Question
17-26 Find the net income of Turbo Start (Problem 17-17) given the following data from the balance sheet and income statement. Turbo Start Data (1000's)
17-26 Find the net income of Turbo Start (Problem 17-17) given the following data from the balance sheet and income statement.
Turbo Start Data (1000's)
| Turbo Start Data (1000's) | |||
|---|---|---|---|
| Accounts Payable | $1000 | ||
| Selling expense | $5000 | ||
| Sales Revenue | $50,000 | ||
| Owner's equity | $4500 | ||
| Income Taxes | $2000 | ||
| Cost of goods sold | $30,000 | ||
| Accounts recievable | $15,000 |
17-17 Turbo start has current assets totaling $1.5 million (this includes $500,000 in current inventory) and current liabilities totaling $50,000. Find the current ratio and acid-test ratio. Are the ratios desirable levels? Explain
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Introductory Accounting Finance And Auditing For Lawyers
Authors: Lawrence Cunningham
6th Edition
0314280456, 978-0314280459
