LoLo Lemon Company has current assets Calculating the Current Ratio and the ear equal to $500,000. Of these, $300,000 is cash, $75,000 is accounts receivable, $125,000 is inventory, and the remainder is marketable securities. Current liabilities total $425,000. Required: Note: Round answers to two decimal places.
Q: Choose the response that correctly states the amount of a seller's gain or loss on repossessed real…
A: Given, Real property with a fair market value of $54,000 on the date of repossession. The unpaid…
Q: 4. a) Explain why Customs (Amendment) Act 2018 and Free Zones (Amendment)
A: a) According to the data, The scope of the Customs Act of 1962 must be expanded to include anyone…
Q: Forever's Not Enough Co. is undergoing liquidation since January 1, 2018. Its condensed statement of…
A: Shareholder's equity is the ownership stake of the shareholders in any company. These are presented…
Q: 1. A company purchased a delivery van for $35,000. The company was given a $3,000 cash discount by…
A: The cost of the delivery van includes freight expenses, delivery charges, transportation charges,…
Q: Problem 6-5A Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjust…
A: Inventory refers to the stock that the company holds for the resale purpose or the good that is not…
Q: A company reports the following: Net income Preferred dividends Shares of common stock outstanding…
A: Formula used: Earnings per share = ( Net income - Preferred dividends ) / Total common stock…
Q: Please provide answer to questions a to c
A: Introduction: Shareholders equity represents owners' equity i.e. amount of claim for the…
Q: The following are data related to the affairs of Kilometro Company: Carrying value of its assets…
A: The secured creditors are those creditors who issue credit products and the credit is backed by the…
Q: Import Exclusives Ltd received an invoice from Dansk Specialties of Copenhagen with terms 5/20…
A:
Q: Total Quality Management (TQM) is founded on the premise that an organisation must continuously…
A: Prevention costs are the costs incurred as a result of working to reduce poor quality. Examples…
Q: Question; Use a calculator to determine the exact sale price of the speakers in #1 The speakers cost…
A: Given cost of speakers is $59.89 Given that speakers are on sale for 15% off
Q: State the objectives of a Double Taxation Agreement. Elaborate the answer according to the…
A: Double taxation refers to the taxation or taxing the same income twice, for the same purpose, for…
Q: d 25,000 shares at P22 per share. d 1,000 shares for legal service when the d 5,000 shares for a…
A: Share premium refers to the sum value of money received by a company over and above the actual par…
Q: The December 31, Year 1, balance sheet for Deen Company showed total stockholders' equity of…
A: The stockholder’s equity has the credit balance of the business. The stockholder’s equity comprises…
Q: Identify each of the costs listed below. ✓ The plant manager's salary is $80,000. A salesperson…
A: Financial accounting refers to the type of accounting which is primarily used by the outsiders to…
Q: 7. The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales…
A: Terms 2/10 means if the Buyer made the payment within 10 days from the date of invoice then 2%…
Q: A business operated at 100% of capacity during its first month and incurred the following costs:…
A: Variable costing: Under variable costing method, fixed manufacturing overhead costs are not…
Q: The company uses the absorption costing system Required A) Calculate the cost of producing one unit.…
A: Cost of products 1) Direct materials = €900 Direct labour = €1000 Variable production OH =…
Q: mortgage loan on the equipment of P252,000 will be assumed by the partnership. Abner is to have a…
A: Goodwill is the earnings of the entity which it earned in the form of reputation during the life of…
Q: On January 1,2021, Wackisan Co. sells inventory with list price of ₱100,000 on account under credit…
A: Using gross method, the cash discount is not treated at the time of sale. Using net method, the cash…
Q: Pillar Co makes decorative candles which are made from a special organic blend of beeswax, botanical…
A: Elasticity of Demand=Percentage change in quantity demanded/Percentage change in price % change in…
Q: Salt Corporation's contribution margin ratio is 75% and its fixed monthly expenses are $55,000.…
A: Introduction: Fixed cost: fixed costs are fixed in nature. It does not varies according to the…
Q: Employment Condition
A: 1.ANNUL LEAVE: the national employment standards provide 4 weeks paid annual leave for each year of…
Q: Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: H Value inventory using FIFO method Jan. 2, purchased merchandise for resale Jan. 12, purchased…
A: Inventory value is the amount at which the inventory in the books is to be reported.
