Question:The quick ratio is 0.81. Current assets are$103,000 and current liabilities are $79,000.What is the amount in the inventory account?

Step 1: Introduction to the Inventory:Inventory can be defined as a current asset because it can be…

Answered: Question: The quick ratio is 0.81.…

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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1. Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $350.00 5 $ 0 0 $
On the basis of the following data, what is the value of the total inventory at the lower of cost or market? Apply lower of cost or market to each inventory item. Inventory Quantity Item Product C Product D a. $6,840 b. $6,540 c. $7,380 d. $6,300 300 420 Unit Cost Price $6 12 Unit Market Price $5 14
If the cost of an inventory is P8 while its net realizable value is P6, the amount of write down is 2.
Quick ratio is 1.8:1, current ratio is 2.7:1 and current liabilities are $60,000, while the prepaid expense is 0. Determine value of inventory.
If beginning inventory is $1,998, ending inventory is $1,407 and cost of goods sold is $11,158, how much is purchases?
inst what were purchase returns and allowances? inventory is P4,000. If there is no freight in and total purchases were P8,250, Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending a. P850 b. P500 C. P350 d. none of the above Cost of goods sold is P8,000 greater than net purchases. Beginning inventory is P120,000. What is ending inventory? a. P112,000 b. P128,000 C. P120,000 d. none of the above 3. Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a. gross purchases b. cost of goods available for sale C. net purchases d. cost of goods sold Beginning inventory plus net purchases and plus freight in equals: a. net purchases 4. cost of goods available for sale cost of goods sold d. gross purchases
Please show working and calculations in answers Calculate the value of “Ending Inventory” based on the following information: “Beginning Inventory” = $700 Purchases = $300 Cost of sales = $800 Based on your answer to the previous question, what is the gross profit and gross profit margin if the sales are $1000?
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. Cost per Unit Market Value per Unit (Net Realizable Value) Inventory Quantity Item Raven 10 $115 $112 1,200 Dove 23 6,500 17 22
Deere and Company reported inventory in its balance sheet as follows. Inventories00000000000$1,999,100,000 What additional disclosures might be necessary to present the inventory fairly?
The ending inventory of Misty Harbor Co. is $77,000. If beginning inventory was $76,000 and goods available totaled $129,000, the cost of goods sold is O A. $76,00. O B. $52,000. O C. $53,000. O D. $128,000. O E. none of the above. answer
Nizwa Company had the cost of goods sold of $ 160,000 and inventory balance was $23,000. What is the inventory turnover? Select one: O 8 O 15 O 6.95 O 3.48 Next je ENG
If beginning inventory is $200 and purchases are $800,which of the following could be true?a. Ending inventory is $400 and Cost of Goods Sold is$600.b. Ending inventory is $800 and Cost of Goods Sold is$800.c. Ending inventory is $200 and Cost of Goods Sold is$200.d. Ending inventory is $200 and Cost of Goods Sold is$600.

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Question: The quick ratio is 0.81. Current assets are $103,000 and current liabilities are $79,000. What is the amount in the inventory account?