Heart of Tennessee Telecom has these account balances at December 31, 2016: Note payable, long-term.......... $7800 Prepaid rent.............................. 2300 Salary payable.......................... 3000 Service revenue........................ 29,400 Supplies.................................... 500 Accounts payable..................... $3700 Accounts receivable................. 5700 Cash.......................................... 3500 Depreciation expense..............
1 answer
Question:
Heart of Tennessee Telecom has these account balances at December 31, 2016:
Note payable, long-term.......... $7800
Prepaid rent.............................. 2300
Salary payable.......................... 3000
Service revenue........................ 29,400
Supplies.................................... 500
Accounts payable..................... $3700
Accounts receivable................. 5700
Cash.......................................... 3500
Depreciation expense.............. 6000
Equipment................................ 15,000
Requirements
a. Calculate Heart of Tennessee Telecom's current ratio.
b. How much in current assets does Heart of Tennessee Telecom have for every dollar of current liabilities that it owes?
Note payable, long-term.......... $7800
Prepaid rent.............................. 2300
Salary payable.......................... 3000
Service revenue........................ 29,400
Supplies.................................... 500
Accounts payable..................... $3700
Accounts receivable................. 5700
Cash.......................................... 3500
Depreciation expense.............. 6000
Equipment................................ 15,000
Requirements
a. Calculate Heart of Tennessee Telecom's current ratio.
b. How much in current assets does Heart of Tennessee Telecom have for every dollar of current liabilities that it owes?
Answers
Answer:Explanation:a. Current ratio = current assets/ current liability= current assets= 2,300+5,700+3,500= 11,500Current liability= 3,000+3700= 6,700Current ratio = 11,500/3700= 1.72b. How much in current assets does Heart of Tennessee Telecom have for every dollar of current liabilities that it owes?It has $1.72
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