User Account

All Pages

Determine the quick ratio for december

Assignment Help Accounting Basics
Reference no: EM131697684

Question - Gmeiner Co. had the following current assets and liabilites on December 31 of two recent years:

Current Year Previous Year

Current Assets:

Cash 486,000 500,000

Accounts Receivable 210,000 200,000

Inventory 375,000 350,000

Total Current Assets 1,071,000 1,050,000

Current Liabilities:

Current portion of long-term debt 145,000 110,000

Accounts payable 175,000 150,000

Accrued and other current liabilities 260,000 240,000

Total Current Liabilities 580,000 500,000

a. Determine the quick ratio for December 31 of both years.

b. Interpret the change in the quick ratio between the two balance sheet dates.

Reference no: EM131697684

Questions Cloud

How much is the direct labor standard cost per hour : Payroll costs are $3.00 per hour, and benefits are $6.00 per hour. How much is the direct labor standard cost per hour
Discuss the traveling production of the phantom : A traveling production of The Phantom of the Opera performs each year. The average show sells 800 tickets at $50 a ticket. There are 100 shows each year.
What is the present value of acmes future cash flows : What is the present value of Acme's future cash flows using the discounted cash flow model? Explain your reasoning using references from the background reading.
How much is the direct materials standard cost per square : Payroll costs are $4.00 per hour, and benefits are $5.00 per hour. How much is the direct materials standard cost per square foot
Determine the quick ratio for december : Gmeiner Co. had the following current assets and liabilites on December 31 of two recent years: Determine the quick ratio for December 31 of both years
Identiy the multiple definitions of public relations : The connection between PR and the promotional aspect of the marketing mix (advertising, publicity, public relations)?
Weak acid dissociate more as the pka increase : Why is it that when a weak acid is dissolved in pure water, the extent of dissociation of the acid is less when pka value increases.
What is the payback period : What is the payback period? Compute the payback period for an investment requiring an initial outlay of $80,000 with expected annual cash inflows of $30,000.
What is the change in the internal energy of the gas : At the same time, the gas loses 246 J of energy to the surroundings as heat. What is the change in the internal energy of the gas?

Reviews

Write a Review

Accounting Basics Questions & Answers

  U.s. importer of japanese computer components

U.S. importer of Japanese computer components pays for the components in yen. The importer is not concerned about a possible increase in Japanese prices (charged in yen) because of the likely offsetting effect caused by purchasing power parity (PP..

  Describe the relationship between bus riders and gasoline

In Pioneer ville the price elasticity of demand fro bus ridersis .5, the income elasticity of demand fro bus riders is -0.1. Describe the relationship between bus riders and gasoline.

  Prepare general journal entries with narrations to record

Prepare general journal entries with narrations to record all the transactions dealing only with dividends for all events described

  Problem related to the flexible budgets

Flexible budgets provide different information than static budgets. Discuss some of these differences. Is a flexible budget always better? Are there times when you'd recommend using a static budget over a flexible budget?

  Prepare the year end entries for any amounts

Classical is the plaintiff in a $4 million lawsuit filed against a supplier. The suit is in final appeal and attorneys advise that it is virtually certain that Classical will win the case and be awarded $2.5 million.

  What amounts will book mart report

What amounts will Book Mart report on the 2013 W-2s for each employee?

  Fedex corporation is the worlds leading

fedex corporation is the worlds leading express-distribution company. in addition to the worlds largest fleet of

  Prepare income statement in accordance with variable costing

On January 1 of the current year, C. F. Hartley Co. commenced operations. Prepare an income statement in accordance with variable costing

  How should alfred treat year results from these activities

Alfred has investments in three passive activities: How should Alfred treat the year 1 results from these activities

  Frank and maureen fantazzi invested 6700 in a savings

frank and maureen fantazzi invested 6700 in a savings account paying 8 annual interest when their daughter angela was

  Explain the objectives and characteristics of an internal

you are the manager of an accounting department and would like to hire another managerial accountant to focus on

  Prepare sarjit journal entry to record the sale

Sarjit Systems sold software to a customer for $80,000. Prepare Sarjit's journal entry to record the sale of the software

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd