Rebel Ridge Snowmobile Answer Sheet

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Rebel Ridge Snowmobile Answer Sheet

By | Feb. 2011
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Answer Book

FINAL PROJECT EVALUATION ANSWER KEY Rebel Ridge Snowmobile

Question Your Number Answer ---------------------------------------------------------------------1. Questions 1 to 5 refer to the Balance Sheet and $245,019.07 General Ledger Accounts. What is the total amount of stockholders’ equity? 2. What is the balance of Retained Earnings? 3. What is the book value of Store Fixtures? 4. What is the current ratio for Rebel Ridge Snowmobile? A) 4.09 B) 4.26 C) 4.62 D) 4.82 5. Does Rebel Ridge Snowmobile have enough cash on hand to meet current debt? Answer Y for Yes or N for No. 6. Questions 6 to 10 refer to the Schedule of Accounts Receivable and Customer Ledger Cards: Identify by number the customer who charged merchandise on account on December 6. 7. Which customer has the smallest outstanding balance on December 31? (Identify by customer number)? 8. What was the balance of Klem’s Snowmobile Klub account on December 15th? 9. How many customers currently have a balance that is past due? Rebel Ridge Snowmobile extends net 30 terms to all customers. List your answer in numeric form. (8, 11, 22, etc.) 10. The account balance of Alexander Boxer is how many days past due? List your answer in numeric form. (8, 11, 22, etc.) 11. Questions 11 to 15 refer to the Schedule of Accounts Payable and Vendor Ledger Cards: An Edwards Sporting Goods invoice was paid in full On December 18. What was the number of the $20,019.07 $17,918.00 C

Y

11200

10110

$18,624.00

2

25

E4522

invoice paid? 12. An Edwards Sporting Goods invoice was paid in full on December 18. What is the number of the check used to pay the invoice? 13. What was the balance owed to Edwards Sporting Goods before the posting of the debit memo? 14. If the Edwards Sporting Goods account is not paid in full within the discount period of the outstanding invoice, what will be the total amount of the discount lost? 15. What was the balance of the Boyd Business Supply account on...
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