Question 1) Back Cove Yacht Company billed its customers a total of $1,575,000 for the month...
Question 1) Back Cove Yacht Company billed its customers a total of $1,575,000 for the month of November. The total includes a 5% state sales tax. Instructions (a)Determine the proper amount of revenue to report for the month. (b)Prepare the general journal entry to record the revenue and related liabilities for the month.
Question 2) Country Outfilter's 2017 financial statements contained the following data (in millions). Current assets$16,890Accounts receivable$1,550 Total assets 42,430Interest expense980 Current liabilities 12,000Income tax expense1,270 Total liabilities 32,580Net income2,230 Cash 380 Instructions Compute these values: (a)Working capital.(b)Current ratio.
Homework Answers
| 1 | |||
| (a) | Revenue to report for the month = 1,500,000 | ||
| (1,575,000/1.05) | |||
| (b) | Account Titles and Explanation | Debit | Credit |
| Accounts Receivable | 1,575,000 | ||
| Sales Revenue | 1,500,000 | ||
| Sales Taxes Payable | 750,000 | ||
| 2 | Working Capital | $4,890 | million |
| (Current Assets - Current Liabilities) | |||
| ($16,890 – $12,000) | |||
| Current ratio | 1.41 | :1 | |
| (Current Assets/Current Liabilities) | |||
| ($16,890/$12,000) | |||
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Question 1) Back Cove Yacht Company billed its
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