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Margaret [11]
4 years ago
13

The following amounts were reported on the December 31, 2019, balance sheet:

Business
1 answer:
Elina [12.6K]4 years ago
7 0

Answer:

a. $50,000

b. 2.25 times

c. 0.75 times

Explanation:

a. The formula to compute the working capital is shown below:

Working capital = Current assets - current liabilities

where,

Current assets = Cash + accounts receivable + merchandise inventory

                        = $16,000 + $44,000 + $60,000

                        = $90,000

And, the current liabilities would be

= Wages payable + accounts payable

= $10,000 + $30,000

= $40,000

Now put these values to the above formula

So, the value would be equal to

= $90,000 - $40,000

= $50,000

b.  Current ratio = Total Current assets ÷ total current liabilities  

= $90,000 ÷ $40,000

= 2.25 times

c. Acid-test ratio = Total Current assets - merchandise inventory  ÷ total current liabilities  

= $90,000 - $60,000 ÷ $40,000

= 0.75 times

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