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III Canvas Chapter 17 HW # 1 Assignment o @ Effect of Transactions on Current Position Analysis Data pertaining to the current position of Lucroy Industries Inc. follow: Cash $450,000 Marketable securities 172,500 Accounts and notes receivable (net) 310,000 Inventories 700,000 Prepaid expenses 44,000 Accounts payable 230,000 Canvas Prepaid expenses Accounts payable Notes payable (short-term) Accrued expenses Required: 44,000 230,000 245,000 315,000 1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios to one decimal place. a. Working capital 886,500 b. Current ratio 2.1 1 Canvas b. Current ratio 2.1 C. Quick ratio 1.2 2. Compute the working capital, the current ratio, and the quick ratio after each of the following transactions and record the results in the appropriate columns. Consider each transaction separately and assume that only that transaction affects the data given. Round ratios to one decimal place. Transaction Working Capital Curren Canvas 2. Compute the working capital, the current ratio, and the quick ratio after each of the following transactions and record the results in the appropriate columns. Consider each transaction separately and assume that only that transaction affects the data given. Round ratios to one decimal place. Transaction Working Capital Curren a. Sold marketable securities at no gain or loss, 886,500 $75,000. Dair arrunte navale 115 nnn 2 h RRE Son Canvas Working Capital Curren 886,500 2. 886,500 2 Transaction a. Sold marketable securities at no gain or loss, $75,000. b. Paid accounts payable, $145,000. C. Purchased goods on account, $105,000. d. Paid notes payable, $105,000. e. Declared a cash dividend, $135,000. f. Declared a common stock dividend on 886,500 886,500 2 Canvas Working Capital Current Ratio Quick Ratio etable securities at no gain or loss, 886,500 2.1 1.2 886,500 2.4 1.2 886,500 2 0.9 X nts payable, $145,000. goods on account, $105,000. payable, $105,000. cash dividend, $135,000. common stock dividend on 886,500 2.3 1.2 X X Canvas X f. Declared a common stock dividend on common stock, $55,000. g. Borrowed cash from bank on a long-term note, $210,000. h. Received cash on account, $110,000. 1. Issued additional shares of stock for cash, $590,000. j. Paid cash for prepaid expenses, $14,000. X Canvas X common stock dividend on K, $55,000. cash from bank on a long-term po. ash on account, $110,000. itional shares of stock for cash, X X X or prepaid expenses, $14,000