A purchase invoice of $500 with a trade discount of 10% and credit terms of 2/10, n/30, is not paid within the discount period. A check should be sent for:
a. $500.
b. $490.
c. $450.
d. none of the above.
c
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Use the balance sheets of Glover shown below to calculate the following ratios for Year 2 (round to the hundredths):(a) Current ratio.(b) Acid-test ratio.(c) Debt ratio.(d) Equity ratio.Glover CompanyBalance SheetsFor the years ended December 31?Year 2Year 1Assets:??Cash$ 43,000$ 22,000Accounts receivable38,00042,000Merchandise inventory61,00052,000Prepaid insurance6,0009,000Long-term investments49,00020,000Plant assets (net) 218,000 218,000Total assets$415,000$363,000???Liabilities and Equity:??Current liabilities$ 62,000$ 75,000Long-term liabilities45,00036,000Common stock150,000150,000Retained earnings 158,000 102,000Total liabilities and equity$415,000$363,000
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