Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

III Canvas Chapter 17 HW # 1 Assignment Effect of Transactions on Current Position Analysis Data pertaining to the current position of Lucroy Industries Inc.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
III Canvas Chapter 17 HW # 1 Assignment Effect of Transactions on Current Position Analysis Data pertaining to the current position of Lucroy Industries Inc. follow: $450,000 Marketable securities 172,500 Accounts and notes receivable (net) Inventories 700,000 Prepaid expenses 44,000 Cash 310,000 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 b. Current ratio Canvas > b. Current ratio c. Quick ratio 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 III Canvas Transaction Working Capital 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 common null 1 Canvas Working Capital Current Ratio Quick Ratio ketable securities at no gain or loss, unts payable, $145,000. goods on account, $105,000. payable, $105,000. a cash dividend, $135,000. LOOD IIIII LIII Canvas e. Declared a cash dividend, $135,000. 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. Canvas a cash dividend, $135,000. common stock dividend on common bo. II cash from bank on a long-term note, 0001 cash on account, $110,000. Hitional shares of stock for cash, Canvas h. Received cash on account, $110,000. i. Issued additional shares of stock for cash, $590,000. j. Paid cash for prepaid expenses, $14,000. 0 0 Check My Work 1 more Check My Work uses remaining Assignment Score: 0.0% Save and Exit Submit Assignment for Grading Canvas cash on account, $110,000. Hitional shares of stock for cash, 101 111 for prepaid expenses, $14,000. Check My Work 1 more Check My Work uses remaining Assignment Score: 0.0% sive and Exit Submit Assignment for Grading

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_2

Step: 3

blur-text-image_3

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

Frank Woods Business Accounting

Authors: Frank Wood, Alan Sangster

9th Edition

0273655523, 9780273655527

More Books

Students also viewed these Accounting questions

Question

List the key components within occupational health and safety.

Answered: 1 week ago

Question

Identify the general types of employment laws in Canada.

Answered: 1 week ago

Question

Describe discrimination and harassment in the workplace.

Answered: 1 week ago