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accounting problems with all solutions

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Question;Use the balance sheets of Bill (shown below) to calculate the following ratios for 2002 (round to the hundredths):a. Current ratiob. Acid-test ratioc. Debt ratiod. Equity ratioHill CompanyBalance SheetDecember 31, 2002-20012002 2001Asset:Cash $43,000 $22,000Accounts receivable 38,000 42,000Merchandise inventory 61,000 52,000Prepared insurance 6,000 9,000Long-term investments 49,000 20,000Plant assets (net) 218,000 218,000Total assets $415,000 $363,000 Liabilities and Equity:Current liabilities $62,000 $75,000Long-term liabilities 45,000 36,000Common Stock 150,000 150,000Retained earnings 158,000 102,000Total liabilities and equity $415,000 363,000

 

Paper#42439 | Written in 18-Jul-2015

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