Accounting and Financial Reporting Professor Dalton Tong Carey Business Scho- Homework 4 1) Homewood Company...
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Accounting and Financial Reporting Professor Dalton Tong Carey Business Scho- Homework 4 1) Homewood Company has the following partial list of account balances at year-end: Accounts payable Accounts receivable $1,500 4,600 3,200 Cost of goods sold Cash 23,000 10,000 Taxes payable Land Notes payable (due in 6 months) Salaries payable Inventory Requirements: Compute the quick ratio. Determine the amount of working capital. Assume that cash is used to pay the balance due on accounts payable. 1. Compute the new quick ratio. 2. Compute the new amount of working capital. D. Compute the accounts payable turnover ratio (use year-end amounts.) 25,000 1,000 900 4,300 A. . . Note: For question D, we do not have beginning balance in question 1, so you could use 1500"as the average Accounts Payable, and"3200" as the numerator to calculate the accounts payable turnover ratio
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