Question
Given the following data, INCOME STATEMENT: Sales:$200,000 COGS:90,000 Rent:10,000 Offc Sup.:5,000 Vehicle mnt:15,000 Utilities:10,000 Labor:50,000 Income:20,000 and BALANCE SHEET: Current Assets: Cash = $10,000 A/R
Given the following data,
INCOME STATEMENT:
Sales:$200,000
COGS:90,000
Rent:10,000
Offc Sup.:5,000
Vehicle mnt:15,000
Utilities:10,000
Labor:50,000
Income:20,000
and
BALANCE SHEET:
Current Assets: Cash = $10,000
A/R =20,000
Invent. =30,000
Total Current Assets =$60,000
Total Long Term Assets = $30,000
Intangible Assets (patent) = $10,000
Total Assets: ___________________
Total Current Liabilities= $30,000
Total Long Term Liabilities = $60,000
Owners' Equity = $10,000
Total Equities: ___________________
what is the Acid Test (Quick Ratio) ?
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
1-119-49356-3, 1119493633, 1119493560, 978-1119493631
