1 answer

1/Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable...

Question:

1/Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018:

Accounts payable $26,500
Bond payable, due 2027 24,000
Salaries payable 17,400
Note payable, due 2019 20,300
Note payable, due 2023 41,200

What amount should be included in the current liabilities section of Janson's December 31, 2018, balance sheet?

Multiple Choice

  • $67,900.

  • $105,400.

  • $43,900.

2/ anson Corporation Co.'s trial balance included the following account balances at December 31, 2018:

Accounts receivable $12,600
Inventories 40,000
Patent 13,300
Investments 30,400
Prepaid insurance 7,200
Note receivable, due 2021 51,400

Investments consist of treasury bills that were purchased in November, 2018 and mature in January, 2019. Prepaid insurance is for two years. What amount should be included in the current asset section of Janson’s December 31, 2018, balance sheet?

Multiple Choice

  • $ 86,600.

  • $ 90,200.

  • $ 138,000.

  • $ 56,200.

3/ The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.

  

Assets Liabilities and Equity
Current assets: Current liabilities:
Cash $ 62 Accounts payable $ 224
Accounts receivable (net) 174 Other liabilities 61
Notes receivable 63 Total current liabilities 285
Inventories 209 Long-term liabilities 99
Prepaid expenses 32 Total liabilities 384
Total current assets 540 Shareholders' equity:
Plant assets (net) 268 Capital stock 141
Retained earnings 283
Total shareholders' equity 424
Total assets $ 808 Total liabilities and equity $ 808

The acid-test ratio is (Round your answer to two decimal places.):

Multiple Choice

  • 1.41.

  • 1.05.

  • 1.89.

  • 0.28.


Answers

1)

ANS- current liabilities includes

note a) the principle portion of notes payable that will become due within 1 year

note b)Account payable

note c)Accrued exp

here in question current liabilites includes;

Account Payable $26,500 (Reffer Note-B)

Salary Payable   $17,400 (Reffer Note-C)

Ans:-$43,900

2)

ANS-Current Assets Includes

cash and other asstes that are expected to be converted to cash within a year

Here,

Account Receivable-$12,600

Inventories-$40,000

Investment-$30,400

Prepaid Insurance-$7,200

ANSWER-$90200

3)

Acid-test ratio= (current asset-stock) / current liabilities

=(540,000-141,000) / 285,000

ANSWER =1.41

.

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