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2 years ago

Simon Company’s year-end balance sheets follow.

Business

1 answer:

vivado [14]2 years ago

8 0

Answer:

A.Current ratio

2017 191%

2016 248%

2015 289%

B.Acid Test Ratio

2017 101%

2016 139%

2015 183%

Explanation:

A.Computation of the current ratio for the year ended 2017, 2016, and 2015.

Using this formula

Current Ratio =Current Assets / Current Liabilities

2017 2016 2015

Cash $26,403 $29,364 $29,991

Accounts receivable, net

73,552 52,436 40,392

Merchandise inventory 96,214 70,676 43,017

Prepaid expenses 8,255 7,944 3,467

a.Current asset

204,424 160,420 116,867

b.Current Liabilities

Accounts payable $107,101 $64,564 $40,392

Let plug in the formula

(a) / (b) Current Ratio 191% 248% 289%

Therefore the Current ratio are:

2017 191%

2016 248%

2015 289%

B.Computation for acid-test ratio for the year ended 2017, 2016, and 2015.

Using this formula

Acid Test Ratio=Current Assets / Current Liabilities

2017 2016 2015

Cash $26,403 $29,364 $29,991

Accounts receivable, net

73,552 52,436 40,392

Prepaid expenses 8,255 7,944 3,467

a. Current asset

108,210 89,744 73,850

b. Current liabilities

Accounts payable $107,101 $64,564 $40,392

Let plug in the formula

(a) / (b)Acid Test Ratio 101% 139% 183%

Therefore the Acid Test Ratio are:

2017 101%

2016 139%

2015 183%

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On January 1, 2021, Canseco Plumbing Fixtures purchased equipment for $40,000. Residual value at the end of an estimated 7 year

Degger [83]

Answer:

Part a

2021 = $7,000

2022 = $6,000

Part b

2021 = $5,250

Explanation:

Sum of the year`s digit method provide for higher depreciation in early life of the asset with lower depreciation in later years.

Step 1

Some of digits calculation :

Year Digits

2021 7

2022 6

2023 5

2024 4

2025 3

2026 2

2027 1

Total 28

Step 2

Determine the depreciable amount

Depreciable amount = Cost - Residual value

= $40,000 - $12,000

= $28,000

Step 3

Depreciation expense calculations

2021 = 7 / 28 x $28,000 = $7,000

2022 = 6/ 28 x $28,000 = $6,000

assuming the equipment was purchased on March 31, 2021

2021 = $7,000 x 9/12 = $5,250

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2 years ago

An investor was looking at a sixteen-unit apartment building. Four of the units rented for $600, four for $750, four for $725, a

tankabanditka [31]

Answer:

$1,545,000

Explanation:

The formula to compute the cost of the building equal to

Rate of return = (Rental income - expenses) ÷ (cost of building )

where,

Rate of return = 8%

Rental income equals to

= ($600 × 4 units + $750 × 4 units + $725 × 4 units + $800 × 4 units) × 12 months

= $138,000

Total expense

= $1,200 × 12 month

= $14,400

Now the cost of building would be

8% = ($138,000 - $14,400) ÷ (cost of building )

8% = $123,600

So, the cost of building equal to $1,545,000

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3 years ago

20% of students in a class go to professor during office hours. of those who go 30% seek minor clarification. 70% seek major cla

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a. The probability that a student goes to seek for minor clarification from the professor during office hours = 6%.

b. The probability that a student goes to the professor for major clarification = 14%.

Data and Calculations:

Percentage of students in the class who go to the professor to seek clarifications = 20% (a)

Percentage of students in the class who do not go to the professor to seek clarifications = 80% (100% - 20%) (b)

Percentage of (a) who seek minor clarification = 30%

Percentage of (a) who seek major clarification = 70%

Probability of (a) seeking minor clarification = 6% (20% x 30%)

Probability of (a) seeking major clarification = 14% (20% x 70%)

Thus, the probability of students seeking minor clarification is 6% while the probability of students seeking major clarification is 14%.

Learn more about probability at brainly.com/question/13604758

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1 year ago

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KATRIN_1 [288]

Answer: im not sure don't use my answer.

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