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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 70
Determining Financial Effects of Transactions Affecting Current Liabilities with Evaluation of Effects on the Quick Ratio
Tiger Company completed the following transactions during 2013. The annual accounting period ends December 31, 2013.
Required:
1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects (+ for increase, for decrease, and NE for no effect) on the accounting equation, using the following format:
2. For each item, state whether the quick ratio is increased, decreased, or there is no change. (Assume Tiger Company's quick ratio is greater than 1.0.)
Tiger Company completed the following transactions during 2013. The annual accounting period ends December 31, 2013.
Required:
1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects (+ for increase, for decrease, and NE for no effect) on the accounting equation, using the following format:
2. For each item, state whether the quick ratio is increased, decreased, or there is no change. (Assume Tiger Company's quick ratio is greater than 1.0.)
Explanation
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(1) Indicate the accounts, amounts and e...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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