Riverbank Electronics has a current ratio of 5:1 and an acid-test ratio of 2:1. If inventories and prepaid items amount to $480,000, what is the amount of current liabilities?
Q: Provide general accounting soluutions
A: Key Information ProvidedTransaction Details:Scanlon Company sells 1,000 widgets to Avon Inc. for $14…
Q: Need help with this general accounting question
A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL) is…
Q: Accurate Answer
A: Explanation of Work-in-Process (WIP) Inventory:Work-in-process inventory refers to partially…
Q: None
A: Step 1: Define Gross ProfitIn accounting, the gross profit refers to the total amount of revenue…
Q: A review of Bearing's Year 2 records disclosed the following tax information: Wages $20,000; Taxable…
A: To calculate Bearing's Year 2 Adjusted Gross Income (AGI), we need to sum up all income sources and…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Direct Labor Efficiency VarianceThe Direct Labor Efficiency Variance measures…
Q: Financial Account....
A: Step 1: Determine the Cost of Goods Sold (COGS)The formula to calculate COGS is:…
Q: Solve this question financial accounting
A: Step 1: Define Equivalent UnitsEquivalent units represent the number of complete units that could…
Q: What was the absorption costing net opreting income last year?
A: Step 1: Define Absorption CostingThe method used for deterring the price of a product, known as the…
Q: A company’s total liabilities are $247,000, and its equity is $987,000. What are the total assets?
A: Concept of Total Assets: Total assets represent everything a company owns that has monetary value,…
Q: Hii expert please given correct answer
A: Present Value of Perpetuity = Cash Flow/Interest Rate 3,000 = 240/Interest Rate Interest Rate =…
Q: Hello, tutor please give me answer financial accounting problem
A: Step 1:First calculate the contribution margin per unit: Contribution margin per unit = Selling…
Q: Answer? ? General Accounting
A: Step 1: Define Monthly PaymentThe monthly payment is the amount a borrower pays each month to repay…
Q: Cost account.
A: To calculate the equivalent units of production (EUP) for both the Drawing Department and the…
Q: What is the Ending Inventory?
A: Explanation of Ending Inventory:Ending inventory refers to the value of goods that remain unsold at…
Q: I don't need ai answer general accounting question
A: Step 1: Definition of Allocation of Purchase PriceWhen a group of assets is purchased for a lump…
Q: What is the amount of shareholders equity on these general accounting question?
A: Step 1: Define Shareholders' EquityShareholders' equity represents the residual value of a company's…
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: The per unit manufacturing cost under variable costing is _.
A: To calculate the per unit manufacturing cost under variable costing, we include only the variable…
Q: I want to correct answer general accounting question
A: Step 1: Definition of Factory OverheadsFactory Overheads are indirect costs incurred during…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Net Cash Inflow from Operating ActivitiesNet Cash Inflow from Operating…
Q: I want to correct answer accounting questions
A: Step 1: Identify the Predetermined Overhead Rate (POHR) Formula Step 2: Substitute the given values…
Q: Answer
A: The question pertains to assets in accounting. An asset is a resource with economic value that an…
Q: What are the equivalent units for materials for the month in the first Processing Department?
A: Step 1: Key FormulaThe equivalent units for materials is calculated as: Equivalent…
Q: Hello tutor provide correct answer this accounting question
A: Step 1: Determine the total amortizable basis by adding the allocated amounts for the trademark and…
Q: What is the amount of dierdorf co.s stockholders equity?
A: Step 1: Determine the total liabilities.= total assets x two thirds= total assets x (2/3)= $780,000…
Q: I need this question answer general accounting question
A: Step 1: Define Actual return of plan assetsThe term actual return of plan assets is a component used…
Q: Hello expert please help this question.
A:
Q: Answer? ? General Accounting
A: Step 1: Define Profit MarginProfit margin measures the percentage of revenue that remains as profit…
Q: WaNt AnSwEr
A: Explanation of Balance Sheet: A balance sheet is a financial statement that provides a snapshot of a…
Q: What is the net change in total liabilities?
A: To determine the net change in total liabilities, evaluate each transaction's effect on assets,…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Gross ProfitGross profit is the difference between the selling price and the…
Q: The ledger of American Company has the following work in process account. Work in Process-Painting…
A: Step 1: Information GivenBeginning Work in Process (WIP): 570 units, 30% completeMaterials cost:…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Days Sales in Receivables (DSR)Days Sales in Receivables (DSR) measures how…
Q: MCQ
A: Concept of Intangible Assets:Intangible assets are non-physical resources that provide long-term…
Q: Hi expert provide correct answer
A: Long-term investments are assets the company intends to hold for a period beyond 1 year after the…
Q: Don't use ai
A: Explanation of Assets:Assets are resources owned by a company that have economic value and can…
Q: Hii expert please given correct answer general Accounting
A: Step 1: Define Spending VarianceSpending Variance measures the difference between the actual…
Q: Get correct answer accounting questions
A: Calculating Gross Profit:• Step 1: Use the Gross Profit Formula.• Step 2: Substitute the given…
Q: Cool waters total liabilities are?
