Homework Answers
Total assets=Bank balance+Accounts receivable+Equipment
=250,000+175,000+400,000=$825,000
Total liabilities=Accounts payable+Long term debt+Short term debt
=45,000+300,000+160,000=$505,000
Total assets=Total liabilities+Total equity
Total equity=825,000-505,000
=$320,000
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4. Calculate Owner's Equity: Assets Liabilities Bank Account Accounts Receivable Equipment $250,000 $175,000 $400,000 Accounts Payable...
Assets $ Liabilities $ Current Assets Current Liabilities Cash 12,000 Accounts payable 28,500 Cash at bank...
Assets $ Liabilities $ Current Assets Current Liabilities Cash 12,000 Accounts payable 28,500 Cash at bank 7,000 Wages payable 7,000 Accounts receivable 35,000 Taxes payable 12,000 Inventory 30,500 Interest payable 15,000 Prepayments 3,300 Total current assets 87,800 Total current liabilities 62,500 Investments 25,000 Long-Term Liabilities Bank loan 335,000 Notes payable 15,000 Long-term liabilities 350,000 Property, Plant, and Equipment Total Liabilities 412,800 Land and building 156,000 Equipment 1,85,000 Less: Depreciation (63,000) 278,000 Stockholders’ Equity Intangible Assets Common stock 100,000 Goodwill 120,000...
Calculate the accounts receivable turnover, average collection period (days), inventory turnover, fixed asset turnover, and total...
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
Calculate the current ratio, quick ratio, long-term debt/total assets, times interest earned, and fixed cost coverage...
Calculate the current ratio, quick ratio, long-term debt/total
assets, times interest earned, and fixed cost coverage using the
picture below.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME DIVIDENDS...
Assets 2017 2018 JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity...
Assets 2017 2018 JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities 9,800 Accounts payable $ 48,000 14,200 Notes payable 10,350 75,800 Current assets Cash Accounts receivable Inventory $ $ 49,800 18,600 $ 4,350 11,550 58,350 $ 74,250 Total $ 99,800 Total $ 58,350 $ 68,400 Long-term debt $ 42,000 $ 34,000 Owners' equity Common stock and paid-in $45.000 surplus Retained earnings 154,650 $ 45,000 252,600 Net plant and equipment $225,750 $300,200...
Baltimore Company's complete assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,100, Prepaid...
Baltimore Company's complete assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,100, Prepaid Rent $2,000, Supplies $400, Bank Loan $1,550, and Tools $300. Baltimore's total liabilities are: (All account balances are normal.) Baltimore Company's complete assets and liabilities are Accounts Receivable $2,550, Equipment $8,800, Accounts Payable $7,300, Prepaid Rent $1,650, Supplies $775, Bank Loan $4,400, and Tools $535. Baltimore's total equity is: (All account balances are normal.)
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets...
Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72.000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the amount of quick assets? $168,000 $60,000 $96,000 $61,000
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts....
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts. State whether they are income statement or balance sheet accounts, State whether they are permanent or temporary account. What is the normal balance for the following accounts is a debit or credit: a. Cash b. Supplies C. Notes payable d. Land e. Service revenue f. Accounts receivable & Rent expense h. Furniture i. Accounts payable j. Equipment k. Owner's Equity I. Inventory m. Rent...
A company's assets consist of $200,000 of cash, $400,000 of accounts receivable, $600,000 of inventory, and...
A company's assets consist of $200,000 of cash, $400,000 of accounts receivable, $600,000 of inventory, and $1,500,000 of plant and equipment. Its liabilities consist of $100,000 of accounts payable, $150,000 of accruals, and $800,000 of long-term debt. The company's annual sales are $5,000,000, its earnings before interest and taxes are $700,000, and its net income is $300,000. What is the company's current ratio? 1) 4.6 2) 4.8 O 3) 5.0 4) 5.2 5) 4.4
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
Calculate the current ratio, quick ratio, long-term debt/total
assets, times interest earned, and fixed cost coverage using the
picture below.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME DIVIDENDS...
Assets 2017 2018 JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities 9,800 Accounts payable $ 48,000 14,200 Notes payable 10,350 75,800 Current assets Cash Accounts receivable Inventory $ $ 49,800 18,600 $ 4,350 11,550 58,350 $ 74,250 Total $ 99,800 Total $ 58,350 $ 68,400 Long-term debt $ 42,000 $ 34,000 Owners' equity Common stock and paid-in $45.000 surplus Retained earnings 154,650 $ 45,000 252,600 Net plant and equipment $225,750 $300,200...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72.000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the amount of quick assets? $168,000 $60,000 $96,000 $61,000
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts. State whether they are income statement or balance sheet accounts, State whether they are permanent or temporary account. What is the normal balance for the following accounts is a debit or credit: a. Cash b. Supplies C. Notes payable d. Land e. Service revenue f. Accounts receivable & Rent expense h. Furniture i. Accounts payable j. Equipment k. Owner's Equity I. Inventory m. Rent...
A company's assets consist of $200,000 of cash, $400,000 of accounts receivable, $600,000 of inventory, and $1,500,000 of plant and equipment. Its liabilities consist of $100,000 of accounts payable, $150,000 of accruals, and $800,000 of long-term debt. The company's annual sales are $5,000,000, its earnings before interest and taxes are $700,000, and its net income is $300,000. What is the company's current ratio? 1) 4.6 2) 4.8 O 3) 5.0 4) 5.2 5) 4.4
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