Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my werk 1 Halifax Fisheries Inc began the month of March with $780,000 of current assets, a current ratio of 25 to 1, and

image text in transcribed
image text in transcribed
Check my werk 1 Halifax Fisheries Inc began the month of March with $780,000 of current assets, a current ratio of 25 to 1, and a quick ratio of 11 to 1 During the month, it completed the following transactions: Marhought 330, ce of marchandise on account. The company uses a perpetual inventory wsten) a 11 sold serchandise that cost 74,000 for $120,000 15 Collected 32,000 account receivable. 17 Faida 534,600 account payable 19 wrote off 516,000 bad debt against Allowance for Doubtful Accounts 24 Declared a $2.75 per share cash dividend on the 43,000 outstanding common shares 30 Paid the dividend declared on March 24 29 Borrowed 5100,000 by giving the bank 30-day, 20 note. 30 Borrowed $130,000 by signing a long-term secured hotel 31 Used the $230,000 proceeds of the notes to buy additional sachinery: speelt Required: Prepare a schedule showing Halifax Fisheries Inc's current ratio, quick ratio, and working capital after each of the transactions. (Round ratios to 2 decimal places and other final answers to nearest whole dollar) Current Assets Quick Assets Current Liabilities Current Ratio Quick Ratio Working Capital 1 1 Transaction Beginning Mar 6 Bal Mar 11 1 1 Assignment #7 - Chapters 16 17 due 04132022 Sav Help Save & E Suhmi 1 Check my work Mar 11 Bal Mar 15 10 points 1 Print 1 1 References Bal Mar 17 Bal Mar. 19 Bal Mar. 24 Bal Mar 28 Bal Mar 29 Bal Ma: 30 Bal Mar 31 Bai 1 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Deadly Audit A Buckeye Barrister Mystery

Authors: David M Selcer

1st Edition

0988194368, 978-0988194366

More Books

Students also viewed these Accounting questions