1. Husain Corporation has the following account it trial balance at the end of year: Accounting Receivables $ 230,000, Inventories $ 342,000, Allowances for doubtful debts $ 11,000, Long -term notes payable $ 56,000, Prepaid Rent $ 13,000, Unearned fee $ 5,000, Cash $ 46,000, Trading Securities $ 32,000. Prepare current assets section of the balance sheet.

The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year

The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash                                                      96, 578 Accounts receivable                             452,800 Inventories                                         376,300                                                       925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts                                                                                                                          357,742 Due from employees – current                                                                                                                   43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty                       16,000 Selling price of merchandise on consignment at 140% of cost and not sold                             50,400 Allowance for doubtful accounts…

The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?

Record the Year 1 transactions in general journal form.

Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years:   Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165   $4,528   Short-term investments, at cost 2,958   8,408   Accounts and notes receivable, net 9,404   8,624   Inventories 1,771   787   Prepaid expenses and other current assets 590   291   Short-term obligations (liabilities) 315   3,342   Accounts payable and other current liabilities 7,453   6,813     a.   Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place.   Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4

The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: Beginning balances: Inventory $200,000 Accounts receivable 300,000 Ending balances: Inventory 250,000 Accounts receivable 400,000 Cash 100,000 Marketable securities (short-term) 200,000 Prepaid expenses 50,000 Accounts payable 175,000 Taxes payable 85,000 Wages payable 90,000 Short-term loans payable 50,000 During the year, Arnn had net sales of $2.45 million. The cost of goods sold was $1.3 million. Required: When required, round your answers to two decimal places. Assume 365 days per year. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. times 4. Compute the accounts receivable turnover in days. days 5. Compute the inventory turnover ratio. times 6. Compute the inventory turnover in days. days