Question
1. A man purchased four boards that are each 20 feet to make 18 5/8 foot boards for his gazebo. Upon measuring, he finds they
1. A man purchased four boards that are each 20 feet to make
18 5/8 foot boards for his gazebo. Upon measuring, he finds they are 19 15/16 feet, 20 1/8 feet, 20 feet, and 19 13/16 feet. How much must be removed from each board to get 18 5/8 foot boards.
2. Find the product.
4 3/8 5 4/9
3. A home-decorating company is determining the amount of fabric required for a customer's window treatments. A single window requires 12 2/3 yards and a double window requires
17 5/6 yards of fabric. If there are two single windows and one double window, how much fabric is required?
4. Dove Sporting Goods Company reported the following at March 31, 2022 and 2021:
Dove Sporting Goods Company | |||
Balance Sheets | |||
31-Mar | |||
2022 | 2021 | ||
ASSETS | |||
Current: | |||
Cash | $900 | $600 | |
Accounts receivable | 28,500 | 32,500 | |
Inventories | 33,000 | 33,350 | |
Other current assets | 4,700 | 4,600 | |
Total current assets | 67,100 | ? | |
Property and equipment, net | 6,000 | 4,300 | |
Other assets | 21,000 | 35,600 | |
Total assets | $94,100 | $110,950 | |
LIABILITIES | |||
Total current liabilities | $54,700 | $49,700 | |
Long-term liabilities | 3,100 | 600 | |
Total liabilities | 57,800 | 50,300 | |
STOCKHOLDERS' EQUITY | |||
Common stock | 23,000 | 21,000 | |
Retained earnings | 13,300 | 39,650 | |
Total stockholders' equity | 36,300 | 60,650 | |
Total liabilities and stockholders' equity | $94,100 | $110,950 |
Requirements
1. | Identify the formula to compute the current ratio. |
2. | Determine the total current assets balance for Dove Sporting Goods at March 31, 2021, and then compute the current ratio as of March 31, 2022 and as of March 31, 2021. (Round to two decimal places.) |
3. | Has the current ratio for Dove Sporting Goods improved or deteriorated during the fiscal year ending March 31, 2022. How can you tell? |
5.Crow Sporting Goods Company reported the following at March 31, 2022, with amounts in thousands:
Crow Sporting Goods Company | |||
Balance Sheet | |||
31-Mar-22 | |||
Thousands | |||
ASSETS | |||
Current: | |||
Cash | $1,300 | ||
Accounts receivable | 27,800 | ||
Inventories | 30,000 | ||
Other current assets | 5,200 | ||
Total current assets | 64,300 | ||
Property and equipment, net | 6,900 | ||
Other assets | 24,100 | ||
Total assets | $95,300 | ||
LIABILITIES | |||
Total current liabilities | $54,700 | ||
Long-term liabilities | 4,700 | ||
Total liabilities | 59,400 | ||
STOCKHOLDERS' EQUITY | |||
Common stock | 23,000 | ||
Retained earnings | 12,900 | ||
Total stockholders' equity | 35,900 | ||
Total liabilities and stockholders' equity | $95,300 | ||
1. | Compute Crow's current ratio. (Round to two decimal places.) |
2. | Prepare the income statement for the year ended March 31, 2022. |
3. | Journalize the earning of service revenue: $56,000 on account and $37,000 in cash. |
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