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The following data are taken from the balance sheet at the end of the current year Aecumulated Depre. Furniture $2,500e 3,000 6,000aventory 2,500 Paid in
The following data are taken from the balance sheet at the end of the current year Aecumulated Depre. Furniture $2,500e 3,000 6,000aventory 2,500 Paid in capital sale/treasury stocks 7,000 etrud Earnings 2,000 10,000 9,000 8,000 upplies 1,000 eeormtrreceivebte . Treasury Stocks.... eenved-Bnpenses Furniture 10,000 Feporary investments...,000 Prepaid-expenses. Account amount account amount amount Cashn Total Total 1 Total 2. Compute the working capital, current ratio, and the quick ratio based on the information above and record the results in the appropriate columns. Round to the nsarest one decimal points 3. Consider each transaction separately, and assume that only that transaction affects the data given. a.. Sold furniture for cash, $3,000 b. Paid taxes payable $2,000 c.. Purchased treasury stocks for cash $2,500. d.. Declared Cash dividends of $4,000 Cureat tak:o Curtart Assels /iab:l.tas 0: Record the answers in the appropriate columns Current assets quick assets current liabilities working capital current ratio Quick ratio 3a. 3b 3d
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