Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pioneer's adjusted trial balance as of December 31, 2018 is given below: Debit Credit Cash $13,000 Accounts Receivable 8,000 Prepaid Rent 7,000 Prepaid Insurance 2,100

Pioneer's adjusted trial balance as of December 31, 2018 is given below:

Debit

Credit

Cash

$13,000

Accounts Receivable

8,000

Prepaid Rent

7,000

Prepaid Insurance

2,100

Office Supplies

3,300

Land

45,000

Building

57,000

Accumulated

Depreciationlong dashBuilding

$12,000

Equipment

32,000

Accumulated

Depreciationlong dashEquipment

7,500

Accounts Payable

5,500

Salaries Payable

4,500

Interest Payable

2,000

Mortgage Payable (long term)

5,000

Common Stock

14,000

Dividends

5,500

Service Revenue

229,500

Salaries Expense

46,500

Insurance Expense

3,000

Rent Expense

12,500

Utilities Expense

15,500

Advertising Expense

9,700

Depreciation

Expenselong dashBuilding

10,900

Depreciation

Expenselong dashEquipment

7,900

Supplies Expense

1,100

?????????????????

Total

$280,000

$280,000

Compute the current ratio. (Round your answer to two decimal places.)

A.

8.16

B.

2.78

C.

2.36

D.

1.75

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

Auditing Theory And Practice

Authors: C. William Thomas, Bart Ward, Emerson Henke

3rd Edition

0534920748, 978-0534920746

More Books

Students also viewed these Accounting questions

Question

Given x

Answered: 1 week ago

Question

8. Do the organizations fringe benefits reflect diversity?

Answered: 1 week ago

Question

7. Do the organizations social activities reflect diversity?

Answered: 1 week ago