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

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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
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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....
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