S Corporation has a current ratio of 3.4 and an acid-test ratio of 2.6. The corporation's current assets consist of cash, marketable securities, accounts receivable, and inventories. Inven $50,000. Seabury Corporation's current liabilities must be: (Round your intermediate calculations to 1 decimal place.) 50,000 62,500 40,000 162,500
Q: A select list of transactions of Namely Company are listed below: Date Transaction Description…
A: The journal entries are prepared to record day to day transactions of the business on regular basis.…
Q: F. The records of Stedman Corp. included the following accounts, all of which are normal balances:…
A: The allowance for doubtful accounts is created to record the estimated bad debt expense for the…
Q: s made 500 units at RO
A: LIFO(Last In First Out) Method Assume that units that are purchased last are used first. Cost of…
Q: Solve the following questions. Please choose the best answer with solutions. Choose answers in the…
A: An Income Statement refers to a Statement of profit or loss. This statement gives information…
Q: Whitman has a direct labor standard of 2 hours per unit of output. Each employee has a standard wage…
A: Flexible budget amount for direct labor = Units produced*Standard direct labor hours*Standard rate…
Q: time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays…
A: Pretax Earnings refers to Company's earnings from continuing operations on a Consolidated basis…
Q: E7.9 (LO 3) (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment…
A: The allowance for doubtful accounts is established to record estimated bad debt expense for the…
Q: PLEASE ANSWER ASAP Problem No. 8 AACA Corp. is in the process of preparing its financial…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: What are some of the factors that influence the market price of a corporation's stock?
A: Some of the factors that influence the market price of a corporation's stock- 1. Circulation of…
Q: Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the…
A: Income Statement is part of Financial Statements statement which represents Revenue and Expenses…
Q: de Manulacturers Inc. is approached by a potential customer to fulfill a one - time - only special…
A: The minimum transfer price to be charged for special order is total variable cost. Since fixed cost…
Q: On October 5, Kingbird Company buys merchandise on account from Blossom Company. The selling price…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: The Sweetwater Candy Company would like to buy a new machine that would automatically “dip”…
A: 1. Determination of annual net cash inflows Annual savings in operating cost: Operating cost…
Q: A Company owns
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Determine the consolidated balances which Peris would present on their consolidated balance sheet…
A: Consolidated financial statements are those financial statements which are the combination of two…
Q: Assume you have secured a loan of $10,000 from a bank which will be paid in one year. The bank has…
A: Month Instalment Interest Paid = Opening Balance x 0.31% Principal Opening Balance Closing Balance…
Q: bought a achine for no salvage :depreciation exp 5,000 8,000 10,000
A: Depreciation is a non cash expenses and is calculated under straight line method as below Annual…
Q: We discussed two methods for amortizing bond premium and bond discounts. One was the effective…
A: Bond Amortization The amortization of excess fee paid beyond the face value of the Bond is referred…
Q: Property insurance will not cover damage to your home caused by a hail storm.
