Reference no: EM132672851
Question - The chief financial officer (CFO) of Myeneke Corporation requested that the accounting department prepare a preliminary balance sheet on December 30, 2022, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows.
Myeneke Corporation Balance Sheet December 30, 2022
Current assets
Cash $25,000
Accounts receivable 30,000
Prepaid insurance 5,000 $60,000
Equipment (net) 200,000
Total assets $260,000
Current liabilities
Accounts payable $20,000
Salaries and wages payable 10,000 $30,000
Long-term liabilities
Notes payable 80,000
Total liabilities 110,000
Stockholders' equity
Common stock 100,000
Retained earnings 50,000 150,000
Total liabilities and stockholders' equity $260,000
Based on the results in (a), the CFO requested that $20,000 of cash be used to pay off the balance of the accounts payable account on December 31, 2022. Calculate the new current ratio and working capital after the company takes these actions.
|
Make any journal entries to record the revenue arrangement
: iDevice bundle sells an iDevice with 2-years of Internet, Make any journal entries to record the revenue arrangement for the iDevice bundle on March 1, 2020.
|
|
Explain the concept and importance of judicial review
: In 500 to 750 words, explain the concept and importance of judicial review in the issuance of a search warrant and why you believe or do not believe.
|
|
What would your calculated amount be for linen expenses
: You have been asked to common size income statement for the year. What would your calculated amount be for linen expenses
|
|
Describe the process of contingency planning
: In the course we have looked at various threats, to include those hazards associated with safety, fires, active shooters, pandemics, and mass casualties.
|
|
Calculate the new current ratio and working capital
: The chief financial officer (CFO) of Myeneke Corporation requested that the accounting department prepare a preliminary balance sheet on December 30, 2022
|
|
Write a critical analysis of the reid technique
: Your assignment this week is to write a critical analysis of the Reid Technique of Interviewing and its capacity to produce informational reliability.
|
|
What was the colonial experiences in policing
: What was the Colonial experiences in policing? List and discuss the work of the four major US department agencies the major function of each.
|
|
Post a brief description of the human rights violation
: Post a brief description of the human rights violation you selected. Then explain how one community (international, national, or local) might or did respond.
|
|
Problem - Adjust the intra group transactions
: Problem - Adjust the following intra group transactions -In Great Ltd's inventory at 30 June 2020 were various items sold to it by Wall Ltd at $5,000 above cost
|