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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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defon

Answer:

c. $90,700

Explanation:

The computation of the cost of the land is shown below:

= Purchase cost of land + property taxes + attorney fees + land graded cost

= $85,000 + $2,500 + $1,000 + $2,200

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We added the property taxes, attorney fees, and the land graded cost to the purchase cost of the land. We do not include the parking lot expenses

3 0
3 years ago
Started businesse with cash rs 5000 and bank balance rs 10000​
notka56 [123]

Answer:

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Explanation:

5000+5000=10000

8 0
2 years ago
Kathy and Jake are purchasing a house and are financing $465,000. The mortgage is a 20-year
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D

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Good luck in your studies!

5 0
2 years ago
After you record your business transactions what is the next step in the process of turning this data into useful information?
hoa [83]
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4 0
3 years ago
Kraus Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are
ludmilkaskok [199]

Answer:

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