A: Property insurance is a type of insurance policy which provides protection against property from…
Q: Accounting Prepare: Journal entries Get Money 1 Raise 200,000 from investors 2 Take out 30,000…
A: Journal entries recording is the first step of accounting cycle process, under which atleast one…
Q: If the residual income calculated for a division is a negative number, then which of the following…
A: Residual Income is calculated by reducing minimum required rate of return from Return on investment.…
Q: iscuss the relationship between the market or effective interest rate of a bond and the stated…
A: The market value of a bond is inversely related to market rate of interest. If the Market interest…
Q: EZ-Tax is a tax accounting practice with partners and staff members. Each billable hour of partner…
A: The sales price variance is the difference between the estimated /standard price and the actual…
Q: State the journal entries necessary to record the assignment of direct materials, direct…
A: Journal entries should not be used to record routine transactions such as customer billings and…
Q: 1
A: All sorts of future cash flows in respect of adding interest on present value are known as future…
Q: hdustries, Inc. (G), developed standard costs for direct material and direct labor. In 2017, GIl…
A: Introduction: The actual quantity utilized refers to the amount of materials used in the actual…
Q: Q12. The following are commonly used plug items, except a. cash and marketable securities b.…
A: Source of raising finance includes: Long term loans & Advances Short term loans and advances…
Q: We assume that we have a secured a loan of $10,000 from a bank which will be paid in one year. The…
A: Loan: The duration of a loan, or the amount of time it takes for a loan to be repaid in full when…
Q: $ 10 Accounts payable $ 10 unts 20 Accruals 15 vable ntories 20 Short-term debt rrent assets $ 50…
A: Disclaimer : “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: The shutdown point is considered to be the point where: OLoss on continuing = shutdown costs O…
A: shutdown point is a point where the business is not able to recover its cost and it is having…
Q: On January 1, 20x1, ABC signed a 3-year, non-cancellable purchase contract which allows ABC to…
A: The entity must accrue a gain in the current year on goods subject to a firm purchase commitment if…
Q: Task 4: XYZ corporation had net cash flows from operating activities of $90.000 in last year. During…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: Required: Calculate the following budgets for each of May and June: a) Production of Catrell (in…
A:
Q: The following information is available from Goodyear Company’s 2022 accounting records:…
A: COST OF GOODS SOLD IS THE TOTAL AMOUNT OF COST DIRECTLY RELATED TO PRODUCTION OF GOODS AND SERVICES.
Q: After selling 4,320 units during the period, Dole Corp. prepared a flexible budget that included…
A: The master budget incorporates all lower-level budgets developed by a company's numerous functional…
Q: Jaydon Garden Jobs (JGJ) has been operating in Weston Super Mare since 2011 steady growth over the…
A: A revised cost estimate is a comprehensive estimate created when the initial sanctioned estimate…
Q: Crandle Corp. applies manufacturing overhead costs to products at a budgeted indirect- cost rate of…
A: Manufacturing overhead cost will not be considered as product cost because they remain same even if…
Q: Why is the statement of cash flows required as part of the set of external financial statements?…
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: Prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The…
A: The purpose of preparing the Statement of changes in equity to know the changes which are incurred…
Q: 11. Ace Company had a pretax accounting income of P5,000,000 for its first year of operations. The…
A: Taxable income is the one which is computed after deducting all the expenses from the revenue and…
Q: Vaden Corp. reported long-term borrowings of $9,400,000, repayments of long-term borrowings of…
A: Cash flow from Financing Activities includes all transactions of cash inflows and outflows that…
Q: n January 1, 2021, Cee Company sold a machine with a cost of P500,000 and carrying value of P150,000…
A: Gain or loss on sale of machinery: = Consideration received - Carrying amount
Q: Which statement is incorrect regarding equity-settled share-based payment transactions? A. the…
A: Equity settled share payments are those transactions in which own equity shares or stock options are…
Q: a 20% chance of being ordered to pay C damages of P10,000. . State whether a contingent liability…
A: A liability whose occurrence depends upon the happening or non happening of future uncertain…
Q: P8.6 (LO 3) (Compute FIFO, LIFO, Average-Cost—Periodic and Perpetual) Ehlo Company is a multi…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: Sales (20,000 units @ 60 per unit) $1,200,000 Less: Variable cost 20,000@ $45 900,000 Contribution…
A: Formulas: No. of units to be sold in next year = Current units sales + (1 + 0.20) Variable costs per…
Q: Please answer this immediately , I need it. BEP Analysis Green Manufacturing Company produces…
A: Breakeven sales revenue is that level of sales revenue at which business is only recovering it's…
Q: Which account amount is the most important (larger) in the assets side and in the liabilities side…
A: Balance sheet is the summary of the financial position of the company on a particular date in which…
Q: Please help me to solve this probl
A: In this question we have to make the bank reconciliation statement and the updated cash book.
