USING THE FOLLOWING DATA, CALCULATE THE CURRENT RATIO (X): TAKE ANSWER OUT TO ONE PLACE AFTER THE DECIMALaccounts payable15merchandise inventory30accounts receivable22medical supplies9long term notes payable5.nursing revenue50accumu ated depreciation -blg4prepaid rent expenseamortization expense3property taxes payable4building60pension obligation27bonds payable8.transportation expense9.115unearned nursing income 24cash2.Zorro, capital39depreciation expense7.Zorro, withdrawals18marketable securitiesAMoving to the next question prevents changes to this answer.MacBook Air

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Description: USING THE FOLLOWING DATA, CALCULATE THE CURRENT RATIO (X): TAKE ANSWER OUT TO ONE PLACE AFTER THE DECIMALaccounts payable15merchandise inventory30accounts receivable22medical supplies9long term notes payable5.nursing revenue50accumu ated depreciatio

Current assets = Accounts receivable + cash + marketable securities + merchandise inventories +…

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USING THE FOLLOWING DATA, CALCULATE THE CURRENT RATIO (X): TAKE ANSWER OUT TO ONE PLACE AFTER THE DECIMAL accounts payable 15 merchandise inventory 30 accounts receivable 22 medical supplies nursing revenue 50 long term notes payable prepaid rent expense 6. accumuated depreciation -blg amortization expense 4 4. 3 property taxes payable 27 60 pension obligation building 9 8 transportation expense bonds payable unearned nursing income 24 Zorro, capital 115 cash 39 depreciation expense 18 Zorro, withdrawals 7. marketable securities

USING THE FOLLOWING DATA, CALCULATE THE CURRENT RATIO (X): TAKE ANSWER OUT TO ONE PLACE AFTER THE DECIMAL accounts payable 15 merchandise inventory 30 accounts receivable 22 medical supplies nursing revenue 50 long term notes payable prepaid rent expense 6. accumuated depreciation -blg amortization expense 4 4. 3 property taxes payable 27 60 pension obligation building 9 8 transportation expense bonds payable unearned nursing income 24 Zorro, capital 115 cash 39 depreciation expense 18 Zorro, withdrawals 7. marketable securities

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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se the following selected financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Year Net Credit Sales Ending Accounts Receivable 2017 $687,430 $332,250 2018 705,290 362,450 2019 769,500 403,650 A. Compute the number of days’ sales in receivables ratios for 2018 and 2019. Round your answers to two decimal places. 2018 fill in the blank 1 days 2019 fill in the blank 2 days B. Using the sales in accounts receivable, choose the statement that most closely describes the company's management of its receivables. a. The company collects its accounts slowly, and the days are increasing. b. This may be leave the company unable to pay current debt owed to a lender. c. The company may need to be more aggressive with its receivable collection procedures. d. All of the above statements may be correct.
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Echo Corporation had the following balances immediately prior to writing off a $100 uncollectible account: Current assets $ 30,000 Accounts receivable 3,300 Allowance for credit losses 300 Current liabilities 10,000 Required: Calculate the following amounts or ratios and determine the relationship between the amount or ratio before the write-off (x) with the amount or ratio after the write-off (y): Current ratio x equals y Net accounts receivable balance x equals y Gross accounts receivable balance x greather than Y
Subject: accounting
B
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