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# Question 1) Back Cove Yacht Company billed its customers a total of $1,575,000 for the month... ###### Question: Question 1) Back Cove Yacht Company billed its customers a total of$1,575,000 for the month of November. The total includes a 5% state sales tax. Instructions (a)​Determine the proper amount of revenue to report for the month. (b)​Prepare the general journal entry to record the revenue and related liabilities for the month.

Question 2) Country Outfilter's 2017 financial statements contained the following data (in millions). Current assets​$16,890​Accounts receivable​$1,550 Total assets​ 42,430​Interest expense​980 Current liabilities​ 12,000​Income tax expense​1,270 Total liabilities​ 32,580​Net income​2,230 Cash​ 380 Instructions Compute these values: (a)​Working capital.​(b)​Current ratio.

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