90.2K

Verified Solution

Link Copied!

Problem 1. The following data are takenfrom the balance sheet at the end of the current year 1 identify (a) current assets. (b) quick assest. (c) current libilities. cash----------------------------3000 prepaid expenses 1200 accululated depreciation 2000 Accounts Recievable 4000 Retained Earnings 8000 Marketable Securites 1500 Accrued Liabilities 1100 Dividends Payable 1800 Equipment 10000 Notes payable short term 1200 accounts paybale 1600 allowance for doubtful account 1400 income tax payable 1300 mortgage note payable 20,000 office supplies 1700 common stock 10,000 paid in capitial in excess of par 11,000 treasury stock 2500

The following dats are 1 identify (ajcurrent Cash Prepaid Expenses Accounts Receivable Retained Earnings Marketable Securities1,00 1,100 Accrued iabilities Office sueeflies 1700 1,100 Paid in Capital in excess of Par 11000 Treasury Stock 10,000 ,500 Compute the following Account Amount Account Amount Account Amount Total Total Total 2. Compute the working capital, current ratio, and the quick ratio based on the information above and record the results in the appropriate columns. Round to the nearest one decimal point. 3. Consider each transaction separately, and assume that only that transaction affects the data given above a. Declared a stock dividend $1,000 b. Paid Mortgage note payable $1,500 c. Sold treasury stock for cash 1,200 d. Received cash from customers on account, 2,000 current ratio quick ratio Record the answer in the appropriate columns. working capital current liabilities quick assets Current assets 2. 3a. 3b. 3c

Answer & Explanation Solved by verified expert

See Answer