Williams Ltd has current assets of £55,000, which includes inventory worth £15,000. Current liabilities are £35,000 and overall net assets are £120,000. What is the acid test ratio for Williams Ltd and what would be the interpretation? Hinge and Backett are in a partnership. There net profit for the year was £45,000. Interest on capital was £250 for Hinge and £375 for Backett. Hinge was also entitled to a salary of £5,000 per annum. If Brackett is entitled to 2/5 of any residual profits and 3/5 is Hinge's share, prepare profit and loss appropriation account. The total salary payable for the month of January is $8,500. If Moon company makes adjusting entries of salary payable, what would it be? *
Williams Ltd has current assets of £55,000, which includes inventory worth £15,000. Current liabilities are £35,000 and overall net assets are £120,000. What is the acid test ratio for Williams Ltd and what would be the interpretation? Hinge and Backett are in a partnership. There net profit for the year was £45,000. Interest on capital was £250 for Hinge and £375 for Backett. Hinge was also entitled to a salary of £5,000 per annum. If Brackett is entitled to 2/5 of any residual profits and 3/5 is Hinge's share, prepare profit and loss appropriation account. The total salary payable for the month of January is $8,500. If Moon company makes adjusting entries of salary payable, what would it be? *
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 27P
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Williams Ltd has current assets of £55,000, which includes inventory worth £15,000. Current liabilities are £35,000 and overall net assets are £120,000. What is the acid test ratio for Williams Ltd and what would be the interpretation?
Hinge and Backett are in a partnership. There net profit for the year was £45,000. Interest on capital was £250 for Hinge and £375 for Backett. Hinge was also entitled to a salary of £5,000 per annum. If Brackett is entitled to 2/5 of any residual profits and 3/5 is Hinge's share, prepare profit and loss appropriation account.
The total salary payable for the month of January is $8,500. If Moon company makes adjusting entries of salary payable, what would it be? *
Kindly give me answer of all these questions with table format....as early as possible
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