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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 81 times)

plus1

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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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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
Great answer, keep it coming :)


softEldritch

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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