Long-Grained rice. Hope this helps:)
Answer:
Company's current ratio is 2.4
Explanation:
Current ratio = Current assets / Current liability
Current ratio = 46,880/19,500
Current ratio = 2.404 =2.4
<u>WORKINGS</u>
Current assets:
Account Receivable= 29,500
Office supplies 4,800 (Assuming they are stocks of supplies)
Prepaid insurance 4,680
Cash 7,900
Total current assets=46,880
Current liabilities
Account Payable 13,500
Unearned services revenue 6,000
Total current liability= 19,500
Answer and Explanation:
The adjusting entries are shown below:
a. Salaries expense Dr $1,400
To Salaries payable $1,400
(being salaries expense is recorded)
b. Interest expense ($40,000 × 12% × 1 ÷12) $400
To interest payable $400
(being interest expense is recorded)
c. Account receivable Dr $3,000
To Service revenue $3,000
(being revenue is recorded)
These 3 entries should be recorded
$273 ,000 being the equal installments for all the three years
Explanation:
I year interest = $ 630,000 ×15÷100 = 94,500
II year interest = $420,000×15÷100 = 63,000
III year interest = $210 ,000×15÷100 = 31,500
Total interest = 94,500+63,000+31,500 = 189.000
Installments payment with interest for each year is=
(630,000 + 189,000 = 819,000÷ 3 = 273,000)
= $273 ,000 being the equal installments for all the three years
