The Crafter Company had the following assets and liabilities as of December 31,
ID: 2376497 • Letter: T
Question
The Crafter Company had the following assets and liabilities as of December 31, 2012:
ASSETS Cash $28,000 Accounts receivable 15,000 Inventory 20,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 10,000 Accounts payable 2,000 Long-term debt 25,000
Determine the quick ratio for the end of the year (rounded to one decimal point). Answer a5.3 b 3.6 c 3.3 d 2.3
Assuming a 360-day year, proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was Answer a 6.25% b 10.00% c 10.26% d 9.75%
Which of the following statements concerning taxation is accurate? Answer a Corporations pay federal income taxes but not state income taxes. b Corporations pay federal and state income taxes. c Only the owners must pay taxes on corporate income. d Corporations pay income taxes but their owners do not.
The following totals for the month of April were taken from the payroll register of Magnum Company.
Salaries $12,000 FICA taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 450 Federal Unemployment Taxes 32 State Unemployment Taxes 216
The journal entry to record the monthly payroll on April 30 would include a Answer a credit to Salaries Payable for $8,500 b debit to Salaries Expense for $8,252 c debit to Salaries Payable for $8,500 d debit to Salaries Payable for $8,252
The Crafter Company had the following assets and liabilities as of December 31, 2012:
ASSETS Cash $28,000 Accounts receivable 15,000 Inventory 20,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 10,000 Accounts payable 2,000 Long-term debt 25,000
Determine the quick ratio for the end of the year (rounded to one decimal point). Answer a5.3 b 3.6 c 3.3 d 2.3
Assuming a 360-day year, proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was Answer a 6.25% b 10.00% c 10.26% d 9.75%
Which of the following statements concerning taxation is accurate? Answer a Corporations pay federal income taxes but not state income taxes. b Corporations pay federal and state income taxes. c Only the owners must pay taxes on corporate income. d Corporations pay income taxes but their owners do not.
The following totals for the month of April were taken from the payroll register of Magnum Company.
Salaries $12,000 FICA taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 450 Federal Unemployment Taxes 32 State Unemployment Taxes 216
The journal entry to record the monthly payroll on April 30 would include a Answer a credit to Salaries Payable for $8,500 b debit to Salaries Expense for $8,252 c debit to Salaries Payable for $8,500 d debit to Salaries Payable for $8,252
The Crafter Company had the following assets and liabilities as of December 31, 2012:
ASSETS Cash $28,000 Accounts receivable 15,000 Inventory 20,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 10,000 Accounts payable 2,000 Long-term debt 25,000
Determine the quick ratio for the end of the year (rounded to one decimal point). The Crafter Company had the following assets and liabilities as of December 31, 2012:
ASSETS Cash $28,000 Accounts receivable 15,000 Inventory 20,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 10,000 Accounts payable 2,000 Long-term debt 25,000
Determine the quick ratio for the end of the year (rounded to one decimal point).
ASSETS $28,000 15,000 20,000 50,000 LIABILITIES 10,000 2,000 25,000 a5.3 3.6 3.3 2.3
Assuming a 360-day year, proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was Assuming a 360-day year, proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was 6.25% 10.00% 10.26% 9.75% Which of the following statements concerning taxation is accurate? Which of the following statements concerning taxation is accurate? Corporations pay federal income taxes but not state income taxes. Corporations pay federal and state income taxes. Only the owners must pay taxes on corporate income. Corporations pay income taxes but their owners do not.
The following totals for the month of April were taken from the payroll register of Magnum Company.
Salaries $12,000 FICA taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 450 Federal Unemployment Taxes 32 State Unemployment Taxes 216
The journal entry to record the monthly payroll on April 30 would include a Answer a credit to Salaries Payable for $8,500 b debit to Salaries Expense for $8,252 c debit to Salaries Payable for $8,500 d debit to Salaries Payable for $8,252
The following totals for the month of April were taken from the payroll register of Magnum Company.
Salaries $12,000 FICA taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 450 Federal Unemployment Taxes 32 State Unemployment Taxes 216
The journal entry to record the monthly payroll on April 30 would include a The following totals for the month of April were taken from the payroll register of Magnum Company.
Salaries $12,000 FICA taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 450 Federal Unemployment Taxes 32 State Unemployment Taxes 216
The journal entry to record the monthly payroll on April 30 would include a Salaries $12,000 FICA taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 450 Federal Unemployment Taxes 32 State Unemployment Taxes 216 The journal entry to record the monthly payroll on April 30 would include a credit to Salaries Payable for $8,500 debit to Salaries Expense for $8,252 debit to Salaries Payable for $8,500 debit to Salaries Payable for $8,252
ASSETS Cash $28,000 Accounts receivable 15,000 Inventory 20,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 10,000 Accounts payable 2,000 Long-term debt 25,000
Explanation / Answer
Quick ratio is 43/12= 3.58=3.6 B)
1250/48750 *360/90= 10.26% C)
B) Corporations pay both Federal and State Taxes
A) 12,000- 550-2,500-450= 8,500
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