False a business can have lots of opportunities, look at Walgreen's. <span />
Quick ratio is 1.47.
Company A uses the FIFO method to account for inventory and Company B uses the LIFO method. The quick ratio is an indicator of a company’s short-term liquidity position and measures a company’s ability to meet its short-term obligations with its most liquid assets.
Gross Profit 72000 67000
Operating expenses and interest expense 56000 53000,
Pretax Income 2200014000
Income Tax 3000 4000
Net Income 14000 10000
Balance sheet Year? Year
cash 4000 7000
Accounts Receive ab 114000 18000
Taventory 40000 34000,
Property & Equipment 45000 36000
Total Assets 302000 97000
Current Liabilities ‘i6000 4.7000
Long term Liabilities 5000 45000
Common stock 30000 30000
Retained Earnings 1120005000
Total Liabilities & Stock holders equity 10300037000,
L. Current Ratio = Current Assets / Current Liabilities
Year? Year
Current Ratio 36347
2.Quick Ratio
‘Current Assets - Inventory / Current Liabilities
Year? Year
Quick Ratio is 1.47
2.Profit Margin = Net profit /Sales
Year? Year
Profit Margin 737% 5.99%
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Expenses likely to be classified as prepaid expense (asset) are Prepaid Rent & Insurance Premiums. Enter a prepaid rent payment on the balance sheet as an asset until the month when the company is actually using the facility to which the rent relates, and then charge it to expense. Any insurance premium costs that have not expired as of the balance sheet date should be reported as a current asset such as Prepaid Insurance.
A common tool project teams use to show resource assignments is a responsibility matrix. Typically, this chart will depict what role each person on the team will have during each activity.
Managers set up a log to show each persons role for project completion. This allows for more streamline work and eliminates the questions regarding what each person should or shouldn't be doing.
Answer:
$320,000
Explanation:
Since the season starts in January and lasts until June, by April 30 the balance of the deferred revenue (or unearned revenue account) would be = $960,000 - {($960,000 / 6) x 4} = $960,000 - $640,000 = $320,000
The journal entries should be:
Accumulated tickets until December 31
Dr Cash 960,000
Cr Deferred (Unearned) revenue 960,000
By April 30th, the adjusting entry should be:
Dr Deferred (Unearned) revenue 640,000
Cr Ticket revenue 640,000
