Concord Company provides you with the following balance sheet information as of December 31,2022 . In addition, Concord reported net income for 2022 of $15,500, income tax expense of $3,100, and interest expense of $1.500. (a) Compute the current ratio and working capital for Concord for 2022. (Round ratio to 2 decimal places, eg. 2.75:1. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) Current ratio 1 Working capital (b) Assume that at the end of 2022 , Concord used $2,950 cash to pay off $2,950 of accounts payable. How would the current ratio and working capital have changed? (Round ratio to 2 decimal places, e.g. 2.75:1. Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg. (45).) Assume that at the end of 2022 , Concord used $2,950 cash to pay off $2,950 of accounts payable. How would the current ratio and working capital have changed? (Round ratio to 2 decimal ploces, eg. 2.75:1. Enter negative amounts using either a negotive sign preceding the numberes. -45 or parentheses eg. (45).) Current ratio 1 Working capital (c) Compute the debt to assets ratio and the times interest earned ratio for Concord for 2022 . (Round onswers to 1 decimal place, eg. 15.2. or 15.296) Debt to assets ratio % Times interest earned ratio You and several classmates are studying for the next accounting exam. They ask you to answer the following questions. 1. If cash is borrowed on a $74,000,9-month, 6% note on August 1 , how much interest expense would be incurred by December 31 ? Interestexpense 2. The cash register total including sales taxes is $58,320, and the sales tax rate is 8%. What is the sales taxes payable? Sales taxes payable 3. If $52,500 is collected in advance on November 1 for 6 -month magazine subscriptions, what amount of subscription revenue should be recognized on December 31 ? Subscriptionrevenue $ Concord Company provides you with the following balance sheet information as of December 31,2022 . In addition, Concord reported net income for 2022 of $15,500, income tax expense of $3,100, and interest expense of $1.500. (a) Compute the current ratio and working capital for Concord for 2022. (Round ratio to 2 decimal places, eg. 2.75:1. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) Current ratio 1 Working capital (b) Assume that at the end of 2022 , Concord used $2,950 cash to pay off $2,950 of accounts payable. How would the current ratio and working capital have changed? (Round ratio to 2 decimal places, e.g. 2.75:1. Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg. (45).) Assume that at the end of 2022 , Concord used $2,950 cash to pay off $2,950 of accounts payable. How would the current ratio and working capital have changed? (Round ratio to 2 decimal ploces, eg. 2.75:1. Enter negative amounts using either a negotive sign preceding the numberes. -45 or parentheses eg. (45).) Current ratio 1 Working capital (c) Compute the debt to assets ratio and the times interest earned ratio for Concord for 2022 . (Round onswers to 1 decimal place, eg. 15.2. or 15.296) Debt to assets ratio % Times interest earned ratio You and several classmates are studying for the next accounting exam. They ask you to answer the following questions. 1. If cash is borrowed on a $74,000,9-month, 6% note on August 1 , how much interest expense would be incurred by December 31 ? Interestexpense 2. The cash register total including sales taxes is $58,320, and the sales tax rate is 8%. What is the sales taxes payable? Sales taxes payable 3. If $52,500 is collected in advance on November 1 for 6 -month magazine subscriptions, what amount of subscription revenue should be recognized on December 31 ? Subscriptionrevenue $
