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Question - For the FY 2016, Alpha Company's balance sheet included the following current items: cash $40,000, accounts receivable $160,000, inventories $100,000, prepaid expenses $20,000, accounts payable $90,000, and accrued expenses $70,000. Use this information to determine the: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Quick Ratio
2. Current Ratio
3. Working Capital.
King's accountant, Lance Jones, recorded this receipt as an increase in cash and revenues. Is this treatment appropriate? Why or why not?
Prepare journal entry to establish the fund on January 1, reimburse it on January 8, and reimburse the fund and increase it to $270 on January 8, assuming no entry in part 2. (Hint: Make two separate entries for part 3.)
A significant deficiency
Explain how each transaction affects the net position classifications
The Franklins sued, claiming that the FLB attorney had authority to settle the case and that FLB was bound by the settlement agreement. How should the court rule?
The machine required installation costs of $2,000 and insurance while in transit of $1,100. At which of the following amounts would the machine be? recorded
On January 1, 2014, Lunn borrowed $20,000 from Owens Bank by signing a ten-year note payable. Terms of the note indicate that Lunn must make annual payments of principal each January 1 beginning in 2015 and must pay interest each January 1 in the ..
At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?
Equity Investment on July 1, 2010, Selig Company purchased for cash 40% of the outstanding capital stock of Spoor Corporation. Both Selig and Spoor have a December 31 year-end.
truman industries is considering an expansion. the necessary equipment would be purchased for 18 million and the
examine and discuss how amazon employs the budget in developing the business strategy of the company indicating if the
Inventory on hand at the end of July was $122,500. Calculate the estimated inventory at the end of August, assuming a markup on cost of 25%
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