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 77 times)

plus1 · **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?

ecox1012 · **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.