Homework Answers
The Current Ratio formula is:
Current Ratio = Current Assets / Current Liabilities
urrent assets = $85,632+$878,000+$1,716,000 = $ 2,679,632
Current liabilities = $1,441,800
Current ratio = $ 2,679,632 / $1,441,800 = 1.856=1.86
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Kenny Rogers Roasters recently reported $85,632 in Cash, $878,000 in Accounts Receivable, $1,716,000 in Inventory, $408,000...
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Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash $129,000; Patents and copyrights $630,000; Accounts payable $211,000; Accounts receivable $125,000; Tangible net fixed assets $1,625,000; Inventory $294,000; Notes payable $170,000; Accumulated retained earnings- $1,274,000; Long-term debt -$847,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.) ROGERS CORP Balance Sheet Assets Liabilities and Equity Cash Accounts receivable Inventory 129,000 125,000 294,000 Accounts payable Notes payable Crrent labilites Current...
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