Reference no: EM132628085

Questions -

Q1. On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $1,000. Friday, April 3, Bravo paid employee wages of $2,500 for the week. Prepared the general journal entry (without explanation) needed for March 31, 20X1. If no entry is required then write "No Entry Required."

Q2. During 2018, Towson Company had credit sales of $52,000 and cash sales of $11,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $57,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Towson also purchased for cash a three-year insurance policy on January 1, 2018. The cost of this policy was $3,000. What is Towson's 2018 accrual basis net income or loss? Enter a loss as a negative number.

Q3. A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $47,000, Accounts receivable $46,500, Capital stock $100,000, Cash $60,000, Dividends $10,000, Interest expense $4,000, Interest payable $3,800, Inventory $32,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much is Charles's current ratio? (Round your answer to two decimal places.)