Q1. Compute the owner's equity the data given
Based on the following information, calculate stockholders' equity:
Cash = $30;
Total current liabilities = $80;
Accounts receivable = $30;
Inventory = $90;
Net fixed assets = $220;
Accounts payable = $20;
Long term debt = $50.
Q2. Compute the cost of goods sold using the current, Acid test ratio and current liabilities.
Calculate the value of cost of goods sold for Large Stone Brewing given the following information:
Current liabilities = $340,000;
Quick ratio = 1.8;
Inventory turnover = 4.0;
Current ratio = 3.3.