Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Chapter 5, Problem 16MC
If current assets are $100,000 and current liabilities are $42,000, what is the
A. 200 percent
B. 50 percent
C. 2.0
D. $58,000
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Students have asked these similar questions
If current assets are $100,000 and current liabilities are $42,000, what is the working capital?A. 200 percentB. 50 percentC. 2.0D. $58,000
ISSUE
$50,000 (initial capital) + $30,000 (new capital contribution) + X (profit or loss for the period) = $150,000 (assets) - $68,000 (liabilities) => X = ¿¿¿$38,000???
To me this result is $2,000 of utility by ASSETS = LIABILITIES = $150,000 (double entry accounting principle).
Please check it. I don´t understand your calculation
If current assets are $112,000 and current liabilities are $56,000, what is the current ratio?A. 200 percentB. 50 percentC. 2.0D. $50,000
Chapter 5 Solutions
Principles of Accounting Volume 1
Ch. 5 - Which of the following accounts is considered a...Ch. 5 - Which of the following accounts is considered a...Ch. 5 - If a journal entry includes a debit or credit to...Ch. 5 - If a journal entry includes a debit or credit to...Ch. 5 - Which of these accounts would be present in the...Ch. 5 - Which of these accounts would not be present in...Ch. 5 - Which of these accounts is never closed? A....Ch. 5 - Which of these accounts is never closed? A....Ch. 5 - Which account would be credited when closing the...Ch. 5 - Which account would be credited when closing the...
Ch. 5 - Which of these accounts is included in the...Ch. 5 - Which of these accounts is not included in the...Ch. 5 - On which of the following would the year-end...Ch. 5 - Which of these accounts is included in the...Ch. 5 - If current assets are $112,000 and current...Ch. 5 - If current assets are $100,000 and current...Ch. 5 - Explain what is meant by the term real accounts...Ch. 5 - Explain what is meant by the term nominal accounts...Ch. 5 - What is the purpose of the closing entries?Ch. 5 - What would happen if the company failed to make...Ch. 5 - Which of these account types (Assets, Liabilities,...Ch. 5 - Which of these account types (Assets, Liabilities,...Ch. 5 - The account called Income Summary is often used in...Ch. 5 - What are the four entries required for closing,...Ch. 5 - After the first two closing entries are made,...Ch. 5 - After the first two closing entries are made,...Ch. 5 - What account types are included in a post-closing...Ch. 5 - Which of the basic financial statements can be...Ch. 5 - Describe the calculation required to compute...Ch. 5 - Describe the calculation required to compute the...Ch. 5 - Describe the progression of the three trial...Ch. 5 - Identify whether each of the following accounts is...Ch. 5 - For each of the following accounts, identify...Ch. 5 - For each of the following accounts, identify...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - Use the following excerpts from the year-end...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - Identify which of the following accounts would not...Ch. 5 - For each of the following accounts, identify in...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate:...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - For each of the following accounts, identify...Ch. 5 - For each of the following accounts, identify...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - Use the following excerpts from the year-end...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Identify which of the following accounts would be...Ch. 5 - Identify which of the following accounts would not...Ch. 5 - For each of the following accounts, identify in...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - From the following Company B adjusted trial...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - The following selected accounts and normal...Ch. 5 - The following selected accounts and normal...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Assume that the first two closing entries have...Ch. 5 - Correct any obvious errors in the following...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - The following Post-Closing Trial Balance contains...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - From the following Company R adjusted trial...Ch. 5 - From the following Company T adjusted trial...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - The following selected accounts and normal...Ch. 5 - The following selected accounts and normal...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Assume that the first two closing entries have...Ch. 5 - Correct any obvious errors in the following...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - The following Post-Closing Trial Balance contains...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - From the following Company S adjusted trial...Ch. 5 - Assume you are the controller of a large...Ch. 5 - Assume you are a senior accountant and have been...
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