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H3Ko H3Ko
wrote...
Posts: 4891
3 years ago
Swan Song's adjusted trial balance as of December 31, 2016 is given below:

   Debit   Credit
Cash   $12,000   
Accounts Receivable   11,000   
Prepaid Rent   7,000   
Prepaid Insurance   2,000   
Office Supplies   3,000   
Building   52,000   
Accumulated DepreciationBuilding      $10,000
Equipment   31,000   
Accumulated DepreciationEquipment      7,300
Land   40,000   
Accounts Payable      5,800
Salaries Payable      4,200
Interest Payable      2,800
Mortgage Payable (long term)      6,000
Common Stock      11,500
Dividends   20,600   
Service Revenue      236,400
Salaries Expense   41,500   
Insurance Expense   3,500   
Rent Expense   14,000   
Utilities Expense   17,500   
Advertising Expense   9,600   
Depreciation ExpenseBuilding   10,300   
Depreciation ExpenseEquipment   7,500   
Supplies Expense   1,500                    
Total   $284,000   $284,000

Compute the current ratio. (Round your answer to two decimals.)
A) 7.01
B) 1.80
C) 2.73
D) 2.07
Textbook 

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
Read 390 times
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Mrgo-breedMrgo-breed
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3 years ago
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YES! Can't believe I got this one right. Appreciate the confirmation
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