Mack Industries had these assets on November 20: Cash, 4,098.35; Accounts Receivable, 13,419.73; Merchandise Inventory, 105,674; Equipment, 84,508; and building, 310,400. The company owed 122,770 in accounts payable and 60,000 to the National Bank. What were the company's assets, liabilities, and equity?
Q. 2At the beginning of April, Clanway Manufacturing had an inventory of 43,568. The ending inventory on April 30 was 41,236. The cost of goods during the month was 299,655. What was the merchandise inventory turnover rate, to the nearest tenth?
Q. 3After all the assets of a bankrupt business have been sold and the legal costs have been paid, there is 645,000 available to pay creditor claims. If the total claims of creditors are 1,370,000, how many cents on the dollar will creditors receive?
Q. 4Executive Jewelry has assets worth 904,980 and it owes creditors 289,310. Find the equity of the business.
Q. 5A furniture store had net sales of 1,404,600 during the year. The cost of the goods sold during this period was 803,240. What was the furniture store's gross profit for the year?
Q. 6The partners Randolph and Harrison agree to divide net income of 24,800 in the ratio of 3 to 2. What is each partner's share of the net income?
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