Question : Table 4-3 Selected accounting data for the Mariot Services follows:  Current : 1212598

Table 4-3

 

Selected accounting data for the Mariot Services follows: 

 

Current assets$59,000

Current liabilities20,000

Long-term assets70,000

Long-term liabilities37,000

Total revenues25,000

Total expenses22,000

 

11) Referring to Table 4-3, the current ratio is:

A) 1.13

B) 2.95

C) 2.26

D) 0.34

 

12) Referring to Table 4-3, the debt ratio is:

A) 0.44

B) 2.26

C) 0.53

D) 0.29

Table 4-4

 

Selected accounting data as at December 31, 2014 for Huma Delivery follows:

 

Cash$11,000

Accounts payable8,000

Accounts receivable5,500

Salary payable6,300

Supplies1,200

Unearned revenue2,200

Prepaid rent4,600

Mortgage payable (due 2018)5,500

Equipment22,000

J. Huma, Capital19,900

Accum. amort.-equipment6,100

Service revenue29,000

Salary expense8,000

Furniture12,000

Accum. amort.-furniture4,000

Amortization expense6,800

Utilities expense4,300

Rent expense5,600

 

13) Referring to Table 4-4, the current ratio is:

A) 1.01

B) 0.84

C) 0.74

D) 1.35

 

14) Referring to Table 4-4, the debt ratio is:

A) 0.48

B) 0.99

C) 0.36

D) 1.11

Table 4-5

 

Selected accounting data for Dustman Consulting follows:

 

Current assets $74,000

Current liabilities44,000

Property, plant and equipment95,000

Long-term liabilities60,000

Total revenues50,000

Total expenses30,000

 

15) Referring to Table 4-5, the current ratio is:

A) 0.59

B) 1.68

C) 0.71

D) 1.41

 

16) Referring to Table 4-5, the debt ratio is:

A) 1.41

B) 1.62

C) 1.09

D) 0.62

Table 4-6

 

Selected accounting data as at December 31, 2014 for Martineau Delivery follows:

 

Cash$25,000

Accounts payable33,000

Accounts receivable34,000

Salary payable7,500

Supplies6,600

Unearned revenue16,500

Prepaid rent4,000

Mortgage payable (due 2018)48,000

Equipment52,000

C. Lexus, Capital10,000

Accum. amort.-equipment12,000

Service revenue69,000

Salary expense31,000

Accum. amort.-furniture6,000

Furniture49,400

 

17) Referring to Table 4-6, the current ratio is:

A) 0.82

B) 1.22

C) 1.46

D) 0.69

 

18) Referring to Table 4-6, the debt ratio is:

A) 1.46

B) 0.82

C) 1.22

D) 0.69

19) Jonathan Swift Movers had the following current ratios 2.2:1; 2.5:1; 2.8:1 for 2012, 2013, 2014 respectively. Which of the following statements most correctly depicts the change in liquidity?

A) Liquidity is improving from selling office supplies.

B) Liquidity is improving due to accounts receivable being collected more quickly.

C) Liquidity is deteriorating due to purchasing equipment.

D) Liquidity is improving due to cash received in exchange of a long-term note payable.

 

20) Keep Afloat Tugboats had the following debt ratios 0.60; 0.50; 0.45 for 2012, 2013, 2014 respectively. Which of the following statements most correctly depicts the changing ratios?

A) The proportion of assets represented by equity has increased.

B) The business is more at risk to interest rate changes due to increased borrowing.

C) The business is less at risk due to exchanging accounts payable for notes payable.

D) Business risk has not changed due to leverage remaining constant.

 

Match the following.

 

A) current ratio

B) debt ratio

 

21) Current assets divided by current liabilities

 

22) Total liabilities divided by total assets

 

 

 

 

 

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