Question
Need help with this quick! Question 7 Acme Auto Supplies listed the following accounts on their December 31, 2007 Cash $60,000 Prepaid Insurance $40,000 Accounts
Need help with this quick!
Question 7
Acme Auto Supplies listed the following accounts on their December 31, 2007
Cash $60,000
Prepaid Insurance $40,000
Accounts Receivable $50,000
Inventory $70,000
Land held for investment $80,000
Land $95,000
Building $100,000
Less: Accumulated Depreciation <$30,000>
( Trademark $70,000
)Accounts Payable $65,000
Salaries Payable $10,000
Mortgage Payable $90,000
Common Stock $120,000
Retained Earnings $250,000
The current ratio is
2.93:1.
1.86:1.
3.38:1.
2.00:1. *** i think this one?? and this question
The total amount of working capital is $155,000. $60,000. $150,000. $145,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started