## Answers

1 | |||

(a) | Revenue to report for the month = 1,500,000 | ||

(1,575,000/1.05) | |||

(b) | Account Titles and Explanation | Debit | Credit |

Accounts Receivable | 1,575,000 | ||

Sales Revenue | 1,500,000 | ||

Sales Taxes Payable | 750,000 | ||

2 | Working Capital | $4,890 | million |

(Current Assets - Current Liabilities) | |||

($16,890 – $12,000) | |||

Current ratio | 1.41 | :1 | |

(Current Assets/Current Liabilities) | |||

($16,890/$12,000) | |||

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