Financial Accounting: Tools for Business Decision Making, 8th Edition
8th Edition
ISBN: 9781118953808
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: WILEY
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Chapter 13, Problem 13.8E
To determine
Formula:
To compute: The current ratio of Corporation G when some transactions occur:
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Sage Hill Inc. had the following transactions involving current assets and current liabilities during February 2017.
Feb. 3
Collected accounts receivable of $18,600.
7
Purchased equipment for $33,200 cash.
11
Paid $2,000 for a 1-year insurance policy.
14
Paid accounts payable of $14,600.
18
Declared cash dividends, $8,200.
Additional information:As of February 1, 2017, current assets were $132,700 and current liabilities were $34,600.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.)
Current ratio as of
Feb. 1, 2017
:1
Feb. 3
:1
Feb. 7
:1
Feb. 11
:1
Feb. 14
:1
Feb. 18
:1
Windsor, Inc. had the following transactions involving current assets and current liabilities during February 2022.
Feb. 3
Collected accounts receivable of $17,100.
7
Purchased equipment for $36,200 cash.
11
Paid $5,500 for a 1-year insurance policy.
14
Paid accounts payable of $13,400.
18
Declared cash dividends, $6,400.
Additional information:As of February 1, 2022, current assets were $133,940 and current liabilities were $36,200.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.)
Current ratio as of
Feb. 1,
2022
Enter the current ratio
:1
3
Enter the current ratio
:1
7
Enter the current ratio
:1
11
Enter the current ratio
:1
14
Enter the current ratio
:1
18
Enter the current ratio
:1
Adobe Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended November
30, 2018.
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
$ 1,350
1,330
650
1,400
Allowance for Doubtful Accounts
15
Cash and Cash Equivalents
1,640
Common Stock
450
Deferred Revenue
2,915
Equipment
13,060
Income Taxes Payable
35
Notes Payable (long-term)
5,105
Notes Receivable (long-term)
185
Prepaid Rent
310
Retained Earnings
8,915
Service Revenue
485
Short-Term Investments
1,590
2,720
Software
Required:
Prepare a classified balance sheet. The Allowance for Doubtful Accounts relates entirely to Accounts Receivable. (One of the accounts
does not belong on the balance sheet.) (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Answer is not complete.
ADOBE INCORPORATED
Balance Sheet
As of November 30, 2018
(in millions of dollars)
Assets
Current Assets
Cash and Cash Equivalents
Accounts…
Chapter 13 Solutions
Financial Accounting: Tools for Business Decision Making, 8th Edition
Ch. 13 - Prob. 1QCh. 13 - Prob. 2QCh. 13 - Prob. 3QCh. 13 - Prob. 4QCh. 13 - Prob. 5QCh. 13 - Prob. 6QCh. 13 - Prob. 7QCh. 13 - Prob. 8QCh. 13 - Prob. 9QCh. 13 - (a) Distinguish among the following bases of...
Ch. 13 - Prob. 11QCh. 13 - Prob. 12QCh. 13 - Prob. 13QCh. 13 - Prob. 14QCh. 13 - Prob. 15QCh. 13 - Prob. 16QCh. 13 - Prob. 17QCh. 13 - Prob. 18QCh. 13 - Prob. 19QCh. 13 - Prob. 20QCh. 13 - Prob. 21QCh. 13 - Prob. 22QCh. 13 - Prob. 13.1BECh. 13 - Prob. 13.2BECh. 13 - Prob. 13.3BECh. 13 - Prob. 13.4BECh. 13 - Prob. 13.5BECh. 13 - Prob. 13.6BECh. 13 - Prob. 13.7BECh. 13 - Prob. 13.8BECh. 13 - Prob. 13.9BECh. 13 - Prob. 13.10BECh. 13 - Prob. 13.11BECh. 13 - Prob. 13.12BECh. 13 - Prob. 13.13BECh. 13 - Prob. 13.14BECh. 13 - Prob. 13.15BECh. 13 - Prob. 13.1DIECh. 13 - Prob. 13.2DIECh. 13 - Prob. 13.3DIECh. 13 - Prob. 13.1ECh. 13 - Prob. 13.2ECh. 13 - Prob. 13.3ECh. 13 - Prob. 13.4ECh. 13 - Prob. 13.5ECh. 13 - Prob. 13.6ECh. 13 - Prob. 13.7ECh. 13 - Prob. 13.8ECh. 13 - Prob. 13.9ECh. 13 - Prob. 13.10ECh. 13 - Prob. 13.11ECh. 13 - Prob. 13.12ECh. 13 - Prob. 13.13ECh. 13 - Prob. 13.1APCh. 13 - Prob. 13.2APCh. 13 - Prob. 13.3APCh. 13 - Prob. 13.4APCh. 13 - Prob. 13.5APCh. 13 - Prob. 13.1EYCTCh. 13 - Prob. 13.2EYCTCh. 13 - Prob. 13.3EYCTCh. 13 - Prob. 13.4EYCTCh. 13 - Prob. 13.7EYCTCh. 13 - Prob. 13.8EYCTCh. 13 - Prob. 13.9EYCTCh. 13 - Prob. 13.1IFRS
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