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solong [7]
2 years ago
9

Using the following year-end information for WorkFit calculate the acid-test ratio:

Business
1 answer:
ASHA 777 [7]2 years ago
7 0

Answer:

0.97

Explanation:

The computation of the acid-test ratio is given below:

= Quick assets ÷ current liabilities

= (cash + short term investment + account receivable + supplies) ÷ (accounts payable + wages payable)

= ($58,110 + $14,000 + $58,000 + $5,600) ÷ ($108,000 + $31,900)

= $135,710 ÷ $139,900

= 0.97

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Petrenko Corporation has outstanding 2,000 $1,000 bonds, each convertible into 50 shares of $10 par value common stock. The bond
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Explanation:

The Journal entry is given below :-

Bonds payable                                      $2,000,000

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Shontelle owns an apartment house that has an adjusted basis of $760,000 but is subject to a mortgage of $192,000. She transfers
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Answer:

(a) $332,000

(b) $312,000

(c) $760,000

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