Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 21 Use the following information to answer questions 21 thru 25: Accounts Payable--$40,000 Notes Payable----$105,000 Accounts Receivable----$65,000 Marketable securities----$36,000 Accrued Liabilities---$38,000 Prepaid Expenses----$2,000 Cash----$30,000

image text in transcribed
image text in transcribed
image text in transcribed
QUESTION 21 Use the following information to answer questions 21 thru 25: Accounts Payable--$40,000 Notes Payable----$105,000 Accounts Receivable----$65,000 Marketable securities----$36,000 Accrued Liabilities---$38,000 Prepaid Expenses----$2,000 Cash----$30,000 Sales----$500,000 Inventory----$72,000 Cost of Goods Sold----$300,000 Equipment----$150,000 Operating Expenses----$155,000 Land/Building---$625,000 What is the amount of Quick Assets? a $205,000 b. $203,000 c. $131,000 d. $ 66,000 QUESTION 22 What is the Current Ratio? a. 1.12 times O b.2.63 times c. 4.50 times O d. 5.12 times QUESTION 23 What is the Working Capital? a. $127,000 b. $ 115,000 c. $110,000 d. $ 98,000 QUESTION 24 What is the Profit Margin? O a. 4.0% b.9.0% c. 10.0% O d. 12.0% QUESTION 25 What is the Return on Assets? a. 6.5% b. 5.8% c. 5.1% d. 4.6%

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

Step: 3

blur-text-image

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 Principles

Authors: Howard F. Stettler

3rd Edition

0130521183, 9780130521187

More Books

Students also viewed these Accounting questions

Question

8. Demonstrate aspects of assessing group performance

Answered: 1 week ago