When the petty cash fund is replenished, the petty cash account is credited for the total of all expenditures madesince the fund was last replenished.
a. True
b. False
Indicate whether the statement is true or false
Question 2
Merryworth, Inc had 2,000,000 in total assets, of which 600,000 are current assets, and 1,200,000 in total liabilities, of which 400,000 are current liabilities. Calculate the debt-to-equity ratio. Round your answer to the nearest whole percent.
What will be an ideal response?
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