Answer:
Acid-test (quick) ratio=0.76642
Explanation:
Given Data:
Current Assets=$193,000
Current Liabilities=$137,000
Cash=$62,000
Accounts receivable=$43,000
Inventory=$88,000
Required:
Acid-test (quick) ratio=?
Solution:
Quick Assets=Cash+Accounts receivable
Quick Assets=$62,000+$43,000
Quick Assets=$105,000
Acid-test (quick) ratio=Quick Assets/Current Liabilities
Acid-test (quick) ratio=$105,000/$137,000
Acid-test (quick) ratio=0.76642
Answer:
The amount of overhead that Lowden should be recorded in the current period = 165% * $74,000 = $122,100
Explanation:
Shares are traded on a stock exchange
Answer:
a. Source documents provide control and reliability in an accounting information system.
Explanation:
The source documents are the documents that support all types of business transaction. It can be in terms of bank statement, purchase order, sales order, supplier invoices, etc. It can also known as vouchers
With the help of the source documents the accounting system provides the reliable and controlling of transactions
This is the first step to verify the transactions after that recording, posting of transactions could be done.
