilities = Unearned revenue + Taxes payable + Wages payable 2018 = $12600+4800+8500 = $25900 2019 = $6000+5500+9250 = $20750A. Current ratio = Current assets / Current liabilities 2018 = $47800 / $25900 = 1.85 2019 = $21250 / $20750 = 1.02 B. Working capital = Current assets - Current liabilities 2018 = $47800 - $25900 = $21,900 2019 = $21250 - $20750 = $500

Business

Accounting

PA15. LO 5.3 Using the following account balances, calculate for the two years presented: A. working capital B. current ratio 12/31/2018 12/31/2019 Unearned revenue $12,600 $ 6,000 Cash 33,200 9,000 12,750 Prepaid rent Supplies Taxes payable Wages payable 6,000 5,600 2,500 4,800 8,500 5,500 9,250

PA15. LO 5.3 Using the following account balances, calculate for the two years presented: A. working capital B. current ratio 12/31/2018 12/31/2019 Unearned revenue $12,600 $ 6,000 Cash 33,200 9,000 12,750 Prepaid rent Supplies Taxes payable Wages payable 6,000 5,600 2,500 4,800 8,500 5,500 9,250

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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