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alex41 [277]
3 years ago
5

Based on the following data, what is the current ratio? Accounts payable………………………….. $ 64,000 Accounts receivable….………………….. 114

,000 Accumulated depreciation.............. 160,000 Cash………………………………..……………. 60,000 Equipment……................................... 1,500,000 Inventory………………………………………. 138,000 Long-term investments………..………. 160,000 Notes payable (due in 3 months)…… 56,000 Notes payable (due in 2 years)......... 200,000 Patents……...............……………………… 100,000 Prepaid insurance…………………………... 2,000 Short-term investments…………….…… 80,000

Business
1 answer:
erastova [34]3 years ago
8 0

Answer:

Current ratio = 3.28

Explanation:

Current Ratio = Current Asset (CA) / Current Liabilities (CL)

In this case:

Current Ratio = Current Asset / Current Liabilities

Current Ratio = 394,000 / 120,000

Please, for the accounts classification see attached file. You will find the amount of current and long-term assets and liabilities there.

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At the beginning of 2020, Concord Company acquired a mine for $3,251,600. Of this amount, $124,000 was ascribed to the land valu
Sav [38]

Answer:

A. $737,520

B. $530,320

Explanation:

a. Computation for the total amount of depletion for 2020.

First step is to calculate the Depletion Rate

Depletion Rate = ($3,251,600 - $124,000 + $49,600 + $210,800)/12,100,000

Depletion Rate= $3,388,000/ 12,100,000

Depletion Rate= 0.28

Now let calculate the total amount of depletion for 2020.

2020 Total amount of depletion= 0.28 × $2,634,000

2020 Total amount of depletion= $737,520

Therefore the total amount of depletion for 2020 is $737,520

B. Computation for the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020.

Expense amount charged= ($737,520/$2,634,000)* 1,894,000

Expense amount charged=0.28 *1,894,000

Expense amount charged=$530,320

Therefore the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020 is $530,320

7 0
2 years ago
I have a question<br><br> I dont know I was just wondering
Elis [28]
Yeah for sure i guess ...
8 0
2 years ago
During 20x8, a firm discontinued a component qualifying for separate disclosure within the income statement. The disposal was co
MAVERICK [17]

Answer:

  1. IFCO for 20x7 as it is reported comparatively in the 20x8 statements  = $5,600
  2. IFCO for 20x8 = $6,800

Explanation:

1) IFCO for 20x7 as it is reported comparatively in the 20x8 statements, should not include the $400 operating income from the component = $6,000 - $400, or $5,600.

2) IFCO for 20x8 should not include the gains resulting from the disposal of the component nor the losses generated by it = $7,000 - $300 + $100 = $6,800

4 0
3 years ago
Holtzman Clothiers's stock currently sells for $40.00 a share. It just paid a dividend of $1.75 a share (i.e., D0 = $1.75). The
VladimirAG [237]

Answer: See explanation

Explanation:

a. What stock price is expected 1 year from now?

This will be calculated as:

= P0 × (1 + g)

where,

P0 = $40

g = growth rate = 7%

= P0 × (1 + g)

= 40 × (1 + 7%)

= 40 × (1 + 0.07)

= 40 × 1.07

= $42.80

b. What is the required rate of return?

This will be:

= (D1 / P0) + g

where D1 = D0 × (1+g) = 1.75 × (1+0.07) = 1.75 × 1.07 = 1.8725

= (D1 / P0) + g

= (1.8725 / 40) + 0.07

= 0.1168

= 11.68%

5 0
2 years ago
Milton is the sales manager of a cosmetics company that offers a wide range of face creams, lipsticks, and eye makeup. some of t
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3 years ago
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