Business, 03.06.2021 15:30 angellynn50

The chief financial officer (CFO) of Skysong, Inc. requested that the accounting department prepare a preliminary balance sheet on December 30, 2017, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. GRIENKE CORP. Balance SheetDecember 30, 2014Current assets Cash $26,581 Accounts receivable 31,869 Prepaid insurance 6,630 $ 65,080Equipment (net) 201,570Total assets $266,650Current liabilities Accounts payable $ 21,581 Salaries and wages payable 11,869 $ 33,450Long-term liabilities Notes payable 81,630 Total liabilities 115,080Stockholders’ equity Common stock 100,000 Retained earnings 51,570 151,570Total liabilities and stockholders’ equity $266,650The chief financial officer (CFO) of Grienke CorpoThe chief financial officer (CFO) of Grienke CorpoCalculate the current ratio and working capital based on the preliminary balance sheet. (Round Current Ratio to 1 decimal place, e. g. 0.7 : 1)Current ratio :1Working capital $LINK TO TEXTThe chief financial officer (CFO) of Grienke CorpoThe chief financial officer (CFO) of Grienke CorpoBased on the results in (a), the CFO requested that $21,581 of cash be used to pay off the balance of the accounts payable account on December 31, 2014. Calculate the new current ratio and working capital after the company takes these actions. (Round Current Ratio to 1 decimal place, e. g. 0.7 : 1)Current ratio :1Working capital $

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 14:00

Identifying type and normal balances of accounts lo c4 for each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (dr.) or credit (cr.) to identify the kind of entry that would increase the account balance.

Answers: 1

Answer

Business, 22.06.2019 04:10

An outside manufacturer has offered to produce 60,000 daks and ship them directly to andretti's customers. if andretti company accepts this offer, the facilities that it uses to produce daks would be idle; however, fixed manufacturing overhead costs would be reduced by 75%. because the outside manufacturer would pay for all shipping costs, the variable selling expenses would be only two-thirds of their present amount. what is andretti's avoidable cost per unit that it should compare to the price quoted by the outside manufacturer?

Answers: 3

Answer

Business, 22.06.2019 11:20

Camilo is a self-employed roofer. he reported a profit of $30,000 on his schedule c. he had other taxable income of $5,000. he paid $3,000 for hospitalization insurance. his self-employment tax was $4,656. he paid his former wife $4,000 in court-ordered alimony and $4,000 in child support. what is the amount camilo can deduct in arriving at adjusted gross income (agi)?

Answers: 2

Answer

Business, 22.06.2019 11:30

Margaret company reported the following information for the current year: net sales $3,000,000 purchases $1,957,000 beginning inventory $245,000 ending inventory $115,000 cost of goods sold 65% of sales industry averages available are: inventory turnover 5.29 gross profit percentage 28% how do the inventory turnover and gross profit percentage for margaret company compare to the industry averages for the same ratios? (round inventory turnover to two decimal places. round gross profit percentage to the nearest percent.)

Answers: 2

Answer

You know the right answer?

The chief financial officer (CFO) of Skysong, Inc. requested that the accounting department prepare...

Questions