Question
In: Finance
JKL Corp. has $6,500,000 in cash, $7,000,000 in accounts receivable, $1,500,000 in inventory, $32,000,000 in total...
JKL Corp. has $6,500,000 in cash, $7,000,000 in accounts receivable, $1,500,000 in inventory, $32,000,000 in total assets, $12,000,000 in shareholder equity, and $8,500,000 in long-term liabilities. How much is the firm’s Quick Ratio?
Solutions
Expert Solution
Current assets=Cash+AR+inventory
=(6,500,000+7,000,000+1,500,000)=$15,000,000
Total assets=Total liabilities+Total equity
32,000,000=(Long term debt+Current liabilities)+12,000,000
32,000,000=8,500,000+Current liabilities+12,000,000
Current liabilities=(32,000,000-8,500,000-12,000,000)
=$11,500,000
Quick ratio=(Current assets-inventory)/Current liabilities
=(15,000,000-1,500,000)/11,500,000
=1.17(Approx)
jeff jeffy answered 2 years agoRelated Solutions
JKL Enterprise reported the following trial balance for year ending December 31,2017 Cash 45,000 Accounts receivable...
JKL Enterprise reported the following trial balance for year
ending December 31,2017
Cash
45,000
Accounts receivable
15,000
Inventory
20,000
Note receivable
60,000
Interest receivable
Plant, property and equipment
1,125,000
Accumulate depreciation
800,000
Land
700,000
Note payable
180,000
Interest payable
15,000
Common stock
2,000
Retained earning
878,000
Sales revenue
1,200,000
Cost of goods sold
960,000
Salaries
120,000
Insurance
30,000
Notes indicate that:
Bookkeeper was instructed to charge all checks written to the
appropriate expense. Accountants will do all adjusting, accruals
and...
JPJ Corp has sales of $ 1.14 million, accounts receivable of $ 53 comma 000, total...
JPJ Corp has sales of $ 1.14 million, accounts receivable of $
53 comma 000, total assets of $ 5.11 million (of which $ 2.92
million are fixed assets), inventory of $ 147 comma 000, and cost
of goods sold of $ 604 comma 000. What is JPJ's accounts
receivable days? Fixed asset turnover? Total asset turnover?
Inventory turnover? If JPJ Corp is able to increase sales by 11.7
% but keep its total and fixed asset growth to only...
Cash $ 298 $ 306 Accounts receivable 3,006 3,422 Inventory 5,210 5,650 Total Current Assets (calculate)...
Cash
$
298
$
306
Accounts receivable
3,006
3,422
Inventory
5,210
5,650
Total Current Assets (calculate)
Net fixed assets
32,780
36,400
Total Assets
$
41,294
$
45,778
Need help with calculating total current assets. Please help me
by explaining it trying to learn!
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
Cash 5,633,555 Accounts Receivable 190,000 Allowance for Doubtful Accounts 13,300 Merchandise Inventory ...
Cash
5,633,555
Accounts
Receivable
190,000
Allowance
for Doubtful Accounts
13,300
Merchandise Inventory
1,454,919
Parts
inventory
437,900
Prepaid
insurance
20,667
Supplies
39,520
Short
term Investments, FV-NI
390,000
Assets
held for sale, fair value
190,000
Investments, FV-OCI
845,000
Building
2,200,000
Accumulated Depreciation: Building
1,540,000
Land
1,845,000
Vehicles
252,000
Accumulated Depreciation: Vehicles
138,600
Equipment
2,640,000
Accumulated Depreciation: Equipment
1,188,000
Bank
loan
654,714
Accounts
payable
...
A company has Cash of $1000, Accounts Receivable of $200, Inventory of $300, Long-Term Assets of...
A company has Cash of $1000, Accounts Receivable of $200,
Inventory of $300, Long-Term Assets of $4000, Accounts Payable of
$500 and a Long-Term Bank Loan of $5000. Calculate the company's
current ratio.
Question 1 options:
1
2
3
4
Question 2
Using the following information, calculate the inventory
turnover for ABC Retailers: Sales are $4800, Cost of Goods Sold is
$2000, operating expenses are $1000, and average inventory is
$500.
Question 2 options:
4
5
6
7
Question 3...
Accounts Debit Credit Cash $ 25,400 Accounts Receivable 46,800 Allowance for Uncollectible Accounts $ 4,500 Inventory...
Accounts
Debit
Credit
Cash
$
25,400
Accounts
Receivable
46,800
Allowance for
Uncollectible Accounts
$
4,500
Inventory
20,300
Land
49,000
Equipment
16,500
Accumulated
Depreciation
1,800
Accounts
Payable
28,800
Notes Payable
(6%, due April 1, 2022)
53,000
Common
Stock
38,000
Retained
Earnings
31,900
Totals
$
158,000
$
158,000
During January 2021, the following transactions occur:
January
2
Sold gift cards
totaling $8,600. The cards are redeemable for merchandise within
one year of the purchase date.
January
6
Purchase additional
inventory on account,...
You have $60,000 in cash, $40,000 in accounts receivable, $100,000 in inventory, $65,000 in accounts payable,...
You
have $60,000 in cash, $40,000 in accounts receivable, $100,000 in
inventory, $65,000 in accounts payable, $25,000 in accrued expenses
on 12/31/2017. What was your net working capital balance on this
date?
Balance Sheet ASSETS Cash $96,000 Accounts receivable 31,000 Inventory 41,000 Prepaid expenses 18,000 Total current assets...
Balance Sheet
ASSETS
Cash
$96,000
Accounts receivable
31,000
Inventory
41,000
Prepaid expenses
18,000
Total current assets
$186,000
Gross plant and equipment
403,000
Accumulated depreciation
(69,000)
Total assets
$520,000
LIABILITIES AND OWNERS' EQUITY
Accounts payable
$89,000
Accrued liabilities
62,000
Total current liabilities
$151,000
Long-term debt
130,000
Common stock
206,000
Retained earnings
33,000
Total liabilities and equity
$520,000
Income Statement
Sales*
$211,000
Cost of goods sold
(85,000)
Gross profit
$126,000
Selling, general, and administrative expenses
(27,000)
Depreciation expenses
(28,000)
Operating income
$71,000...
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