Posted: July 19th, 2016
Using the following balance sheet and income statement data, what is the current ratio?
Current assets $14,000 Net income $24,000
Current liabilities 8,000 Stockholders’ equity 42,000
Average assets 80,000 Total liabilities 18,000
Total assets 60,000
Average common shares outstanding was 10,000.
Answer:
1.75 : 1
1.6 : 1
0.57 : 1
3.3 : 1
Use the following data to calculate the current ratio.
Eddy Auto Supplies
Balance Sheet
December 31, 2012
Cash $50,000 Accounts Payable $55,000
Prepaid Insurance 30,000 Salaries Payable 10,000
Accounts Receivable 40,000 Mortgage Payable 90,000
Inventory 70,000 Total Liabilities $155,000
Land held for Investment 80,000
Land 75,000
Buildings $110,000 Common Stock $120,000
Less Accumulated Retained Earnings 250,000
Depreciation (20,000) 90,000 Total Stockholders’ Equity $370,000
Trademarks 70,000 Total Liabilities and
Total Assets $525,000 Stockholders’ Equity $525,000
Answer:
1.85 : 1.
2.92 : 1.
3.45 : 1.
1.38 : 1.
Winrow Company showed the following balances at the end of its first year: What did Winrow Company show as total credits on its trial balance?
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