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The following selected financial data were taken from the accounting records of Jonna Corporation: Jonna Corporation Selected Financial Data December 31 Cash Accounts receivable (net) Merchandise inventory Short-term marketable securities 2012 |P 170,000 450,000 540,000 80,000 Land and building (net) 1,000,000 | Mortgage payable-current portion Accounts payable and accrued 60,000 240,000 liabilities Short-term notes payable Net credit sales totaled to P 3,000,000 and P 2,000,000 for the years ended December 31, 2012 and 2011, respectively. 100,000 140,000 1. At December 31, 2012, Joanna's quick (acid) test ratio was a. 1.50 to 1.00. b.1.75 to 1.00. C.2.06 to 1.00. d. 3.10 to 1.00. 2. For 2012, Joanna's accounts receivable tumover was а. 1.17 b. 1.5 c. 6.67 d. 7.06 3. What is the amount of Joanna's working capital at December 31, 2012? a. P 41,000 b. P 840,000 c. P 50,000 d. P91,000

The following selected financial data were taken from the accounting records of Jonna Corporation: Jonna Corporation Selected Financial Data December 31 Cash Accounts receivable (net) Merchandise inventory Short-term marketable securities 2012 |P 170,000 450,000 540,000 80,000 Land and building (net) 1,000,000 | Mortgage payable-current portion Accounts payable and accrued 60,000 240,000 liabilities Short-term notes payable Net credit sales totaled to P 3,000,000 and P 2,000,000 for the years ended December 31, 2012 and 2011, respectively. 100,000 140,000 1. At December 31, 2012, Joanna's quick (acid) test ratio was a. 1.50 to 1.00. b.1.75 to 1.00. C.2.06 to 1.00. d. 3.10 to 1.00. 2. For 2012, Joanna's accounts receivable tumover was а. 1.17 b. 1.5 c. 6.67 d. 7.06 3. What is the amount of Joanna's working capital at December 31, 2012? a. P 41,000 b. P 840,000 c. P 50,000 d. P91,000

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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Document1 - Word (Product Activation Failed) FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW Sign in The following selected financial data were taken from the accounting records of Jonna Corporation: Jonna Corporation Selected Financial Data December 31 2012 P 170,000 450,000 540,000 Cash Accounts receivable (net) Merchandise inventory Short-term marketable 80,000 securities 1,000,000 Land and building (net) Mortgage payable-current portion Accounts payable and accrued 60,000 240.000 | liabilities Short-term notes payable Net credit sales totaled to P 3,000,000 and P 2,000,000 for the years ended December 31, 2012 and 2011, respectively. 100,000 | 140,000 1. At December 31, 2012, Joanna's quick a. 1.50 to 1.00, test ratio b. 1.75 to 1.00. c. 2.06 to 1.00. d. 3.10 to 1.00. 2. For 2012, Joanna's accounts receivable turnover was а. 1.17 b. 1.5 c. 6.67 d. 7.06 3. What is the amount of Joanna's working capital at December 31, 2012? а. Р 41,000 b. P 840,000 c. P 50,000 d. P 91,000 PAGE 8 OF 8 1476 WORDS ENGLISH (AUSTRALIA) 95%
Transcribed Image Text:Document1 - Word (Product Activation Failed) FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW Sign in The following selected financial data were taken from the accounting records of Jonna Corporation: Jonna Corporation Selected Financial Data December 31 2012 P 170,000 450,000 540,000 Cash Accounts receivable (net) Merchandise inventory Short-term marketable 80,000 securities 1,000,000 Land and building (net) Mortgage payable-current portion Accounts payable and accrued 60,000 240.000 | liabilities Short-term notes payable Net credit sales totaled to P 3,000,000 and P 2,000,000 for the years ended December 31, 2012 and 2011, respectively. 100,000 | 140,000 1. At December 31, 2012, Joanna's quick a. 1.50 to 1.00, test ratio b. 1.75 to 1.00. c. 2.06 to 1.00. d. 3.10 to 1.00. 2. For 2012, Joanna's accounts receivable turnover was а. 1.17 b. 1.5 c. 6.67 d. 7.06 3. What is the amount of Joanna's working capital at December 31, 2012? а. Р 41,000 b. P 840,000 c. P 50,000 d. P 91,000 PAGE 8 OF 8 1476 WORDS ENGLISH (AUSTRALIA) 95%
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