Compute the new current ratio

Assignment Help Accounting Basics
Reference no: EM13136555

Suppose that at the end of 2010, the Lancer Boutique used $1.5 million cash to pay off $1.5 million of accounts payable. Compute the new current ratio?

Reference no: EM13136555

Questions Cloud

How many atoms of hydrogen does it contain : A sample of glucose, C6H12O6, contains 1.265 x 1021 carbon atoms. (a) How many atoms of hydrogen does it contain?
Public administration-intergovernmental relations : Why is Max Weber's characterization of bureaucracy considered the essential building block for understanding the formal institutional structures of public administration?
What are willow and tree realized gains or losses : In addition, Willow assumed the $150,000 mortgage on Tree’s building. What are Willow and Tree realized gains or losses on properties exchanged, respectively?
How the budgetary constraints led to outcome of case : Explain how the budgetary constraints led to the outcome of the case. Discuss the politics involved with the budgetary process.
Compute the new current ratio : Suppose that at the end of 2010, the Lancer Boutique used $1.5 million cash to pay off $1.5 million of accounts payable. Compute the new current ratio?
How many different samples are possible to select landfills : Agency wants to select samples from 10 landfills. The director has 15 landfills from which she can collect samples. how many different samples are possible?
Prepare fairbanks journal entries to record purchase : At year-end, Sherman stock was selling for $34.80 per share. Prepare Fairbanks journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment.
How many grams of copper would have to be added : An alloy, initially weighing 50 grams, contains 90 atomic% silver and 10 atomic% copper. How many grams of copper would have to be added to make the alloy 12 atomic% copper?
Determining feasibility of public policy : Why is evaluating the feasibility of recommended courses of action to address a public policy problem a critical factor in the policy analysis process?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Measures of the pension obligation

What are the different measures of the Pension Obligation. What are the similarities/differences between these methods and why is the Projected Benefit Obligation FASB's choice?

  Determine activity-based costing and traditional costing

How would you describe activity based costing? Also, can you explain why it might result in more accurate product costing information than the product cost derived under the traditional costing approach?

  Why did this make sense to callaway

What initial promotional plan directed to consum­ers in the target market did Callaway use? (b) Why did this make sense to Callaway and her team when Warm Delights was launched?

  Inventory-notes-journal entries

Candlestick Corporation purchased raw material used for manufacturing candles from a supplier on June 1. The total amount of the purchase was $10,500 of which $3,000 was paid on the day of purchase. The remaining amount owed is due to the suppler ..

  Why does a defined benefit plan present far more

Distinguish between a defined benefit plan and a defined contribution plan. Why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?

  What is its earnings per share

Offshore Ale Company has earnings available to common stockholders of $2 million and has 500,000 shares of common stock outstanding. What is its earnings per share (EPS)?

  Determining materials price variance

Robinson Enterprises purchased 56,000 pounds (cost = $420,000) of direct material to be used in the manufacture of the company's sole product. According the production specifications, each completed unit requires five pounds of direct material at ..

  Investment expected return and its standard deviation

(Expected rate of return and risk) Carter Inc. is evaluating a security. One-year Treasury bills are currently paying 9.1 percent. Calculate the investment's expected return and its standard deviation. Should Carter invest in this security?

  Set-up or dismantling costs

Alternatively, SCCC can rent a pre-fabricated building at a cost of $1000 per month with no set-up or dismantling costs. It will benefit SCCC to build the office if it expects the stadium project to exceed.

  Discuss briefly the financial reporting differences

Specific identification method (62 of the units sold were purchased on April 9, and the remaining units were purchased on May 1).

  Which marketing management orientation

Jewelry stores want to provide their customers with the highest quality of diamonds available at the lowest possible prices. Unfortunately, the lowest priced diamonds these days are sold by African rebels who use the profits to engage in genocide.

  Dividends received by the common stockholders

The board of directors declared and paid a $3,000 dividend in 2009. In 2010, $12,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2010?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd