Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 9 percent. Vail Book Mart engaged in the following transactions for Year 1. Sales tax of 9 percent is collected on all sales. 1. Book sales, not including sales tax for Year 1 amounted to $271,000 cash, 2. Cash sales of miscellaneous items in Year 1 were $151,000, not including tax. 3. Cost of goods sold was $210,000 for the year. 4. Paid $130,000 in operating expenses for the year. 5. Pald the sales tax collected to the state agency Required o. What is the total amount of sales tax Vail Book Mart collected and paid for the year? b. What is Vall Book Mart's net income for the year? a Salos tax collected b Not income * Yunu Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings $42,410 9,925 13,170 43,500 27,310 24,500 30,275 35, 240 ALPHA CO. Classified Balance Sheet As of December 31, Year 1 Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities As of December 31, Year 1 Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity The following information was drawn from the balance sheets of the Kansas and Montana companies. Current assets Current liabilities Kansas $48,000 33,600 Montana $46,000 18,400 Required a. Compute the current ratio for each company b. Which company has the greater likelihood of being able to pay its bills? c. Assume that both companies have the same amount of total assets. Speculate as to which company would produce the higher return-on-assets ratio. Complete this question by entering your answers in the tabs below. Required A Required B Required c Compute the current ratio for each company. (Round your answers to 2 decimal places.) Current Ratio to 1 Kansas Montana to 1 Nicured A Required B > The following information was drawn from the balance sheets of the Kansas and Montana companies: Current assets Current liabilities Kansas $48,000 33,600 Montana $46,000 18,400 Required a. Compute the current ratio for each company b. Which company has the greater likelihood of being able to pay its bills? c. Assume that both companies have the same amount of total assets. Speculate as to which company would produce the high return-on-assets ratio. Complete this question by entering your answers in the tabs below. Required A Required B Required C Which company has the greater likelihood of being able to pay its bills? Which company has the greater likelihood of being able to pay its bills? The following information was drawn from the balance sheets of the Kansas and Montana companies: Current assets Current liabilities Kansas $48,000 33,600 Montana $46,000 18,400 Required a. Compute the current ratio for each company b. Which company has the greater likelihood of being able to pay its bills? c. Assume that both companies have the same amount of total assets. Speculate as to which company would produce the higher return-on-assets ratio. Complete this question by entering your answers in the tabs below. Required A Required B Required Assume that both companies have the same amount of total assets. Speculate as to which company would produce the higher return-on-assets ratio. Which company would produce the higher return on-assets ratio
