Career Cluster

Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, ne

weqwewe [10]

Answer:

1a. Current ratio = Current assets / Current Liabilities

Current year = $224,517 / $120168 = 1.88 : 1

1 years ago = $175,652 / $70,310 = 2.50 : 1

2 years ago =$134,088 / $44,840 = 2.99 : 1

1b. The Current ratio worse over three years period

2a. Acid test ratio = (Cash + Investment + Account Receivables) / Current liabilities

Current year = ($29,328 + $0 + $83,351) / $120,168 = 0.94 : 1

1 year ago = ($32,285 + $0 + $57,663) / $70,310 = 1.28 : 1

2 year ago = ($34,323 + $0 + $45,764) / $44,840 = 1.79 : 1

2b. The Acid test ratio are worse over three years period

8 0

3 years ago

Nathaniel is delivering a presentation when an audience member asks a question. Nathaniel answers her question and then says, “W

nordsb [41]

D. Because he is listening to her fully and making sure he fully understands what she is asking

4 0

2 years ago

Marst Corporation's budgeted production in units and budgeted raw materials purchases over the next three months are given below

RideAnS [48]

Answer:

137,000

Explanation:

Jan Feb March

Units produced 94000 80000

Raw materials 26,000

Raw materials 213800 239800 295800

Ratio of raw material to a product is 2:1

Ending inventory = 30% of next month production

Represent budgeted production in February by F

239800=2F + (80000*2*30%)-(2F*30%)

239800 = 2F +48000 =0.6F

239800-48000=2F-0.6F

191800=1.4F

F= 191800/1.4 =137000

7 0

3 years ago

The act that requires most employers to withhold certain amounts from employees' earnings for contributions to the Social Securi

raketka [301]

Answer:

Federal Insurance Contributions Act

Explanation:

The Federal Insurance Contributions Act refers to a law that establishes the federal taxes that are deducted from employees' salaries to get the funds for social services like Medicare, disability insurance, among others. According to this, the answer is that the act that requires most employers to withhold certain amounts from employees' earnings for contributions to the Social Security and Medicare programs is called the Federal Insurance Contributions Act.

5 0

3 years ago

Oriole Co. purchased goods with a list price of $181,400, subject to trade discounts of 20% and 10%, with no cash discounts allo

ValentinkaMS [17]

Answer:

$130,608

Explanation:

To calculate the cost of goods sold per the above information, we need to calculate first the portion of the trade discount on the goods purchased.

Trade discount = Goods purchased × 20% trade discount

= $181,400 × 20%

= $36,280

The next step is to calculate Sales and Gross profit

Sales = [$181,400 - $36,280] = $145,120

Gross profit = $145,120 × 10% = $14,512

Therefore,

Cost of goods sold = Sales - Gross profit

Cost of goods sold =$145,120 - $14,512

Cost of goods sold = $130,608

Hence, Oriole Co. would record $130,608 as cost of goods sold.

7 0

3 years ago