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  • Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2 on June 30 of...

    Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2 on June 30 of the current year. On that date, the company’s assets were: Cash $ 62,000 Accounts receivable, net 440,000 Inventory 690,000 Prepaid expenses 11,000 Plant and equipment, net 1,790,000 Total assets $ 2,993,000 Required: 1. What was the company’s working capital on June 30? 2. What...

  • Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2 on June 30 of...

    Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2 on June 30 of the current year. On that date, the company’s assets were: Cash $ 70,000 Accounts receivable, net 410,000 Inventory 680,000 Prepaid expenses 9,000 Plant and equipment, net 1,850,000 Total assets $ 3,019,000 Required: 1. What was the company’s working capital on June 30? 2. What...

  • Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2 on June 30 of...

    Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2 on June 30 of the current year. On that date, the company's assets were Cash Accounts receivable, net Inventory Prepaid expenses Plant and equipment, net Total assets $ 64,000 380,000 750,000 12,000 1,880,000 $3,086,000 Required 1. What was the company's working capital on June 30? 2. What was...

  • Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2 on June 30 of...

    Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2 on June 30 of the current year. On that date, the company's assets were: Cash Accounts receivable, net Inventory Prepaid expenses Plant and equipment, net Total assets $ 80,000 400,000 660,000 10,000 1,860,000 $3,010,000 Required: 1. What was the company's working capital on June 30? 2. What was...

  • On June 30, 2018, Campbell Company’s total current assets were $503,500 and its total current liabilities...

    On June 30, 2018, Campbell Company’s total current assets were $503,500 and its total current liabilities were $270,500. On July 1, 2018, Campbell issued a short-term note to a bank for $40,600 cash. Required Compute Campbell’s working capital before and after issuing the note. Compute Campbell’s current ratio before and after issuing the note. (Round your answers to 2 decimal...

  • On June 30, 2018, Stuart Company's total current assets were $502,500 and its total current liabilities...

    On June 30, 2018, Stuart Company's total current assets were $502,500 and its total current liabilities were $275,500. On July 1, 2018, Stuart issued a short-term note to a bank for $41,000 cash. Required a. Compute Stuart's working capital before and after issuing the note. b. Compute Stuart's current ratio before and after issuing the note. (Round your answers to...

  • On June 30, 2018, Vernon Company's total current assets were $495.000 and its total current liabilities...

    On June 30, 2018, Vernon Company's total current assets were $495.000 and its total current liabilities were $276,000. On July 1 2018, Vernon issued a short-term note to a bank for $40,000 cash. Required a. Compute Vernon's working capital before and after issuing the note. b. Compute Vernon's current ratio before and after issuing the note. (Round your answers to...

  • On June 30, 2018, Baird Company's total current assets were $504,500 and its total current liabilities...

    On June 30, 2018, Baird Company's total current assets were $504,500 and its total current liabilities were $277,500. On July 1, 2018, Baird issued a short-term note to a bank for $41,600 cash. Required a. Compute Baird's working capital before and after issuing the note. b. Compute Baird's current ratio before and after issuing the note. (Round your answers to...

  • On June 30, 2018. Campbell Company's total current assets were $496,500 and its total current liabilities...

    On June 30, 2018. Campbell Company's total current assets were $496,500 and its total current liabilities were $279,000. On July 1, 2018, Campbell issued a short-term note to a bank for $40,200 cash. Required a. Compute Campbell's working capital before and after issuing the note. b. Compute Campbell's current ratio before and after issuing the note. (Round your answers to...

  • Effect of Transactions on Working Capital, Current Ratio, and Quick Ratio The following account balances are...

    Effect of Transactions on Working Capital, Current Ratio, and Quick Ratio The following account balances are taken from the records of Redon Corp.: Cash Short-term investments Accounts receivable Inventory Prepaid Insurance Accounts payable Taxes payable Salaries and wages payable Short-term loans payable Required: $69,000 58,000 72,000 100,000 10,000 75,000 25,000 40,000 210,000 1. Use the information provided to compute the...

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