Business
Balance Sheet Current assets Cash 910,000 Acc receivable not given Inventories 1,050,000 Fixed assets 3,710,000 TOTAL ASSETS 7,000,000 Current liabilities Acc payable not given Long-term debt 3,500,000 Common stock 560,000 Retained earnings 2,470,000 TOTAL LIAB and EQUITY 7,000,000 Income Statement Sales 14,000,000 Operating expense 11,200,000 EBIT 2,800,000 Interest expense 490,000 EBT 2,310,000 Taxes 924,000 Net income 1,386,000 What is the firm's quick ratio?
Burr Publishers purchased a building on March 20, 20Y1, for $160,000. Other amounts related to this purchase are as follows:Price listed by seller on Jan. 1, 20X1, $180,000Burr Publishers initial offer to buy on Jan. 31, 20X1, $140,000Purchase price on Mar. 20, 20X1, $160,000Estimated selling price on Dec. 31, 20X3, $220,000Assessed value for property taxes, Dec. 31, 20X3, $190,0001. Which amount related to this purchase should be recorded in the accounting records?a. 220,000.b. 180,000.c. 140,000.d. 160,000.2. The resources owned by a business are its _____.a. liabilities.b. owner's equity.c. assets.d. none of these choices are correct.3. The rights and claims of creditors on a company's assets are represented by _____.a. liabilities.b. owner's equity.c. assets.d. none of these choices are correct.4. Which element of the accounting equation represents the rights of owners?a. liabilities.b. owner's equity.c. assets.d. none of these choices are correct.