Question
11-12. Baynard Boats, Inc. presented the following information for the year ending 2016. Baynard Boats, Inc. Balance Sheet December 31, 2016 Cash $ 55,000 Accounts
11-12. Baynard Boats, Inc. presented the following information for the year ending 2016.
| Baynard Boats, Inc. | ||||
| Balance Sheet | ||||
| December 31, 2016 | ||||
|
|
|
|
|
|
| Cash | $ 55,000 |
| Accounts Payable | $175,000 |
| Marketable Securities | 105,000 |
| Mortgage Payable | 140,000 |
| Account Receivable | 175,000 |
| Notes Payable | 165,000 |
| Inventory | 250,000 |
| Common Stock | 160,000 |
| Plant Assets, net | 220,000 |
| Retained Earnings | 165,000 |
|
| $805,000 |
|
| $805,000 |
11) Compute the Quick Ratio/Acid Test Ratio (show computations)
12) Compute the Current Ratio ( show computations)
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Audit Risk Alert Employee Benefit Plans Industry Developments 2017
Authors: AICPA
1st Edition
1945498722, 978-1945498725