Q: Scaffolder Ltd. is a manufacturing company making construction items. The production process is…
A: Apportionment of Overheads :- It refers to allotment of different item costs with their item units…
Q: Use the following information for questions The following information is available for Cuyi Company…
A: Current Assets Accounts Receivables 1500 Cash 2600 Short Term Investment 1000 Total…
Q: a. Depreciation on the company's equipment for the year is computed to be $16,000. b. The Prepaid…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: a 60% interest in the partnership net assets. Bimbo is to contribute only, merchandise with a fair…
A: Goodwill is the earnings of the entity which it earned in the form of reputation during the life of…
Q: The following cost data relate to the manufacturing activities of Chang Company during the just…
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…
Q: Which of the following transactions is an example of accrual? a. Unrecorded income is recognized. b.…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: s and limitations of the ‘Conce
A: Conceptual framework refers to the compiled set of details and processes used while preparing the…
Q: L The Comparative balance sheet of James Inc. for December 31 2010 and 2011 is as follows: 2011 2010…
A: The cash flow statement is one of the financial statements of the business which is prepared to…
Q: Shefford Cutlery extends a lifetime replacement warranty on all units sold. Using past experience,…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: State with the help of an example how intelligent information systems also help to generate sales…
A: The money created by a company's operations is known as revenue. Revenue can be estimated in a…
Q: You are approached to comment on a company’s accounting disclosure quality. As an accounting…
A: Accounting disclosures are the information that the company discloses with the financial information…
Q: The following accounts were included n Angels Consultants post-closing trial balance at December 31,…
A: The financial statements of the business includes the income statement and balance sheet. The…
Q: 2019: Sales =5,600,000, Profit/(Loss) =800,000 2018: Sales= 4,400,000, Profit/(Loss) = 500,000…
A: Formulas: P/V ratio= [Change in profit / Change in sales] * 100 Fixed cost=[Sales * P/V ratio] -…
Q: 7.Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods…
A: Using perpetual inventory system, the expenses incurred on purchase is debited to inventory account.…
Q: table belom shows the financial statements of a fan components supplier company that started it's…
A: Profit and loss statement shows the amount of profit earned or loss suffered during the period.
Q: In 2010 Casey made a taxable gift of $6.0 million to both Stephanie and Linda (a total of $12.0…
A: Gift - A gift is a property, cash, or goods that someone gives to others in exchange for nothing…
Q: Is RR allowed to avail himself of the eight percent (8%) income tax? How will RR’s tax liability be…
A: Tax liability is the liabilities which have to be computed as per the tax rates specified by the…
Q: SixthZ can make three different types of treehouses - large treehouses, medium treehouses, and small…
A: Large Medium Small Sale Price 1300 1150 800 Less Variable Cost Direct Material 600 400…
Q: . Price per unit: $10 - Variable cost per unit: $7 . Fixed costs: $1,500 Given these data, compute…
A: Contribution per unit = Selling price per unit - Variable cost per unit…
Q: Select the best answer from the five listed below to fill in the blank. The best transfer price for…
A: transfer price are also known as the transfer cost which tells the amount that is set for the…
Q: Company adds direct materials at the beginning of the production process in Department A. If…
A: production of goods takes place, there are different type of cost that are incurred. these either…
Q: Ash Hughes is the managing director of a mining company which has its head office in Perth and its…
A: Any asset that will be recorded in the books of accounts shall only be used for the purpose of the…
Q: The statement of liquidation is supported by schedule of safe payments. Required: Prepare a…
A: Liquidation table with the safe schedule payments statement is the statement which is prepared by…
Q: Ramona Company reported the following data. Price per unit = $10 Sales price Variable cost per unit…
A: Under Marginal costing (variable costing) contribution percentage or contribution per unit of…
Q: Ramona Company reported the following data. Price per unit = $10 ales price → Variable cost per unit…
A: Formula used for computing Net income : = Total Revenues - Total expenses
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Hummel Inc. has $30,000 in current assets and $15,000 in current liabilities. What is Hummels current ratio? a. 3 c. 1 b. 2 d. 0.5Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for 20X3 it as follows (amounts in millions): Required: Next Level Compute the following for 20X3. Provide a brief description of what each ratio reveals about McCormick 1. return on common equity 2. debt-to-assets 3. debt-toequity 4. current 5. quick (McCormick uses cash and equivalents, short-term securities and receivables in their quick ratio calculation.) 6. inventory turnover days 7. accounts receivable turnover days 8. accounts payable turnover days 9. operating cycle (in days) 10. total asset turnover Use the following information for 14-17 and 14-18: The Hershey Company is one of the worlds leading producers of chocolates, candies, and confections. It sells chocolates and candies, mints and gums, baking ingredients, toppings, and beverages. Hersheys consolidated balance sheets for 20X2 and 20X3 follow.Calculating the Current Ratio and the Quick (or Acid-Test) Ratio Hannah Company has current assets equal to $3,800,000. Of these, $1,200,000 is cash, $1,800,000 is accounts receivable, $500,000 is inventory, and the remainder is marketable securities. Current liabilities total $1,942,000. Required: Note: Round answers to two decimal places. 1. Calculate the current ratio. 2. Calculate the quick ratio (acid-test ratio).
