Business, 23.07.2021 01:20 erik118

Based on the results in (a), the CFO requested that $22,000 of cash be used to pay off the balance of the accounts payable account on December 31, 2022. Calculate the new current ratio and working capital after the company takes these actions.

Answers: 1

Show answers

Answers

Answer from: sailesd57

Question Completion:

Crane Company

Balance Sheet

December 30, 2022

Current assets

Cash $27,000

Accounts receivable 29,700

Prepaid insurance 6,000

Total current assets $ 62,700

Equipment (net) 201,200

Total assets $263,900

Current liabilities

Accounts payable $ 22,000

Salaries and wages payable 11,000

Total current liabilities $ 33,000

Long-term liabilities

Notes payable 79,700

Total liabilities $112,700

Stockholders' equity

Common stock 100,000

Retained earnings 51,200 $151,200

Total liabilities and

stockholders' equity $263,900

Crane Company

Dec. 30 Dec. 31

Current ratio 1.9 3.64

Working capital $29,700 $29,000

Explanation:

a) Data and Calculations:

Crane Company

Balance Sheet

December 30, 2022

Current assets

Cash $27,000

Accounts receivable 29,700

Prepaid insurance 6,000

Total current assets $ 62,700

Equipment (net) 201,200

Total assets $263,900

Current liabilities

Accounts payable $ 22,000

Salaries and wages payable 11,000

Total current liabilities $ 33,000

Long-term liabilities

Notes payable 79,700

Total liabilities $112,700

Stockholders' equity

Common stock 100,000

Retained earnings 51,200 $151,200

Total liabilities and

stockholders' equity $263,900

Dec. 30 Dec. 31

Current assets $62,700 $40,000

Current liabilities $33,000 $11,000

Working capital $29,700 $29,000

Current ratio 1.9 3.64

Working capital = Current assets - Current liabilities

Current ratio = Current assets/Current liabilities

Answer from: Quest

answer; ///global;

Answer from: Quest

answermultidomestic strategy;

Another question on Business

Business, 22.06.2019 02:40

Which of the following statements about brand names is true? brand names give the seller an incentive to provide consistently high-quality products and services in order to protect the reputation of the brand. brand names are always economically wasteful since they dupe consumers into buying more expensive goods and services that are no different from generic versions. it is always rational to prefer brand names over generic substitutes. read the following example and determine whether it illustrates a common critique or defense of advertising. musashi sees a commercial for a brand x clothing company that depicts the wearers of the clothes out having a good time with friends. although he doesn't particularly need new clothes, the commercial prompts him to buy a brand x t-shirt.

Answers: 3

Answer

Business, 22.06.2019 12:10

This exercise illustrates that poor quality can affect schedules and costs. a manufacturing process has 130 customer orders to fill. each order requires one component part that is purchased from a supplier. however, typically, 3% of the components are identified as defective, and the components can be assumed to be independent. (a) if the manufacturer stocks 130 components, what is the probability that the 130 orders can be filled without reordering components? (b) if the manufacturer stocks 132 components, what is the probability that the 130 orders can be filled without reordering components? (c) if the manufacturer stocks 135 components, what is the probability that the 130 orders can be filled without reordering components?

Answers: 3

Answer

Business, 22.06.2019 19:00

When making broccoli cream soup, the broccoli and aromatics should be a. burned. b. simmered. c. puréed. d. sweated.

Answers: 2

Answer

Business, 22.06.2019 22:50

What is one of the advantages of getting a government-sponsored mortgage instead of a conventional mortgage

Answers: 1

Answer

You know the right answer?

Based on the results in (a), the CFO requested that $22,000 of cash be used to pay off the balance o...