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3 years ago

The following data were taken from the records of Menendez Company:

Business

1 answer:

nydimaria [60]3 years ago

3 0

Answer: a. $1,500

Explanation:

Working capital is calculated by deducting current liabilities from current assets. It is meant to show the operating liquidity of a company within a period.

Working capital = Current assets - Current liabilities

= 5,000 - 3,500

= $1,500

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2 years ago

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ss7ja [257]

Answer:

Note: The complete question is attached as picture below

We are add the previous month +10% to get that month's amounts

Sales Budget

January February March

Cash sales $50,000 $55,000 $60,500

Credit sales $120,000 $132,000 $145,200

Total sales $170,000 $187,000 $205,700

Workings:

February

Cash sales = 50,000+(50,000*10%) = $55,000

Credit sales= 120,000+(120,000*10%) = $132,000

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2 years ago

A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $18,480 to the city for

Nina [5.8K]

Answer:

Explanation:

The journal entries are shown below:

Taxes expense A/c Dr $12,320

To Prepaid Taxes $12,320

(Being prepaid taxes are adjusted)

Taxes expense A/c Dr $45,000

To Property taxes payable $45,000

(Being property taxes are adjusted)

The prepaid taxes are computed below:

= Prepaid taxes × (number of months ÷ total number of months in a year)

= $18,480 × (8 months ÷ 12 months)

= $12,320

The eight months is calculated from May 1 to December 31

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2 years ago