Question
The following information is obtained from the financial records of Weekend Corporation for the year ended December 31, 2019: Accounts Payable 180,000 Accounts Receivable 320,000
The following information is obtained from the financial records of Weekend Corporation for the year ended December 31, 2019:
Accounts Payable 180,000
Accounts Receivable 320,000
Allowance for Bad Debt 20,000
Cash 205,000
Common Stock ($5 Par Value) 600,000
Common Stock-Additional Paid-in Capital 150,000
Current Portion of Long-Term Debt 30,000
Interest Payable 22,000
Marketable Securities 135,000
Merchandise Inventory 210,000
Mortgage Payable 125,000
Notes Payable 30,000
Notes Receivable 27,000
Notes Receivable (Due in 2023) 43,000
Prepaid Insurance 2,000
Prepaid Rent 4,000
Plant Assets 800,000
Accumulated Depreciation-Plant Assets 240,000
Salaries Payable 13,000
Supplies 8,000
Taxes Payable 12,000
Unearned Revenue 8,000
2019 Net Income was 480,000.
REQUIRED:
Calculate (1) The Current Ratio (2) The Quick Ratio and (3) Earnings Per Share
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Research Methods for Business A Skill Building Approach
Authors: Uma Sekaran, Roger Bougie
7th edition
978-1-119-2668, 1119165555, 1119165552, 9781119266846, 111926684X, 978-1119165552
