1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vodka [1.7K]
3 years ago
15

The following items are reported on a company's balance sheet: Cash $100,000 Marketable securities 50,000 Accounts receivable (n

et) 60,000 Inventory 70,000 Accounts payable 140,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio fill in the blank 1 b. Quick ratio fill in the blank 2
Business
1 answer:
olchik [2.2K]3 years ago
4 0

Answer:

a. 2.00

b. 1.50

Explanation:

The Current and Quick ratios are both liquidity ratios that are used to determine the ability of a company to pay off its current liabilities with current assets.

a. Current Ratio

= Current assets / Current liabilities

= (100,000 + 50,000 + 60,000 + 70,000) / 140,000

= 2.00

b. Quick ratio

= (Current assets - Inventory) / Current liabilities

= (100,000 + 50,000 + 60,000) / 140,000

= 1.50

You might be interested in
While preparing a bank reconciliation, a bank service charge was discovered. This adjustment would be recorded with a?
Sedaia [141]

While preparing a bank reconciliation, a bank service charge was discovered. This adjustment would be recorded with a Credit to cash, debit to bank fees expense.

Bank Reconciliation is an important manner in accounting wherein agencies healthy their bank statements with the transactions which can be recorded in their preferred ledger. making ready a financial institution reconciliation statement facilitates businesses to put off viable errors in transactions or bookkeeping.

There are 5 principal kinds of bank reconciliation: financial institution reconciliation, consumer reconciliation, dealer reconciliation, inter-company reconciliation, and business-unique reconciliation.

In bookkeeping, a financial institution reconciliation is a procedure by using which the financial institution account balance in an entity’s books of account is reconciled to the balance said by using the monetary organization inside the maximum latest bank declaration. Any distinction between the 2 figures needs to be examined and, if appropriate, rectified.

Learn more about bank reconciliation here brainly.com/question/15525383

#SPJ4

7 0
1 year ago
Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $ 4,000 Salaries expense 1,500
matrenka [14]

Explanation:

The preparation of the end December Income statement for Cowboy Law Firm is presented below:

                                          Cowboy Law Firm

                                           Income statement  

Revenue  

Service Revenue $7,900

Total revenues $7,900 (A)

Less: Expenses

Salaries expense $1,500

Utilities expense $1,000

Total expenses $2,500 (B)

Net income $5,400 (A- B)

4 0
3 years ago
Which of the following is not one of the four basic financial statements?
TEA [102]

Answer:

A revenue statement is not a basic financial statement.

5 0
2 years ago
g McGuire was an employee of First National Bank of Grayson (FNBG). FNBG participated in a Kentucky Housing Corporation (KHC) pr
Crazy boy [7]

Answer:

The court concluded truthfully, as he had done all the analysis and acknowledged the documentation and investment purposes.

The program scammed funds which might have been used for small-income housing by the government agency.

<em>United States v. McGuire, 744 F.2d 1197 (Cir. 11, 1984).</em>

6 0
3 years ago
Public saving is negative when:A. there is a government budget surplus.B. there is a government budget deficit.C. the government
m_a_m_a [10]

Answer: Option (B) is correct.

Explanation:

Public saving refers to the tax revenue amount that a government left with after paying for its expenditure or spending.

Public saving = Tax revenue - Spending

Private saving refers to the after tax income of the individuals after paying for their consumption and taxes.

Suppose there is a government budget deficit, in this situation government's expenditure is greater than government's receipts. This means that tax revenue is not enough to pay out its expenditure.

Therefore, this will lead to negative public savings.

3 0
3 years ago
Other questions:
  • Exporting only after receiving unsolicited foreign inquiries is best described as:________.a. Direct exporting.b. Indirect expor
    14·1 answer
  • How does proper inventory control help a company manage its marketing efforts
    15·1 answer
  • Three reasons why people might accidentally overdraw are:
    7·1 answer
  • Suppose that the five firms in industry A have annual sales of 30, 30, 20, 10, and 10 percent of total industry sales. For the f
    8·1 answer
  • A journal entry includes a debit to Salaries and Wages Expense of $5,000; a debit to Salaries and Wages Payable of $3,000; and a
    10·1 answer
  • A producer of felt-tip pens has received a forecast of demand of 30,000 pens for the coming month from its marketing department.
    12·1 answer
  • If a firm with a positive net worth is operating its fixed assets at full capacity, if its dividend payout ratio is 100%, and if
    9·1 answer
  • The existence of the underground economy causes gross domestic product (gdp) statistics to _____
    10·1 answer
  • HELP PLEASE!
    12·2 answers
  • The Nellie Company has provided the following information: Operating expenses were $115,000; Gross profit was $629,000; Cost of
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!