Use the following table:

Case XCase YCase ZCash$960$1,550$2,060Short-term investments00820Receivables01,7901,440Inventory3,6001,6406,880Prepaid expenses2,8001,0801,540Total current assets$7,360$6,060$12,740Current liabilities$3,800$1,900$6,050

Required:

Calculate the quick ratio in each of the above cases and select the case which is in the best position to meet short-term obligations most easily.(Round your answers to 2 decimal places.)

On January 15, Tundra Co. sold merchandise to customers for cash of $51,000 (cost $34,800). Merchandise costing $13,200 was sold to customers for $19,400 on January 17; terms 2/10, n/30. Sales totalling $372,500 (cost $252,000) were recorded on January 20 to customers using MasterCard; assume the credit card charges a 2% fee. On January 25, sales of $91,800 (cost $61,700) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions.

do journal entries for each of the transactions described (assume a perpetual inventory system).

transaction list

• 1
• Record the sale of merchandise to cash customers.
• 2
• Record the cost of sales
• 3
• Record the sale of merchandise on terms 2/10, n/30.
• 4
• Record the cost of sales.
• 5
• Record the sale of merchandise less credit card expense.
• 6
• Record the cost of sales.
• 7
• Record the sale of merchandise less debit card expense.

• 8
• Record the cost of sales.