Jones corp reported current assets of 196,000 and current L of 138500 on its most recent balance sheet the current assets consisted of 61,000 cash 42100 account R and 92900 of inventory the acid test (quick) ratio is 14: 1 0.74: 1 0.53: 1 1: 1 0.67: 1

Q: The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes…

A: As posted multiple sub parts we are answering only first sub part. Kindly repost the unanswered…

Q: The general ledger trial balance of Central Corporation includes the following statement of…

A: Current assets are those assets which are either in cash form or can be converted into cash into…

Q: Condensed financial data are presented below for the Phoenix Corporation:     20X2   20X1 Accounts…

A: Current ratio is computed by dividing current assets by current liabilities. Current ratio is used…

Q: Some selected financial statement items belonging to Mirbat Company are given in the table below.…

A: The average inventory period is calculated by dividing the number of days in a year by the inventory…

Q: 1. Complete the balance sheet and sales information using the following financial data: Balance…

A: A component of the financial statement that provides information regarding the assets, liabilities,…

Q: Jones Corporation reported current assets of $187,000 and current llabilities of $132,000 on Its…

A: Quick Ratio/ Acid Test ratio is Calculate to know the actual Liquidity of a Business have in their…

Q: Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes…

A: Notes payable: It is a long term liability to the organization issuing it. It is issued to raise…

Q: The following book and fair values were available for Westmont Company as of March 1.     Book…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Condensed financial data are presented below for the Phoenix Corporation:     20X2   20X1 Accounts…

A: Return on asset: It refers to a financial ratio that is used for determining the profitability of a…

Q: Taft Technologies has the following relationships: annual sales $1,200,000 current liabilities…

A: On a balance statement, total current assets refers to the total amount of cash, receivables,…

Q: Condensed financial data are presented below for the Phoenix Corporation:     20X2   20X1 Accounts…

A:

Q: In the base year Marley Enterprises of Vancouver had cash of $560, accounts receivable of $2650,…

A: Inventory forms a part of current assets and represents the value of raw material, work in process…

Q: Dungy Training Company has a current ratio of 0.70 to 1, based on current assets of $3.43 million…

A: Current Ratio is the ratio of current assets and current liabilities of the firm. It measures…

Q: The current asset section of Stibbe Pharmaceutical Company’s balance sheet included cash of $20,000…

A:

Q: Alnoor corporation has current assets of $600,000 and current liabilities of $330,000. Al Noor…

A: Current ratio is a type of liquidity ratio. It helps to measure the ability of company to pay off…

Q: The balance sheet shows the following accounts and amounts: Cash $13,000; Short-term Debt $21,000;…

A: Assets= Assets Include Fixed assets and Current Assets.   Current Assets are those assets which…

Q: Supernova Company had the following summarized balance sheet on December 31 of the current year:…

A: The technique of recording commercial transactions for first time in the books of accounts is known…

Q: FMT Co has current assets that consist of cash: $20,000, receivables: $70,000 and inventory:…

A: The ratio article examines line-item data from  the company's financial records to determine…

Q: Crafter Company has the following assets and liabilities: ​ Assets   Cash $28,000 Accounts…

A: Quick ratio = Quick assets / Current liability) / Accounts payable

Q: Some selected financial statement items belonging to Mirbat Company are given in the tab below.…

A: Solution:- Calculation of Average inventory period as follows under:-

Q: B Co had the following details extracted from its statement of financial position: $00 Inventory…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: Required:   Assuming a 30% income tax rate, prepare a 2020 income statement for Gause Company. Use a…

A: Given:

Q: Crafter Company has the following assets and liabilities: Assets   Cash $24,971 Accounts…

A: Quick ratio is also known as acid-test ratio. It aims to determine company’s liquidity position.

Q: The Ivy Corporation shows the following data: Current assets:…

A: quick ratio =current asset - inventorycurrent liabilites

Q: Average age of inventory of PETRON STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT OF 3…

A: Average age of inventory means the number of days the company will take to sell its inventory. The…

Q: Taft Technologies has the following relationships: annual sales $1,200,000 current liabilities…

A: The total current assets consist of cash, inventories, and accounts receivables. The inventory…

Q: long-term debt to tangible assets for 20X2 is:

A: Meaning of Consolidated Financial Statements The main purpose of Consolidated Financial Statements…

Q: Complete the balance sheet and sales information using the following financial data:…

A: Using the following Ratios : Inventory Turnover Ratio = COGS / Average Stock Fixed assets turnover…

Q: Blue Co. has a current ratio of 2 and a quick ratio of 1.8. The current asset of Blue Co. is…

A: Given,  Current liabilities = 3/4th of half of total liabilities = 3/4 * 1/2 * P100,000 = 3/4 *…

Q: Jones Corp. reported current assets of $201,500 and current liablities of $143,000 on its most…

A: Formula to calculate the quick ratio:

Q: The following book and fair values were available for Westmont Company as of March 1.     Book…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: The following book and fair values were available for Westmont Company as of March 1…

A: Journal: Recording of a business transactions in a chronological order.

Q: Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $230,000 257,500…

A:

Q: Supply the missing components of the Statement of Financial Position and Sales information using the…

A: Ratio analysis: It is method of anaylse, profitabiltiy, liquidity, and the efficiency of the…

Q: Using the information below, fill in the gaps in the financial statement date for the Stapler…

A: Answer: Calculation of net sales:

Q: Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two…

A: Previous year: Calculation of quick ratio: Working note: Calculation of quick assets:

Q: Prepare a balance sheet and income statement as of December 31, 2003, for Belmond, Inc., from the…

A: Financial refers to transactions involving money. A statement refers to a collective information in…

Q: National Co. has the following relationships: P1,200,000.00 P 375,000.00 40.00 4.80 1.20 Annual…

A: Inventory turnover is the rate that inventory stock is sold, or used, and replaced. The inventory…

Q: Accounts Receivable and Inventory Ratios Bell Company, whose current assets at December 31 are shown…

A: Account receivable turnover ratio has been calculated by dividing net sales with average account…

Q: The following book and fair values were available for Westmont Company as of March 1. Book…

A: The process of recording business transactions in the books of accounts for the first time is known…

Q: The following book and fair values were available for Westmont Company as of March 1.     Book…

A: Journal is the book of original entry in which all the financial transactions of the business are…

Q: The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes…

A: Formula: Ending Retained earnings = Beginning retained earnings balance + net income - dividends…