AAA company has a current ratio of 1.6: 1, on December 31,2019. If the company has total liabilities of $ 160,000, out of which $125,000 are long term, then its current assets are:

a.

$69,000

b.

$56,000

c.

$160,000

d.

Answer can not be determined.

Question 25

Not yet answered

The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Morgan capital, $60,000; Rockwell capital, $80,000. The other assets were sold for $139,000. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Morgan will receive cash totaling

a.

$46,000

b.

$51,000

c.

$60,000

d.

$49,500

Clear my choice

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