AssetsCurrent assetsCash.Accounts receivableTotal current assetsFixed AssetsProperty, plant & equipmentAccumulated depreciationNet fixed assetsTotal assetsLiabilities and Owner's EquityCurrent liabilitiesAccounts payableNote payableDeposits from customersTotal current liabilitiesTotal liabilitiesOwner's equityCommon stockRetained earningsTotal owner's equityTotal liabilities and equityApplying for a Loan.14,0007,00021,000112,000(35,000)77,00098,0002,50026,5005,00034,00034,00050,00014,00064,00098,000Use balance sheet to the process of applying for a loan11. What is the amount of current assets and long-term assets, that you have? 12. Calculate the current ratio. Using the rule of thumb given in the text, is this a good or bad ratio?Hint: Current ratio = current assets/ current liabilitiesBy the rule of thumb, it should be 2 or greater. The current ratio is an indicator of a business'ability to repay debt when it is due13. Why would the current ratio matter to your banker?

Name: AssetsCurrent assetsCash.Accounts receivableTotal current assetsFixed
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Description: AssetsCurrent assetsCash.Accounts receivableTotal current assetsFixed AssetsProperty, plant & equipmentAccumulated depreciationNet fixed assetsTotal assetsLiabilities and Owner's EquityCurrent liabilitiesAccounts payableNote payableDeposits from cus

Lets understand the basics. Current ratio compare current liability with its current asset. In other…

Answered: Assets Current assets Cash Accounts…

Business

Accounting

Assets Current assets Cash Accounts receivable Total current assets Fixed Assets 14,000 7,000 21,000 110.000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 13DQ: Define current assets and current liabilities. Why are current assets and current liabilities...

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