184. The following information is available for the Wooden Company:
2013
2012
2011
Net income
$ 2,630
$ 2,100
$ 1,850
Net sales
36,500
32,850
31,200
Total assets
400,000
385,000
350,000
From the information provided, calculate Wooden's profit margin ratio for each of the three years. Comment on the results, assuming that the industry average for the profit margin ratio is 6% for each of the three years.
185. Calculate the current ratio in each of the following separate cases.
Current Assets
Current Liabilities
Case 1
$ 75,000
$ 30,000
Case 2
$161,500
$ 85,000
Case 3
$ 45,000
$ 53,000
Case 4
$132,000
$127,000
Case 5
$ 99,000
$110,000
186. On December 14 Bench Company received $3,700 cash for consulting services that will be performed in January. Bench records all such prepayments in a liability account. Prepare a general journal entry to record the $3,700 cash receipt.
187. On December 31, Connelly Company had performed $5,000 of management services for clients that had not yet been billed. Prepare Connelly's adjusting entry to record these fees earned.
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