Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Take me to the text Proper Solutions has the following balances as at May 31, 2019 cash $ 28,200 Powers, Capital $ 75,200 Bank Loan,

image text in transcribed
image text in transcribed
Take me to the text Proper Solutions has the following balances as at May 31, 2019 cash $ 28,200 Powers, Capital $ 75,200 Bank Loan, Long-Term Portion $ 16,000 Accounts Payable $ 13,600 Accounts Receivable $ 20,200 Uneamed Revenue $ 7,400 Merchandise Inventory $ 23,200 Bank Loan Current Portion $8,000 Equipment $ 48,600 Required a) Prepare a classified balance sheet using the balances listed above Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Select accounts according to their classification. If more than one account is used under a classification enter them in the order of annearance in the above For example, if cash and accounts receivable are both current assets. choose cash for the first drop down menu and accounts receivablete b) Calculate the working capital for Proper Solutions, Working Capital = $ 42600 c) Calculate the current ratio for Proper Solutions. Current Ratio = x d) Calculate the quick ratio for Proper Solutions. Quick Ratio Check Note: The "check" button does not submit your attempt.To submit the attempt, go to the end of the quiz and click on the Partially correct Marks for this submission: 25.07/27.00

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

Management And Cost Accounting

Authors: Charles T. Horngren (Author), Alnoor Bhimani (Author), Srikant M. Datar (Author), George Foster

2nd Edition

0273651838, 978-0273651833

More Books

Students also viewed these Accounting questions

Question

=+3. Who can provide information for evaluation?

Answered: 1 week ago