Find what is the amount of current liabilities

Assignment Help Financial Accounting
Reference no: EM132504366

Question 1: The current ratio of a company is 6:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $544,000, what is the amount of current liabilities?

Reference no: EM132504366

Questions Cloud

Reliability of the company offering the contract : You have $10000vto invest now and are being offered $22500 after ten years as the return from the investment. The market rate is 10% compound interest
Write about stress coping strategies : Describe One situations in which you have used a defense mechanism. Include the name of the defense mechanism, the general situation, and how the mechanism
What is the project payback period : What is the project's payback period? Round your answer to two decimal places.
How you will communicate difficult messages to employees : Identify your leadership style, as derived from the self-assessment you completed. Describe how you will communicate difficult messages to employees.
Find what is the amount of current liabilities : 6:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $544,000, what is the amount of current liabilities?
Calculate the company eps-little book ltd : Little Book LTD has total assets of $860,000. There are 75,000 shares of stock outstanding, total book value of $750,000 with a market value of $12 a share.
What advantages would such a policy offer : $1,600 was worthless because of the bankruptcy of the client, May Flowers. Prepare the journal entry required on January 18 to write off this account.
Which project should the company select : Giant Equipment Ltd. is considering two projects to invest next year. Both projects have the same start-up costs. Project A will produce annual cash flows
Do you speak a different language at home : Do you speak a different language at home? How do you feel now that you are "away from home" what has become most important to you?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statements were bad debt expenses

Shear, Inc. began operations in year 1. Included in Shear's year 1 financial statements were bad debt expenses of $1,400 and profit from an installment sale

  Operating hair dressing business

George and Li Shan Shan are operating a hair dressing business. They decide to form a company because their business is expanding rapidly. Advise George of the type of contract that he has entered into and its consequences. Include in your advice any..

  Single individual shareholder who assumes the mortgage

Barnett Corporation owns an office building that cost $900,000. Barnett has taken $600,000 of depreciation on the building. The property is subject to a $600,000 mortgage. The office building has a current FMV of $400,000. Barnett Corporation is liqu..

  Statements about the accounting cycle

Which of the following statements about the accounting cycle is correct?

  Evaluate free assets

For how much do these free assets have to be sold so that the creditors associated with Debt 2 receive exactly $170,800?

  Fob shipping point

Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge.

  Injury caused to customer allegedly as result of product use

Lawsuit for $2,000,000 for an injury caused to a customer allegedly as a result of product use. The suit was filed in March of 2012. The Marshall corporate lawyer feels that it is probable Marshall will not win the suit and currently estimates a judg..

  Reclassify its short term loans as long terms

When a company violates its loan covenant with its bank, Can it reclassify its long term investment property as a short term property held for sale even though there is no plans to sell it? Reclassify its short term loans as long terms on the basis o..

  Compute the variable overhead rate variance

Compute the variable overhead rate variance. Compute the variable overhead efficiency variance. Provide the accounting entry for the overhead rate and efficiency variances.

  Nbspmultiple choice questions on accounting

nbspmultiple choice questions on accounting fundamentals.1.nbspduring the end-of-period processing which of the

  What are the facts regarding the madoff scandal

Research the Bernard Madoff “Ponzi scheme” scandal. What are the facts regarding the Madoff scandal? How could such a scheme occur? Has justice been served in this case? Explain.

  Compute the annual depreciation and the book value year

You buy office furniture. The office will be open for 6 years, and then you will sell the furniture. The purchase price of the furniture is $40,000. It will contribute to the profitsin the amount of $20,000 per year. MARCS is 7 years with 150% DB. Co..

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!

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