ratio. Deana Company's working capital accounts at December P17-11 Effect of various tran given below: Cash Marketable securities Accounts receivable (net) Inventory Prepaid expenses Accounts payable Notes due within one year Accrued llabilities. S 50,000 30,000 200,000 210,000 10,000 150,000 30,000 20,000 During 19x7, Denna Company completed the following transactions Paid a cash dividend previously declared, S12,000. 2 Lssued additional shares of capital stock for cash, $100.000 Sold inventory costing $50,000 for $80,000, on accous Wrote off uncollectible accounts in the amount of $10,000. d. Declared a cash dividend, $15,000. Paid accounts payable, $50,000. f. Borrowed cash on a short-term note with the bank, $35,000. Sold inventory costing $15,000 for SI0,000 cash. Purchased inventory on account, $60,000. DI Paid off all short-term notes due, $30,000. Purchased equipment for cash, $15,000. Sold marketable securities costing $18,000 for cash, $15,000 1Collected cash on accounts receivable, $80,000. c. e. h. k. equired: 1. (Compute the following amounts and ratios as of December 31 to Working capital. b. Current ratio. Acid-test ratio. C. ff of each of the transactions oiven

ratio. Deana Company's working capital accounts at December P17-11 Effect of various tran given below: Cash Marketable securities Accounts receivable (net) Inventory Prepaid expenses Accounts payable Notes due within one year Accrued llabilities. S 50,000 30,000 200,000 210,000 10,000 150,000 30,000 20,000 During 19x7, Denna Company completed the following transactions Paid a cash dividend previously declared, S12,000. 2 Lssued additional shares of capital stock for cash, $100.000 Sold inventory costing $50,000 for $80,000, on accous Wrote off uncollectible accounts in the amount of $10,000. d. Declared a cash dividend, $15,000. Paid accounts payable, $50,000. f. Borrowed cash on a short-term note with the bank, $35,000. Sold inventory costing $15,000 for SI0,000 cash. Purchased inventory on account, $60,000. DI Paid off all short-term notes due, $30,000. Purchased equipment for cash, $15,000. Sold marketable securities costing $18,000 for cash, $15,000 1Collected cash on accounts receivable, $80,000. c. e. h. k. equired: 1. (Compute the following amounts and ratios as of December 31 to Working capital. b. Current ratio. Acid-test ratio. C. ff of each of the transactions oiven

Name: ratio. Deana Company's working capital accounts at DecemberDuring 19x
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Description: ratio. Deana Company's working capital accounts at DecemberDuring 19x7, Denna Company completed the following transactionsP17-11Effect of various transagiven below:CashMarketable securitiesAccounts receivable (net)Inventory- Prepaid expensesAccounts

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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