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Unformatted text preview: Current Liabilities = $14,000 Current Ratio = Current Assets / Current Liabilities Current Ratio = $25,300 / $14,000 Current Ratio = 1.81 QS 4-5 The following information is taken from the work sheet for Wayman Company as of December 31, 2005. Using this information, determine the amount for K. Wayman, Capital, that should be reported on its December 31, 2005, balance sheet. Income Statement Balance Sheet and Statement of Owners Equity Dr. Cr. Dr. Cr. K. Wayman, Capital 65,000 K. Wayman, Withdrawals 32,000 Totals 115,000 174,000 Net Income = $174,000 - $115,000 = $59,000 Wayman Capital, ending = Wayman Capital, beginning + Net Income - Withdrawals Wayman Capital, ending = $65,000 + $59,000 - $32,000 Wayman Capital, ending = $92,000 2 3...
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This note was uploaded on 10/14/2011 for the course COM 155 155 taught by Professor Shepherd during the Summer '10 term at University of Phoenix.
- Summer '10