Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 25 Oct 2017 My Price 6.00

Bennis Incorporated

E14-6 Bennis Incorporated had the following transactions occur involving current assets and current liabilities during February 2013.

Feb.  3     Accounts receivable of $15,000 are collected.

7     Equipment is purchased for $28,000 cash.

11     Paid $3,000 for a 3-year insurance policy.

14     Accounts payable of $12,000 are paid.

18     Cash dividends of $5,000 are declared. Additional information:

1.  As of February 1, 2013, current assets were $140,000, and current liabilities were

$50,000.

2.  As of February 1, 2013, current assets included $10,000 of inventory and $5,000 of pre- paid expenses.

Instructions

(a)  Compute the current ratio as of the beginning of the month and after each transaction.

(b)  Compute the acid-test ratio as of the beginning of the month and after each transaction.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Oct 2017 12:10 PM My Price 6.00

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