Current assets Cash $26,600 Accounts receivable 31,400 Prepaid insurance6,400 $ 64,400 Equipment (net201,300 Total assets$265,700 Current liabilities Accounts payable$ 21,600 Salaries and wages payable 11,400 $ 33,000 Long-term liabilities Notes

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Current assets  Cash  $26,600 Accounts receivable31,400  Prepaid insurance6,400        $ 64,400 Equipment (net201,300 Total assets$265,700 Current liabilities  Accounts payable$ 21,600   Salaries and wages payable11,400$ 33,000 Long-term liabilities             Notes payable81,400

    Total liabilities114,400 Stockholders' equity Common stock100,000       Retained earnings 51,300          151,300 Total liabilities and stockholders' equity $265,700 Based on the results in (a), the CFO requested that $21,600 of cash be used to pay off the balance of the accounts payable account on December 31, 2017. Calculate the new current ratio and working capital after the company takes these actions. (Round Current Ratio to 1 decimal place, e.g. 0.7 : 1.)Current ratio:1Working capital$

 

    • 7 years ago
    Current assets Cash $26,600 Accounts receivable 31,400 Prepaid insurance6,400 $ 64,400 Equipment (net201,300 Total assets$265,700 Current liabilities Accounts payable$ 21,600 Salaries and wages payable 11,400 $ 33,000 Long-term liabilities Notes
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