Homework Answers
1. TRUE
Under cash basis of accounting, revenues are recognized in the period cash is received and expenses are recognized in the period cash is paid.
2. Option (B) is correct
For purposes of reporting results of operations,life of a business is divided into discrete accounting periods. This is done as per the accounting period concept.
3. Question image not completely visible.
4. Current ratio = Current assets / Current liabilities
Current assets = Cash + Accounts receivable + inventory + Prepaid expenses
Current assets = $50000 + $45000 + $32000 + $5000 = $132000
Current liabilities = Accounts payable + Interest payable
Current liabilities = $65000 + $2000 = $67000
Putting the values in the current ratio formula, we get,
Current ratio = $132000 / $67000 = 1.97
5. TRUE
All the information for preparation of financial statements is given in the worksheet.
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Question Completion Status: S 5 0 0 E 9100 120 0 15 16 17 18 19...
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