Current Position Analysis Sherwood, Inc., had the following current assets and current liabilities at the end of two recent Current Year (in millions) Previous Year (in millions)
Cash and cash equivalents $1,728 $1,535
Short-term investments, at cost 1,228 2,850
Accounts and notes receivable, net 3,902 2,923
Inventories 2,858 3,048
Prepaid expenses and other current assets 952 1,128
Short-term obligations 305 3,236
Accounts payable 7,315 7,204
a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal
Year 2 Year 1
Current ratio 2.40 2.20
Quick ratio 1.95 1.84
b. What conclusion can be drawn from these data? Sherwood's liquidity position has improved during the period.

Steffi is reviewing various licenses and their uses. match the licenses to their respective uses.

Problem 2-18 job-order costing for a service company [lo2-1, lo2-2, lo2-3]speedy auto repairs uses a job-order costing system. the company's direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics' hourly wages. speedy's overhead costs include various items, such as the shop manager's salary, depreciation of equipment, utilities, insurance, and magazine subscriptions and refreshments for the waiting room. the company applies all of its overhead costs to jobs based on direct labor-hours. at the beginning of the year, it made the following estimates: direct labor-hours required to support estimated output 10,000fixed overhead cost $ 90,000variable overhead cost per direct labor-hour $ 1.00 required: 1. compute the predetermined overhead rate.2. during the year, mr. wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. the following information was available with respect to his job: direct materials $ 600direct labor cost $ 180direct labor-hours used 2 compute mr. wilkes' total job cost. 3. if speedy establishes its selling prices using a markup percentage of 30% of its total job cost, then how much would it have charged mr. wilkes?

Salaries are $4,500 per week for five working days and are paid weekly at the end of the day fridays. the end of the month falls on a thursday. the accountant for dayton company made the appropriate accrual adjustment and posted it to the ledger. the balance of salaries payable, as shown on the adjusted trial balance, will be a (assume that there was no beginning balance in the salaries payable account.)