Q: which of the following transactions and events would result in an improvement in Dividends per…
A: The dividend per share can be defined as the amount of dividend that can be allocated to each share…
1
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Chen company has current assets equal to $5000000. Of these $1000000 is cash $2250000 is accounts receivable. $500000 is inventory and the remainder is marketable securities. Current liability total $4,000,000 calculate quick ratio and round to nearest two decimals.Calculating the Current Ratio and the Quick (or Acid-Test) Ratio Hannah Company has current assets equal to $3,800,000. Of these, $1,200,000 is cash, $1,800,000 is accounts receivable, $500,000 is inventory, and the remainder is marketable securities. Current liabilities total $2,073,000. Required: Note: Round answers to two decimal places. 1. Calculate the current ratio.fill in the blank 1 2. Calculate the quick ratio (acid-test ratio).fill in the blank 2Calculating the Current Ratio and the Quick (or Acid-Test) Ratio Hannah Company has current assets equal to $3,800,000. Of these, $1,200,000 is cash, $1,800,000 is accounts receivable, $500,000 is inventory, and the remainder is marketable securities. Current liabilities total $1,942,000. Required: Note: Round answers to two decimal places. 1. Calculate the current ratio. 2. Calculate the quick ratio (acid-test ratio).
- The following are the information on the assets and liabilities of HARUTO Corporation on December 31, 2022: Account Amount Cash P125,000.00 Accounts Receivable 80,000.00 Inventories 475,000.00 Trading/Marketable Securities 15,000.00 Land 6,500,000.00 Accounts Payable 450,000.00 Long-term Loans Payable 750,000.00 What is the acid test ratio of HARUTO Corporation, respectively, on December 31, 2022?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:?????????Calculating the Current Ratio and the Quick for Acid Test) Ratis LoLo Lemon Company has current assets equal to $500,000. Of these, $300,000 is cash, $75,000 is accounts receivable, $125,000 is inventory, and the remainder is marketable securities. Current liabilities total $425,000. Required: Note: Round answers to two decimal places. 1. Calculate the current ratio.
- Al Kharif Company's total of short term liabilities is OMR 320,000 and total of long term liabilities is OMR 260,000. Its total assets are OMR 760,000. The Debt to total funds ratio of the company will be: a. 0.812 b. 1.310 c. 0.342 d. 0.763The Jamesway Printing Corporation has current assets of $3.2 million. Of this total, $1.2 million is inventory, $0.5 million is cash, $1.0 million is accounts receivable, and the balance is marketable securities. Jamesway has $1.5 million in current liabilities. Round your answers to two decimal places. a. What are the current and the quick ratios for Jamesway? Current ratio: X Quick ratio: b. If Jamesway takes $0.25 million in cash and pays off $0.25 million of current liabilities, what happens to its current and quick ratios? What happens to its real liquidity? New current ratio: X New quick ratio: c. If Jamesway sells $0.6 million of its accounts receivable to a bank and uses the proceeds to pay off short-term debt obligations, what happens to its current and quick ratios? New current ratio: New quick ratio: d. If Jamesway sells $1.2 million in new stock and places the proceeds in marketable securities, what happens to its current and quick ratios? New current ratio: New quick…Calculating the Current Ratio and the Quick (or Acid-Test) Ratio LoLo Lemon Company has current assets equal to $500,000. Of these, $300,000 is cash, $75,000 is accounts receivable, $125,000 is inventory, and the remainder is marketable securities. Current liabilities total $425,000. Required: Note: Round answers to two decimal places. 1 Esiculate the current ratio. 2. Calculate the quick ratio (acid-test ratio).
- You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $450,000; accounts receivable = $1,100,000; inventory = $2,000,000; accrued wages and taxes = $450,000; accounts payable = $750,000; and notes payable = $500,000. Calculate SophieLex’s current ratio. (Round your answer to 2 decimal places.) Calculate SophieLex’s quick ratio. (Round your answer to 2 decimal places.) Calculate SophieLex’s cash ratio. (Round your answer to 2 decimal places.)1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?