Debit Credit Cash $31,000 Accounts Receivable 7,400 Prepaid Insurance 21,000 Accounts Payable $15,100 Salaries Payable 16,500 Common Stock 12,300 Service Revenue 73,000 Administrative Expenses 57,500 $116,900 $116,900 Using the above account balances, compute working capital and current ratio. Round "Current ratio" answer to two decimal places. A. Working capital B. Current ratio

Debit Credit Cash $31,000 Accounts Receivable 7,400 Prepaid Insurance 21,000 Accounts Payable $15,100 Salaries Payable 16,500 Common Stock 12,300 Service Revenue 73,000 Administrative Expenses 57,500 $116,900 $116,900 Using the above account balances, compute working capital and current ratio. Round "Current ratio" answer to two decimal places. A. Working capital B. Current ratio

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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