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4 years ago

Ace Industries has a current assets equal to $3 illion . the company's current ratio is 1.5. and its quick ratio is 1.0.

Business

1 answer:

zavuch27 [327]4 years ago

6 0

Answer:

$2,000,000

$1,000,000

Explanation:

We know that

Current ratio = Total Current assets ÷ total current liabilities

1.5 = $3,000,000 ÷ total current liabilities

So, the total current liabilities would be

= $2,000,000

And

Quick ratio = Quick assets ÷ total current liabilities

1.0 = Quick assets ÷ $2,000,000

Quick assets = $2,000,000

So, the inventory would be

= Total current assets - quick assets

= $3,000,000 - $2,000,000

= $1,000,0000

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Answer:

The correct answer is True.

Explanation:

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3 years ago

North Wind Aviation received its charter during January 2013. The charter authorized the following capital stock:

Citrus2011 [14]

Answer:

during January 2013. The charter authorized the following capital stock:

Preferred stock: 8 percent, par $10, authorized 20,000 shares.

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Required:

Prepare the stockholders� equity section

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3 years ago

When preparing journal entries, the account titles are selected using either the dropdown menu (if available) or by keying in th

Ira Lisetskai [31]

Answer:

True

Explanation:

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If we take the example.

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So, the journal entry would be

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3 years ago

Which of the following indicates that the functional currency of a foreign subsidiary is the US dollar? Group of answer choices

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Answer:

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Explanation:

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4 years ago

Molly and Craig are the original parties to a contract. Craig is obligated to design a Website for Molly. They subsequently make

aliya0001 [1]

Answer:

A. A Novation

Explanation:

A novation is contract law or business law term that can represent the following situations:

1. Replacing an already established obligation to perform with another obligation

2. Adding a new obligation to perform to the already established obligation

3. Replacing a party to an agreement who is supposed to perform an obligation with a new party.

Replacing a party to an agreement with a new party

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3 years ago