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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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Answer:

a. The net pay is correct.

Explanation:

Suppose the missing part of the question which is the gross pay and the federal tax is 1020.00 and 107.00 respectively.

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Social Security tax 6.2% of the gross pay  = 0.062 × 1020

Social Security tax 6.2% of the gross pay  = $63.24

the Medicare tax is 1.45% of gross pay = \dfrac{1.45}{100} \times 1020

the Medicare tax is 1.45% of gross pay = 0.0145  × 1020

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the state tax is 19% of federal tax = 0.19 × 107

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Hence, to determine if Juanita's net pay is correct, we have the summation of all our estimated figures minus the gross pay.

i.e

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Juanita's net pay =  $1020 - 205.36

Juanita's net pay =  $814.64

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