Need help with this quick! Question 7 Acme Auto Supplies listed the following ac
ID: 2379099 • Letter: N
Question
Need help with this quick!
Question 7
Acme Auto Supplies listed the following accounts on their December 31, 2007
Cash $60,000
Prepaid Insurance $40,000
Accounts Receivable $50,000
Inventory $70,000
Land held for investment $80,000
Land $95,000
Building $100,000
Less: Accumulated Depreciation <$30,000>
( Trademark $70,000
)Accounts Payable $65,000
Salaries Payable $10,000
Mortgage Payable $90,000
Common Stock $120,000
Retained Earnings $250,000
The current ratio is
2.93:1.
1.86:1.
3.38:1.
2.00:1. *** i think this one??
and this question
The total amount of working capital is
$155,000.
$60,000.
$150,000.
$145,000
Explanation / Answer
the current ratio is : 2.93 : 1
total amount of working capital is 145,000