A: Explanation of Assets:Assets are resources owned by a company that have economic value and are…
Q: Josh Industy has three activity cost pools and two products
A: Concept of Activity-Based Costing (ABC):Activity-Based Costing (ABC) is a method of allocating…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Owners' EquityOwners' Equity represents the residual interest in the assets of…
Q: ? Solution
A: Explanation of Markup:Markup refers to the percentage added to the cost price of a product to…
Q: What is the degree of opereting leverage???
A: 1. Calculate Total Revenue:Total Revenue = Units Sold * Unit PriceTotal Revenue = 2,000 units *…
Q: Please provide correct option for this accounting question
A: Step 1: Define Adjusting Entry for Unearned RevenueWhen rent is received in advance, it is initially…
Q: Find estimated ending inventory?
A: Explanation of Gross Profit Method:The gross profit method is a way to estimate the ending inventory…
Q: Calculate each year's gross profit percentage????
A: Step 1: Define Gross ProfitGross profit is the profit earned over the cost of goods sold. It is…
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 was the net income for the year on these general accounting question?
A: Step 1: Define Net IncomeNet income is the profit a company earns during a given period after…
Q: Financial accounting question
A: Step 1: Define Free Cash Flow (FCF)Free Cash Flow (FCF) represents the cash available to the company…
What is the amount of current liabilities on these general accounting question?
Step by step
Solved in 2 steps
- 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:?????????PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Investments $242,000 98,000 105,000 5,000 $ 130,000 102,000 90,000 3,000 Long-term assets: Land Equipment Less: Accumulated depreciation 580,000 890,000 (528,000) $1,392,000 580,000 770,000 (368,000) $1,307,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payab le Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $ 109,000 7,000 9,000 95,000 13,000 6,000 2$ 110,000 220,000 800,000 357,000 $1,392,000 $1,307,000 800,000 173,000 Total liabilities and stockholders' equity Additional information for 2021: 1. Net income is $184,000. 2. Sales on account are $1,890,000. 3. Cost of goods sold is $1,394,250.What is the value of the current liabilities?
- JT Engineering's current asset information is shown here. If JT's current liabilities are $300,000, what is JT's current ratio and what is its acid-test ratio? Round each ratio to the nearest hundredth. Current Assets Cash $ 9.000 Short-term investments 89.000 Accounts receivable 76.000 Inventory Prepaid expenses 130,000 40,000 Total current assets $344,000 The current ratio is 1.15 times and the acid-test ratio is 0.58 times. The current ratio is 0.58 times and the acid-test ratio is 1.01 times. The current ratio is 0.58 times and the acid-test ratio is 1.15 times. The current ratio is 1.65 times and the acid-test ratio is 0.71 times.The Copper Grill has the following current assets: cash, $11 million; receivables, $47 million; inventory, $43 million; and other current assets $3 million. The Copper Grill has the following liabilities: accounts payable, $38 million; current portion of long-term debt, $5 million; and long-term debt, $11 million.Based on these amounts, calculate the current ratio and the acid-test ratio for The Copper Grill. (Round your answers to 2 decimal places.) The Copper Grill Current ratio Acid-test ratioUnder Armour has the following current assets: cash, $102 million; receivables, $94 million; inventory, $182 million; and other current assets, $18 million. Under Armour has the following liabilities: accounts payable, $98 million; current portion of long-term debt, $35 million; and long-term debt, $23 million. Based on these amounts, calculate the current ratio and the acid-test ratio for Under Armour.
- 5Using the following facts to calculate the Current Ratio, and the Debt Ratio: Ending Total Assets = $705,000; Ending Total Liabilities = $360,000; Ending Current Assets = $295,000; and Long Term Liabilities = $210,000Rosewood Company had current assets of $612, current liabilities of $393, total assets of $722. and long-term liabilities of $200. What is Rosewood's debt ratio? (Round your final answer to two decimal places.) 1.56 0.54 O0.82 0.28
- Hummel Inc. has $30,000 in current assets and $15,000 in current liabilities. What is Hummels current ratio? a. 3 c. 1 b. 2 d. 0.5Total Liabilities amounts to P500,000. Total owner's equity is thrice the liabilities. How much is total assets?You have been presented with the following selected information from the financial statements of one of Canada's largest dairy producers, Saputo Inc. (in $ millions): Statement of financial position 2021 2020 2019 Accounts receivable $1,217 $1,372 $1,248 Inventory 2,294 2,221 1,681 Total current assets 3,948 4,069 3,134 Total assets 13,123 13,793 9,886 Current liabilities 2,146 2,494 1,932 Total liabilities 6,679 7,234 4,465 Statement of income Sales $14,294 $14,944 $13,502 Cost of goods sold 9,575 10,181 9,179 Interest expense 79 96 67 Income tax expense 218 217 230 Net income 626 583 755
