What is gil initial current ratio

Assignment Help Financial Accounting
Reference no: EM132911498

Gil Corporation has current assets of $90,000 and current liabilities of $180,000.

Problem 1: What is Gil's initial current ratio?

Problem 2: What is the effect on Gil's current ratio if a refinancing on a $30,000 long-term mortgage with a short-term note occurs?

Problem 3: What is the effect on Gil's current ratio if a purchase of $50,000 of merchandise inventory with short-term accounts payable occurs?

Problem 4: What is the effect on Gil's current ratio if a payment of $20,000 of short-term accounts payable occurs?

Problem 5: What is the effect on Gil's current ratio if a collection of $10,000 of short-term accounts receivable occurs?

Reference no: EM132911498

Questions Cloud

Prepare the closing entries on december : Prepare the CLOSING entries on December 31, XX. Accounts Payable 33,000/ Revenue 84,000/ Deprec. Expense building 12,000.
What is the carrying value of the patent on December : On July 1, 2016, WISE sold the patent for P5,000,000 and incurred P500,000 disposal cost. What is the carrying value of the patent on December 31, 2015
Prepare income statement for year current ending December : Cash ("Cash") 115,000. Prepare balance sheet as of December 31, 2012? Prepare income statement for the year current ending December
Affecting statutory law and criminal procedure : How these previous opinions are now affecting the statutory law and criminal procedure.
What is gil initial current ratio : What is Gil's initial current ratio? What is the effect on Gil's current ratio if a refinancing on a $30,000 long-term mortgage with a short-term note occurs?
Global governance research within their area of interest : The purpose of the assignment is to teach students how to formulate and pursue global governance research within their area of interest.
How much car can purchase if will only finance for four year : You have $350.00 per month to spend, If credit union charged 5.5% interest on a used car, how much car can you purchase if you will only finance for 4 years?
Make improvements to the culture of locations : You have employees that are located around the world in 5 different countries outside of the US -- India, the Philippines, Malaysia, Brazil, and Peru.
Determine the amount of taxable income : Determine the amount of taxable income and separately stated items in each of the below case, assuming the corporation is a Subchapter S corporation

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare general purpose financial statements

Capturing Transactions, Interpreting & explaining accounting concepts and principles - Prepare general purpose financial statements

  What form of legal structure the gold exploration company

Advise BHP Billiton Ltd. on what form of legal structure the gold exploration company incorporate? Why would you recommend this structure?

  Macrs

1. What is MACRS? In your explanation, please describe the recovery periods, depreciation methods and depreciation conventions. 2. What is the difference between a recognized gain/loss and a realized gain/loss?

  Cost of finished-goods inventory at year-end

One of the costs listed below is an opportunity cost. Identify this cost. Cost of finished-goods inventory at year-end, Direct labor: fringe benefits, Sales commissions, Rental of office space for sales personnel

  Effect of weighted-average cost-flow assumption

Effect of Weighted-Average Cost-Flow Assumption on Inventory. The weighted-average cost-flow assumption is a common technique used to value inventory

  Evaluation of the performance of a subsidiary

Do you think it is important to separate the evaluation of the performance of a subsidiary from that of its manager? Why? If we substitute the CEO or the corporation C-suite management of a corporation for the manager, would your position be the same..

  Make the adjustment for the amount of pre-paid rent

Calculate and make the adjustment for the amount of pre-paid rent that has been used. Make an adjusting journal entry in the amount of $1,000 for depreciation

  Reconcile the reciprocal accounts at the end of the period

Reconcile the reciprocal accounts at the end of the period. What are the Statement of Financial Position and Statement of Profit or Loss of the branch?

  Reconstruct the amount of property

Reconstruct the amount of property, plant, and equipment, net of accumulated depreciation, that was reported on the company's balance sheet at December 31, 2015

  What amount should the debt investment reported in december

What amount should the debt investment be reported in December 31, 2018? Assume that the debt investment was classified initially as investment

  How would approach a client who was caught engaging

Adhering to ethical standards is necessary in the field of auditing. How would a Christian worldview impact you if you chose a career as an auditor?

  Compute the total price and quantity variances for materials

Compute the total, price, and quantity variances for both materials and labor. State if each variance is favorable or unfavorable.

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