Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheet of Jones Design Company contained the following items, among others: Cash 60,000 Accounts Receivable 82,000 Inventory 12,000 Building (net) 450,000 Other Assets

The balance sheet of Jones Design Company contained the following items, among others:

Cash 60,000
Accounts Receivable 82,000
Inventory 12,000
Building (net) 450,000
Other Assets 55,500
Mortgage payable (due in 3 years) 118,000
Notes Payable (due in 6 months) 38,000
Accounts Payable 19,000
Capital Stock 338,000
Retained Earnings 146,500

From the above information compute: (1) Current assets: $_______ (2) Current liabilities: $______ (3) The current ratio: ______ to 1 (4) Working capital: $______

(5) Quick ratio: ________to 1

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

Financial & Managerial Accounting For Undergraduates

Authors: Jason Wallace, James Nelson, Karen Christensen, Theodore Hobson, Scott L. Matthews

2nd Edition

161853310X, 9781618533104

More Books

Students also viewed these Accounting questions

Question

Is carrying value ever the same as market value?

Answered: 1 week ago