Compute the current and quick ratios
Given the following information, compute the current and quick ratios:
Cash $100,000
Accounts receivable 357,000
Inventory 458,000
Current liabilities 498,000
Long-term debt 610,000
Equity 598,000
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Prepare the adjusting entry to record the bonds at fairvalue at December 31, 2010. The securities Fair Value Adjustment account has a debit balance of $1,000 prior to adjustment.
A broadcasting company failed to make a year-end accrual of $200,000 for fines due to a violation of FCC rules. Its tax rate is 40%. As a result of this error, net income was:
Blythe Industries Inc. expects to maintain the same inventories at the end of 2012 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold.
Gentry Inc. acquired 100% of Gaspard Farms on January 5, 2010. During 2010, Gentry sold Gaspard Farms for $625,000 goods which had cost $425,000. Gaspard Farms still owned 12% of the goods at the end of the year.
Specialty Metals, Inc., a fast-growing company that makes metals for equipment manufacturers, has an $ 800,000 line of credit at its bank. One section in the credit agreement says that the ratio of cash flows from operations to interest expense mu
Using the information provided prepare a Balance Sheet. Separate the current assets from non-current assets and provide a total for each. Also separate the current liabilities from the non-current liabilities and provide a total for each.
Army-Navy Surplus sold 320 tents, and at March 31 the ending inventory consists of 50 tents. The sale price of each tent was $45.
What amount of accounts receivable would Google Party Planners report on its October 31 balance sheet under the direct write-off method? Does Google expect to collect the full amount?
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