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please answer will leave thumbs up if all are answered correctly Quick ratio 950 Adieu Company reported the following current assets and current liabilities for
please answer will leave thumbs up if all are answered correctly
Quick ratio 950 Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 2014 Dec. 31, 2093 Cash $930 $1,000 Temporary investments 1,100 1,500 Accounts receivable 850 Inventory 2,300 2,700 Accounts payable 1,800 2,300 a. Compute the quick ratio on December 31 for each year. Round to one decimal place. 20Y4 2013 Quick Ratio b. Is the quick ratio improving or declining? Payroll Entries Widmer Company had gross wages of $226,000 during the week ended June 17. The amount of wages subject to social security tax was $203,400, while the amount of wages subject to federal and state unemployment taxes was $28,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% 5.4% State unemployment Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $45,200. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journalize the entry to record the payroll for the week of June 17. June 7 b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. June 7 Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $216,000 for January. On February 7, a customer received warranty repairs requiring $235 of parts and $105 of labor. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank. 100 000Step by Step Solution
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