ed a $5,000 account receivable from Ronaldo to a 75-day, Magick, Inc. CibThe mat

Question

ed a $5,000 account receivable from Ronaldo to a 75-day, Magick, Inc. CibThe maturity value (assume a 360-day year) that will be due 7% note receive 75 days is: (Do not roundany intermediary calculations Round from Ronaldo in your final answer to the nearest dollar.) Inc.converted a $,000account IAJ $5,350 [A] $5,000. IC $5,073 some other number. j 10] Lionworks Company has cash of $145,000; net Accounts Receivable of $92,000; short-term investments of $35,000 and prepaid expenses of $44,000. It also has $40,000 in current liabilities and $73,000 in long-term liabilities. The current ratio for Lionworks Company is: [A] 7.90. B) 6.80 [C] 2.80. [D] 3.63.

Explanation / Answer

Q1. Answer is C. $5073 Explanation: Principal amount:    $ 5000 Rate of Interest: 7% Period: 75 days Interest amount: 5000*7%*75/360 = 73 Maturity amount: 5000+73 = $5073 Q10. Answer is A. 7.9 Explanation: Cash 145000 Accounts rerceivable 92000 Shrt term investment 35000 Prepaid expense 44000 Total current assets 316000 Total current liabilities: 40000 Current ratio: 7.9 (Current Assets / Current Liabilities)

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