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Author Question: Maids-R-Us had current assets of 1,160 and total assets of 2,640. It had 650 in accounts payable and ... (Read 93 times)

plus1

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on: Jul 5, 2018
Maids-R-Us had current assets of 1,160 and total assets of 2,640. It had 650 in accounts payable and a note payable for 1,500 due in two years. The current ratio (rounded) was ________.
 
  A) 1.23
  B) 1.78
  C) 0.54
  D) 0.81

Question 2

Describe the format of the income statement.
 
  What will be an ideal response?


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ecox1012

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Reply #1 on: Jul 5, 2018
Answer to Question 1

B

Answer to Question 2

The income statement is composed of revenues earned from the sales of goods and services. Expenses incurred in generating sales are subtracted from revenues. The result is either a profit or loss.


plus1

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Reply 2 on: Jul 5, 2018
Gracias!

Alyson.hiatt@yahoo.com

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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