On December 31 . 2014, Omar Corporation's current liabilities total $60,000 and long-term liabilities total $160,000 . Working capital at December 31 . 2014, is equal to $90,000 . If Omar Corporation's debt-to-equity ratio is .40 to 1 . total long-term assets must equal
a. $620,000.
b. $770,000.
c. $550,000.
d. $680,000.
A
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A corporation acquired a copyright by issuing 1,000 shares of $5 par common stock. At the time of the exchange, the stock was selling for $40 per share. The copyright had a carrying value of $18,000 to the author. The purchasing corporation should assign to the copyright a value of
A) $18,000. B) $5,000. C) $32,000. D) $40,000.
In a job order costing system, indirect labor costs are transferred to the Overhead account by increasing the Factory Payroll account and decreasing the Overhead account
Indicate whether the statement is true or false
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Indicate whether the statement is true or false
A company purchases merchandise with a catalog price of $20,000. The company receives a 35% trade discount from the seller. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?
A. $13,000. B. $12,740. C. $13,720. D. $19,600. E. $6,860.