Given the information above, give the following ratios,a.) acid test Ratiob.) working capitalc.) Receivable turnoverd.) Average collector period Presented below is the unadjusted trial balance of the Bruce Companyfor the year ended Dec. 31, 2021:Bruce CompanyUnadjusted Trial BalanceDecember 31, 2021Cash45,000Notes Receivable360,000InventoryOffice Supplies156,00063,000Land300,000Building1,590,000Accumulated Depreciation - BuildingP 254,000Equipment2,150,000Accumulated Depreciation - Equipment612,000Accounts Payable213,000Unearned Consulting Revenue450,000Bruce, Capital, 1/1/20212,655,000Bruce, Withdrawal600,000Consulting Revenues2,108,000Salaries Expense875,000Repairs ExpenseMiscellaneous Expense116,00037,000P 6,292,000TotalsP6,292,000 Bruce CompanyAdjusted Trial BalanceDecember 31, 2020CashP60,000Notes Receivable250,000Office Supplies48,000Land300,000Building1,590,000Accumulated Depreciation - BuildingP 216,000EquipmentAccumulated Depreciation - EquipmentAccounts PayableTax Payable2,150,000489,000550,00040,000Bruce, Capital, 1/1/2020Bruce, Withdrawal2,537,000500,000Consulting Revenues1,548,000Salaries Expense400,000Advertising ExpenseMiscellaneous Expense50,00032,000P5,380,000P5,380,000

Answered: Given the information above, give the…

Given the information above, give the following ratios, a.) acid test Ratio b.) working capital c.) Receivable turnover d.) Average collector period

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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