Written Assignment #2

Written Assignment #2 - $2,440,000 Total liabilities and...

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Dustin Taylor FIN-301 June 2011 Term Written Assignment #2 Problem #3 Accts. receivable before allowance for doubtful accounts - $1,320,000 + $20,000 = $1,340,000 Total current assets - $250,000 + $1,320,000 + $1,410,000 = $2,980,000 Land - $5,390,000 - $2,980,000 - $2,110,000 = $300,000 Accum. Depreciation - $2,800,000 - $2,110,000 = $690,000 Accrued wages - $1,250,000 - $620,000 - $130,000 - $100,000 = $400,000 Long-term debt - $1,000,000 Common stock - $1.00 x 700,000 = $700,000 Retained earnings - $3,140,000 - $700,000 =
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Unformatted text preview: $2,440,000 Total liabilities and equity - $1,250,000 + $1,000,000 + $1,000,000 + $3,140,000 = $6,390,000 Problem #8 Current ratio = current assets / current liabilities ($100,000 + $357,000 + $458,000) / $498,000 = 1.84 Quick ratio = (current assets – inventory) / current liabilities ($100,000 + $357,000 + $458,000) - $458,000 / $498,000 = .92 Problem #9 365 / 45 = 8.111 $25,689,000 / 8.111 = $3,167,137 Problem #11 $500,000 / 4 = $125,000 $200,000 - $125,000 = $75,000 reduction in inventory...
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This note was uploaded on 07/13/2011 for the course FIN 301 taught by Professor Crisonino during the Spring '11 term at Edison State College.

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