Chapter 1 - D Both A and B 3. Given the following financial...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1 Response Pad Questions August 30, 2010 1. Drummond Company has $600,000 in liabilities and $100,000 of owners' equity. Mr. Drummond knows his cash balance is $20,000. What are Drummond's total assets? A $700,000 B $600,000 C $500,000 D $720,000 2. On what financial statement would you find "Salary Expense"? A Income Statement B Statement of Cash Flows C Balance Sheet
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: D Both A and B 3. Given the following financial information, what is RLK Corporations current ratio? Liabilities $250,000 Owners Equity $300,000 Long-term assets $375,000 Revenue $1,200,000 Salary Expense $310,000 Rent Expense $120,000 Accounts Receivable $75,000 Current Liabilities $100,000 A 1.75 B 2.15 C 2.20 D None of the above....
View Full Document

This note was uploaded on 01/31/2011 for the course ACCT 2102 taught by Professor Clark during the Spring '10 term at Georgia State.

Ask a homework question - tutors are online