b. 5.5 times per year.c. $840,000; Accounts receivable turnover: $4,620,000/$840,000 = 5.5.d. 5.714 times per year.e. 5 times per year.
The following data were abstracted from the 2014 December 31, balance sheet of Andrews Company: Cash $136,000 Marketable securities 64,000. Accounts and notes receivable, net 184,000. Merchandise inventory 244,000. Prepaid expenses 12,000. Accounts and notes payable,short-term 256,000. Short-term accrued liabilities 64,000. Bonds payable, long-term 400,000. The acid-test ratio is:
The working capital of a company is equal toA.
ABC Inc. was incorporated two years ago by issuing 1,000 shares of common stock at $200 and borrowing $30,000 from a bank on a long-term note. Last year, ABC reported net income of $10,000 and paid a cash dividend of $800. During the year, the company also borrowed an additional $7,600 from the bank. What was total assets on ABC's balance sheet at the end of the year last year?