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weeeeeb [17]
2 years ago
7

You have the following information on Olivia's Bridle Shop: total liabilities and equity = $65 million, current liabilities = $1

0 million, inventory = $15 million, and quick ratio = 3 times. Using this information, what is the balance for fixed assets on Olivia's balance sheet? $40m. $20m. $45m. $135m.
Business
1 answer:
Pepsi [2]2 years ago
8 0

Answer:

Total Fixed Assets = 20 million

Explanation:

Total liabilities and equity = $65 million

Current liabilities = $10 million

Inventory = $15 million

Quick ratio = 3 times.

As we know

Total liabilities and equity = Total Assets

65 Million = Total Fixed Assets + Total Current Assets

65 Million = Total Fixed Assets + 45 million

Total Fixed Assets = 65 million - 45 million

Total Fixed Assets = 20 million

Quick Ratio = ( Total Current Assets - Inventory ) / Total Current Liabilities

3 = ( Total Current Assets - 15 million ) / $10 Million

3 x $10 Million = Total Current Assets - 15 million

30 million = Total Current Assets - 15 million

30 million + 15 million = Total Current Assets

Total Current Assets = 45 Million

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3 years ago
Horton Co. was organized on January 2, 2014, with 500,000 authorized shares of $10 par value common stock. During 2014, Horton h
Harrizon [31]

Answer:

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Explanation:

The computation of the balance in the treasury stock account is shown below:

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3 years ago
Seating Company is currently selling 1,400 oversized bean bag chairs a month at a price of ​$95 per chair. The variable cost of
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Answer:

Contribution Margin Income Statement

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3 years ago
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From this item it can be identified that,
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