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
Delvig [45]
3 years ago
8

Act II Costumes currently has $120,000 in cash, $340,000 in inventory, and $20,000 in accounts receivable. The company also has

$20,000 in accounts payable, and $20,000 in other current liabilities. What is its quick ratio?
Business
1 answer:
Len [333]3 years ago
5 0

Answer:

Quick ratio = Current assets - Inventory/Current liabilities

= $480,000 - $340,000/$40,000

= 3.5

Current assets = $120,000 + $340,000 + $20,000 = $480,000

Current liabilities = $20,000 + $20,000 = $40,000

Explanation:

Explanation: Quick ratio is the ratio of liquid assets to current liabilities. Liquid assets are current assets less inventory. Liquid assets amounted to $140,000 while current liabilities are $40,000. The division of liquid assets by current liabilities gives quick ratio.                                                                                                                      

You might be interested in
XZYY, Inc. currently has an issue of bonds outstanding that will mature in 31 years. The bonds have a face value of $1,000 and a
Mamont248 [21]

Answer:

7.31%

Explanation:

The question is pointing at the bond's yield to maturity.

The yield to maturity can be computed using the rate formula in excel as provided below:

=rate(nper,pmt,-pv,fv)

nper is the number of times the bond would pay annual coupons which is 31

pmt is the annual coupon payment i.e $1000*8.0%=$80.00

pv is the current price of the bond which is $1,084

fv is the face value of the bond which is $1,000

=rate(31,80,-1084,1000)=7.31%

The yield to maturity is 7.31%

That is the annual rate of return for an investor that holds the bond till maturity.

3 0
3 years ago
At the beginning of July, CD City has a balance in inventory of $2,450. The following transactions occur during the month of Jul
denpristay [2]

Answer:

CD City

a. Journal Entries, using perpetual inventory system:

July 3:

Debit Inventory $1,350

Credit Accounts Payable (Wholesale Music) $1,350

To record purchase of CDs on account, terms, 2/10, n/30.

July 4:

Debit Freight-in $110

Credit Cash $110

To record cash payment for freight.

July 9:

Debit Accounts Payable (Wholesale Music) $200

Credit Inventory $200

To record return of CDs.

July 11:

Debit Accounts Payable (Wholesale Music) $1,150

Credit Cash Discount $23

Credit Cash $1,127

To record full settlement on account.

July 12:

Debit Accounts Receivable $3,900

Credit Sales $3,900

To record sales of CDs on account.

Debit Cost of Goods Sold $2,050

Credit Inventory $2,050

To record the cost of sales.

July 15:

Debit Cash $3,900

Credit Accounts Receivable $3,900

To record cash receipt from customers.

July 18:

Debit Inventory $2,150

Credit Accounts Payable (Music Supply) $2,150

To record purchase of CDs on account, terms, 2/10, n/30.

July 22:

Debit Cash $3,250

Credit Sales $3,250

To record cash sales.

Debit Cost of Goods Sold $1,550

Credit Inventory $1,550

To record cost of sales.

July 28:

Debit Accounts Payable (Music Supply) $110

Credit Inventory $110

To record return of CDs.

July 30:

Debit Accounts Payable (Music Supply) $2,040

Credit Cash $2,040

To record full settlement.

b. Top Section of Multiple-step Income Statement for the month of July:

Sales                              $7,150

Cost of Goods Sold = ($3,600)

Gross Profit             = $3,550

Explanation:

a) Sales

July 12 =  $3,900

July 22 = $3,250

Total $7,150

b) Inventory

Beginning Balance = $2,450

July 3 purchase    =      1,350

July 9 return         =       -200

July 12 cost of sales  -2,050

July 18 purchase   =     2,150

July 22 cost of sales  -1,550

July 28 return       =        -110

Ending Balance    =  $2,040

c) Cost of Goods Sold

July 12 cost of sales  $2,050

July 22 cost of sales    1,550

Total  $3,600

8 0
3 years ago
The Spokes Bikes makes 18 bicycle models in more than 2 million combinations, with each combination designed to fit the needs of
creativ13 [48]
C.) mass customization
7 0
3 years ago
Read 2 more answers
The employees of Pi's Pizza, a local pizza restaurant, feel that the owners and managers really try to follow the ethical polici
weeeeeb [17]

Answer: (C) Ethical climate

Explanation:

 The ethical climate is one of the organizational based atmosphere where the company basically focuses on the employees ethical values, laws and the environment that helps in making different types of complex decisions.

The main purpose of the ethical climate in an organization is that it helps in maintaining the values, principle and the moral of the company employees.

According to the given question, the Pi's pizza is one of the restaurant that maintain the ethical climate by follow the various types of ethical policies. Therefore, Option (C) is correct answer.  

7 0
3 years ago
Is there a site that i can sell me drawings on...? to get money...
Tomtit [17]
There is a site called Red Bubble. I'm going to start using it soon. It's a great site and very easy to use!
6 0
3 years ago
Other questions:
  • The lowest school dropout rate in the united states in 2008 occurred for:
    14·1 answer
  • An end items demand forecasts for the next 10 weeks are 30, 20, 35, 50, 25, 25, 0, 40, 0, and 50 units. The cur-rent on-hand inv
    8·1 answer
  • What is the formula used to calculate total profit?
    8·1 answer
  • Best birdies produces ornate birdcages. the company's average cost per unit is $18.00 when it produces 2,200 birdcages. if $5,50
    6·1 answer
  • Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: Issued 10,000 shares of common s
    8·1 answer
  • Adams Furniture receives a special order for 10 sofas for a special price of $3,000. The direct m als and direct labor for each
    7·1 answer
  • Tomas earned $89 in interest on his savings account last year and has decided to leave the $89 in his account this coming year s
    12·1 answer
  • GMM co. plans to issue annual coupon bonds with 7.5% coupon rate to the public, maturing in 10 years. The face value of the bond
    7·1 answer
  • People are willing to pay a higher price if they believe that supplies are ______.
    8·2 answers
  • The following data have been recorded for recently completed Job 450 on its job cost sheet. Direct materials cost was $3,044. A
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!