Spring Water Corporation has the following selected accounts at March 31, 2020 after posting adjusting entries: Instructions
a) Prepare the current liability section of Spring Water Corporation's statement of financial position, assuming $19,500 of the mortgage is payable next year.
b) Calculate the A/P turnover, day's turnover and working capital. Comment on Spring Water's liquidity, assuming total current assets are $575,000 and supplier terms are net 30.

Question

Spring Water Corporation has the following selected accounts at March 31, 2020 after posting adjusting entries:  Instructions 
a) Prepare the current liability section of Spring Water Corporation's statement of financial position, assuming $19,500 of the mortgage is payable next year.
b) Calculate the A/P turnover, day's turnover and working capital. Comment on Spring Water's liquidity, assuming total current assets are $575,000 and supplier terms are net 30.

Quizplus · Accepted Answer

The Answer of Spring Water Corporation has the following selected accounts at March 31, 2020 after posting adjusting entries:  Instructions 
a) Prepare the current liability section of Spring Water Corporation's statement of financial position, assuming $19,500 of the mortgage is payable next year.
b) Calculate the A/P turnover, day's turnover and working capital. Comment on Spring Water's liquidity, assuming total current assets are $575,000 and supplier terms are net 30.

Spring Water Corporation Has the Following Selected Accounts at March