- Calculating the Current Ratio and the Quick (or Acid-Test) Ratio Hannah Company has current assets equal to $3,800,000. Of these, $1,200,000 is cash, $1,800,000 is accounts receivable, $500,000 is inventory, and the remainder is marketable securities. Current liabilities total $2,073,000. Required: Note: Round answers to two decimal places. 1. Calculate the current ratio.fill in the blank 1 2. Calculate the quick ratio (acid-test ratio).fill in the blank 2The Copper Grill has the following current assets: cash, $11 million; receivables, $47 million; inventory, $43 million; and other current assets $3 million. The Copper Grill has the following liabilities: accounts payable, $38 million; current portion of long-term debt, $5 million; and long-term debt, $11 million.Based on these amounts, calculate the current ratio and the acid-test ratio for The Copper Grill. (Round your answers to 2 decimal places.) The Copper Grill Current ratio Acid-test ratioYou are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $280,000; accounts receivable = $1,380,000; inventory = $2,280,000; accrued wages and taxes = $590,000; accounts payable = $890,000; and notes payable = $780,000. Calculate SophieLex’s current ratio. (Round your answer to 2 decimal places.) Calculate SophieLex’s quick ratio. (Round your answer to 2 decimal places.) Calculate SophieLex’s cash ratio. (Round your answer to 2 decimal places.)
- The following information is available from the annualreport of Frixell, Inc.: Currentliabilities . . . . $300,000Operatingincome . . . . . 240,000Net income . . . . 80,000 Currentassets . . . . $ 480,000Average totalassets . . . . 2,000,000Average totalequity . . . . 800,000Which of the following statements are correct? (More thanone statement may be correct.)a. The return on equity exceeds the return on assets.b. The current ratio is 0.625 to 1.ABC has the following current assets: cash, $102 million; receivables, $94 million; inventory, $182 million; other current assets, $18 million. ABC also has the following liabilities: accounts payable, $98 million; long-term debt, $23 million. Based on these amounts, what is the acid-test ratio ? Numeric Response:?????????Data pertaining to the current position of Forte Company are as follows: Cash $412,500 Marketable securities 187,500 Accounts and notes receivable (net) 300,000 Inventories 700,000 Prepaid expenses 50,000 Accounts payable 200,000 Notes payable (short-term) 250,000 Accrued expenses 300,000 Required: 1. Compute (A) the working capital, (B) the current ratio, and (C) the quick ratio. Round ratios to one decimal place. 2. Compute the working capital, the current ratio, and the quick ratio after each of the following transactions, and record the results in the appropriate columns of the table provided. Consider each transaction separately and assume that only that transaction affects the data given. Round to one decimal place. A. Sold marketable securities at no gain or loss, $70,000. B. Paid accounts payable, $125,000. C. Purchased goods on account, $110,000. D. Paid notes payable, $100,000. E. Declared a cash dividend, $150,000. F. Declared a…
- Data pertaining to the current position of Lucky Industries are as follows:Cash $ 800,000,Marketable securities 550,000 , Account receivable 450,000, notes receivable 400,000,Inventories 700,000, Prepaid expenses 300,000, Accounts payable 1,200,000, Notes payable (short-term) 700,000Accrued expenses 100,000Required:1. Compute (a) the working capital and (b) the quick ratio from the above data. 2. Compute the working capital and the quick ratio after each of the following transactions, and record the results in the appropriate columns. Consider each transaction separately and assume that only that transaction affects the data given above. Only that ratio be calculated in each case (transaction) which changes due to that transaction> a. Sold marketable securities at no gain or loss, $500,000.b. Paid accounts payable, $287,500.c. Purchased goods on account, $400,000.d. Paid notes payable, $125,000.e. Declared a common stock dividend on common stock, $150,000.f. Received cash on…The following data are taken from the balance sheet at the end of the current year. Determine the (a) working capital, (b) current ratio, and (c) quick/acid-test ratio. Present figures used in your computations. Round ratios to the nearest tenth. Accounts payable $145,000 Accounts receivable 110,000 Accrued liabilities 4,000 Cash 80,000 Income tax payable 10,000 Inventory 140,000 Marketable securities 250,000 Notes payable, short-term 85,000 Prepaid expenses 15,000 ANSWERS: (a) (b) (c)You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $280,000; accounts receivable = $1,380,000; inventory = $2,280,000; accrued wages and taxes = $590,000; accounts payable = $890,000; and notes payable = $780,000. What is the quick ratio (round your answer to 2 decimal places