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On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $1,000.Friday, April 3, Bravo paid employee wages of $2,500 for the week.Prepared the
- On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $1,000.Friday, April 3, Bravo paid employee wages of $2,500 for the week.Prepared the general journal entry (without explanation) needed for March 31, 20X1. If no entry is required then write "No Entry Required."
- During 2018, Towson Company had credit sales of $52,000 and cash sales of $11,000.In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit.Towson incurred operating expenses of $57,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end.In addition to these operating expenses, Towson also purchased for cash a three-year insurance policy on January 1, 2018.The cost of this policy was $3,000.What is Towson's 2018 accrual basis net income or loss?Enter a loss as a negative number.
- A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal):
Accounts payable $47,000,Accounts receivable $46,500, Capital stock $100,000, Cash $60,000, Dividends $10,000, Interest expense $4,000, Interest payable $3,800, Inventory $32,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000.How much is Charles's current ratio? (Round your answer to two decimal places.)
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