ACNT 1371 PRINT UPGRADE
10th Edition
ISBN: 9781260906554
Author: SPICELAND
Publisher: MCGRAW-HILL HIGHER EDUCATION
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GJ Company
Trial Balance
January 31, 2021
Account Titles
Debit
Credit
Cash
33, 450
Accounts receivable – R. Gil
Accounts receivable – M. Soriano
1200
Repair tools
30, 000
Repair supplies
15, 000
Furniture and fixtures
16, 500
Service equipment
Accounts payable – Cruz furniture
120, 000
Notes payable – Cruz furniture
G. Alajar, Capital
G. Alajar, Drawing
8, 250
190, 000
3, 500
Service income
28, 400
Advertising expense
1, 500
Salaries expense
2, 000
Utilities expense
1, 500
Rent expense
2, 000
Total
226, 650
226, 650
Find the following using the data bellow
a. Accounts receivable
B. Current assets
C. Total assets
D. Return on assets
E. Common equity
F. Quick ratio
The current ratio including transaction c. is
The debt ratio including transaction c is
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- Define the following "ratios" by using the appropiate mathematical expression . Give 1 sentence reason for it's use. P/E ratio Quick Ratio Debt Ratioarrow_forwardCalculate current ratio for the following financial statement.arrow_forwardExpressing accounts receivable as a percentage of total assets is an example ofa. ratio analysis.b. vertical analysis.c. horizontal analysis.d. trend analysis.arrow_forward
- Compute for the following:1. Current Ratio 2. Quick Ratio 3. Debt Ratio 4. Equity Ratioarrow_forwardVertical analysis: a. Is also known as common-size analysis b. Is a technique for evaluating financial statement data that expresses each item in a financial statement as a percentage of a base amount c. All of the above.arrow_forwardIn performing vertical analysis, we express each item in a financial statement as a percentage of a base amount. What base amount is commonly used for income statement accounts? For balance sheet accounts?arrow_forward
- The debt ratio is calculated by dividing:a. total assets by total debt.b. total debt by total assets.c. total assets by long-term liabilities.d. long-term liabilities by total assets.arrow_forwardcalculated the current ratio, acid test ratio, account receivable turnover ratio, net profit margin ratio, gross profit margin ratio, asset turnover ratio, asset turnover ratio, debt ratio, debt to total assets ratio. tqarrow_forwardThe formula for current ratio is Select one: a. Current Assets plus current liablities b. Current assets less current liablities c. Current assets divided by current liablities d. Current assets divided by current liablities x 100arrow_forward
- The debt ratio is defined as (blaink) divided by (blank)arrow_forwardQuestion: What is the formula for calculating the current ratio? a. Current Assets / Current Liabilitiesb. Current Liabilities / Current Assetsc. Total Assets / Total Liabilitiesd. Total Liabilities / Total Assetsarrow_forwardUsing the following account balances, calculate: A. working capital B. current ratioarrow_forward
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