Question
The following information is obtained from the financial records of Weekend Corporation for the year ended December 31, 2020: Accounts Payable180,000 Accounts Receivable320,000 Allowance for
The following information is obtained from the financial records of Weekend Corporation for the year ended December 31, 2020:
Accounts Payable180,000
Accounts Receivable320,000
Allowance for Bad Debt20,000
Cash225,000
Common Stock ($5 Par Value)600,000
Common Stock-Additional Paid-in Capital150,000
Current Portion of Long-Term Debt30,000
Interest Payable12,000
Marketable Securities135,000
Merchandise Inventory230,000
Mortgage Payable125,000
Notes Payable30,000
Notes Payable (Due in 2024)50,000
Notes Receivable38,000
Notes Receivable (Due in 2023)40,000
Prepaid Insurance2,000
Prepaid Rent4,000Plant Assets800,000
Accumulated Depreciation-Plant Assets240,000
Salaries Payable13,000
Supplies10,000
Taxes Payable12,000
Unearned Revenue8,000
2020 Net Income was 480,000.
REQUIRED: Calculate (1) The Current Ratio (2) The Quick Ratio and (#) Earnings Per Share
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Accounting
Authors: Charles T Horngren, Walter T Harrison
9th Edition
132959674, 978-0132569057
