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Alpha has the following adjusted trial balance at the end of the year. On the basis of its annual physical count of inventory at year-end,
Alpha has the following adjusted trial balance at the end of the year. On the basis of its annual physical count of inventory at year-end, Alpha determined that its ending inventory was $45,000. Calculate the current and quick ratios (rounded).
Debit | Credit | ||
Cash | $ 9,000 | ||
Accounts receivable | 15,000 | ||
Inventory | 36,000 | ||
Supplies | 2,000 | ||
Equipment | 60,000 | ||
Accumulated depreciation | $30,000 | ||
Accounts payable | 12,000 | ||
Salaries payable | 3,000 | ||
Utilities payable | 6,000 | ||
Income tax payable | 4,000 | ||
Unearned sales revenue | 1,000 | ||
Common stock | 56,000 | ||
Retained earnings | 15,000 | ||
Dividends | 3,000 | ||
Sales | 130,000 | ||
Sales returns and allowances | 6,000 | ||
Purchases | 51,000 | ||
Purchase discounts | 3,000 | ||
Rent expense | 24,000 | ||
Salaries expense | 45,000 | ||
Depreciation expense | 6,000 | ||
Income tax expense | 3,000 | ||
Total | $260,000 | $260,000 |
Group of answer choices
Current: 2.92 and Quick: 0.92
The correct answer is not listed.
Current: 2.73 and Quick: 0.92
Current: 2.31 and Quick: 0.96
Current: 2.65 and Quick: 0.96
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