5-10 - 7,439 Merchandise inventory (ending) ( 2,431 ) Cost...

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Page 10 of 11 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 9. award: 1 out of 1 point 10. award: 1 out of 1 point Expenses 32,600 Net income (loss) $ 29,413 (e) Sales $ 32,540 Cost of goods sold Merchandise inventory (beginning) 3,351 Total cost of merchandise purchases 7,439 Merchandise inventory (ending) ( 2,431 ) Cost of goods sold 8,359 Gross profit 24,181 Expenses 6,100 Net income (loss) $ 18,081 Worksheet Learning Objective: 05-C1 Learning Objective: 05-C4 (e) Sales $ 32,540 Cost of goods sold Merchandise inventory (beginning) 3,351 Total cost of merchandise purchases
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Unformatted text preview: 7,439 Merchandise inventory (ending) ( 2,431 ) Cost of goods sold 8,359 Gross profit 24,181 Expenses 6,100 Net income (loss) $ 18,081 Requirement 1: Compute the current ratio and acid-test ratio for each of the following separate cases. (Round your answers to 2 decimal places.) Case X Case Y Case Z Cash $ 920 $ 1,046 $ 1,220 Short-term investments 0 0 500 Current receivables 0 1,126 890 Inventory 2,300 1,136 4,600 Prepaid expenses 1,200 679 900 Total current assets $ 4,420 $ 3,987 $ 8,110...
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This note was uploaded on 08/09/2010 for the course ACCT 1 taught by Professor Ludwig during the Spring '10 term at Los Angeles City College.

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