Homework Answers
| Starter 4-19 | Accounts receivable | 12500 | ||
| Cash | 6500 | |||
| Supplies | 3000 | |||
| Prepaid rent | 4000 | |||
| Total current assets | 26000 | |||
| Accounts payable | 8700 | |||
| Salaries payable | 4200 | |||
| Current liabilities | 12900 | |||
| Current ratio = Current assets / current Liabilities | ||||
| Current ratio | 2.02 | (26000/12900) | ||
| Current liabilities | 12900 | |||
| Notes payable long term | 18000 | |||
| Total liabilities | 30900 | |||
| Current assets | 26000 | |||
| Equipment | 24000 | |||
| Accumulated depreciation equipment | -8000 | |||
| Total assets | 42000 | |||
| Debt ratio = Total liabilities / Total assets | ||||
| Total liabilities | 30900 | (12900+18000) | ||
| Total assets | 42000 | |||
| Debt ratio | 0.74 | |||
| Starter 4-20 | ||||
| 1 | Current ratio is 2.02 so that means for every 2.02 dollar of current asset there is 1 current liabilities | |||
| 2 | Debt ratio is .74 so that means 74% of total assets are financed | |||
| 3 | So out of 100% 74% is financed and remaining 26% are owners capital | |||
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Exercise 4-2 ournalizing adjusting and Jounalize the adjusting and closing entries for the company in Exercise...
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prepare adjusting entries at March 31, assuming that adjusting entries are made quarterly. Disaussions View Policies...
prepare adjusting entries at March 31, assuming that
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Prepare the adjusting entries at March 31, assuming that
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prepare adjusting entries at March 31, assuming that
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prepare the adjusting enteries at July 31 assuming that adjusting
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Prepare the adjusting entries at March 31, assuming that
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