Homework Answers
Add Answer to:
Use the following financial statement information as of the end of each year to answer this...
26) The following financial statement information is available for Dubai Corporation: 2020 2019 Inventory $ 44,000...
26) The following financial statement information is available for Dubai Corporation: 2020 2019 Inventory $ 44,000 $ 43,000 Current assets 80,000 106,000 Total assets 432,000 358,000 Current liabilities 25,000 36,000 Total liabilities 102,000 88,000 The current ratio for 2020 is a. .31:1. b. 3.2:1. c. 1.5:1. d. 4.24:1. 27) The following financial statement information is available for Rahim Corporation: 2020 2019 Net sales $1,780,000 $697,000 Cost of goods sold 406,000 377,000 Net income 520,000 80,000 Tax expense 48,000 29,000 Interest...
Prepare a Statement of Cash Flows using the direct method. Use the following information: The following...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
I need help finding the dividends PREPARING A CASH FLOW STATEMTMET (INDIREECT METHOD) Use the following...
I need help finding the dividends
PREPARING A CASH FLOW STATEMTMET (INDIREECT METHOD) Use the following balance sheet to prepare a cash flow statement for the current year. Net Income for the year was $40,000. Prior Current Year Year Change ASSETS Cash and Cash Equivalents $92,000 $84,000 $8,000 Accounts Receivables, Net 57,000 40,000 $17,000 Inventories 51,000 45,000 $6,000 Prepaid Expenses 12,000 13,000 ($1,000) Equipment 145,000 134,000 $11,000 Accumulated Depreciation ($51,000) ($37,000) ($14,000) Total Assets $306,000 $279,000 $27,000 LIABILITIES AND STOCKHOLDERS'...
Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year...
Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 3,900,000 2,470,000 1,430,000 618,000 290,000 522,000 es Cost of goods sold Selling and administrative expense Depreciation expense Operating income Interest expense 434,900 127,000 307,900 10,000 297,900 Eamings before taxes Taxes Eamings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share Statement of Retained Earnings For the Year Ended December 31, 20X2 Retained earnings, balance,...
Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done...
Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done reasonably well in 2015-2017 but started noticing its cash dwindle early in 2018. In January 2018, Consultex had paid $16,000 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $2,000 cash for dividends and $1,000 to repurchase and eliminate Consultex stock that had previously been issued for $1,000. To improve its cash position, Consultex borrowed $5,000...
Name: Ziggy - Balance Sheet Ziggy, Inc. Statement of Cash Flows Indirect Method Cash Flows from...
Name: Ziggy - Balance Sheet Ziggy, Inc. Statement of Cash Flows Indirect Method Cash Flows from Operating Activities Change 2010 2009 $ Assets Cash Acct Receivable Inventory Prepaid Exp Land Equipment Accumulated depreciation - equipment Total assets 66,000 (1,000) 37,000 (2,000) (12,000) (15,000) (12,000) $ 88,000 $ 22,000 80,000 81,000 60,000 23,000 8,000 10,000 107,000 119,000 39,000 54,000 (64,000) (52,000) $ 318,000 $ 257,000 Liabilities AP Wages Pay Interest Pay Taxes Pay Notes payable, long term Total liabilities. (14,000) 16,000...
Comparative financial statement data of Manfield, Inc. follow: Comparative financial statement data of Manfield, Inc. follow:...
Comparative financial statement data of Manfield, Inc.
follow:
Comparative financial statement data of Manfield, Inc. follow: 囲(Click the icon to view the income statement.) EEE (Click the icon to view the balance sheet.) 1 (Click the icon to view the additional financial information.) Read the requirements Requirement 1a. Compute the current ratios for 2018 and 2017. Begin by selecting the formula to compute the current ratio Current ratio = Manfield, Inc. Comparative Income Statement Years Ended December 31, 2018 and...
Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year...
Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense $3,900,000 2,470,000 $1,430,000 618,000 290,000 $ 522,000 Earnings before taxes Taxes $ 434,900 127,000 S 307,900 Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share 297,900 150,000 Statement of Retained Earnings For the Year Ended December...
West Tech. reports the following amounts for 2020: $ 5,660,000 1,000,000 145,000 350,000 23) Net income...
West Tech. reports the following amounts for 2020: $ 5,660,000 1,000,000 145,000 350,000 23) Net income Average stockholders' equity Preferred dividends Par value preferred stock The 2020 rate of return on common stockholders' equity is: a. 5.8%. b. 6.6% C. 8.4% d. 9.19%. 24) Pagal Corporation had beginning inventory $10,000, 000, cost of goods sold $11,750,000, and ending inventory $8,500,000. What was Pagal's inventory turnover? a. 1.3 times. b. 1.4 times. c. 1.5 times. d. 2 times. 25) In 2020...
These financial statement items are for Crane Corporation at year end, July 31, 2018: Operating expenses...
These financial statement items are for Crane Corporation at
year end, July 31, 2018:
Operating expenses
$32,500
Interest payable
$ 2,000
Salaries expense
46,200
Supplies expense
1,700
Unearned revenue
12,000
Dividends declared
12,500
Utilities expense
2,400
Depreciation expense
2,800
Equipment
61,700
Retained earnings, Aug. 1, 2017
20,440
Accounts payable
4,720
Rent expense
11,000
Service revenue
115,100
Income tax expense
5,800
Rent revenue
19,500
Supplies
1,600
Common shares
24,500
Held for trading investments
22,500
Cash
5,560
Bank loan payable (due Dec....
26) The following financial statement information is available for Dubai Corporation: 2020 2019 Inventory $ 44,000 $ 43,000 Current assets 80,000 106,000 Total assets 432,000 358,000 Current liabilities 25,000 36,000 Total liabilities 102,000 88,000 The current ratio for 2020 is a. .31:1. b. 3.2:1. c. 1.5:1. d. 4.24:1. 27) The following financial statement information is available for Rahim Corporation: 2020 2019 Net sales $1,780,000 $697,000 Cost of goods sold 406,000 377,000 Net income 520,000 80,000 Tax expense 48,000 29,000 Interest...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
I need help finding the dividends
PREPARING A CASH FLOW STATEMTMET (INDIREECT METHOD) Use the following balance sheet to prepare a cash flow statement for the current year. Net Income for the year was $40,000. Prior Current Year Year Change ASSETS Cash and Cash Equivalents $92,000 $84,000 $8,000 Accounts Receivables, Net 57,000 40,000 $17,000 Inventories 51,000 45,000 $6,000 Prepaid Expenses 12,000 13,000 ($1,000) Equipment 145,000 134,000 $11,000 Accumulated Depreciation ($51,000) ($37,000) ($14,000) Total Assets $306,000 $279,000 $27,000 LIABILITIES AND STOCKHOLDERS'...
Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 3,900,000 2,470,000 1,430,000 618,000 290,000 522,000 es Cost of goods sold Selling and administrative expense Depreciation expense Operating income Interest expense 434,900 127,000 307,900 10,000 297,900 Eamings before taxes Taxes Eamings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share Statement of Retained Earnings For the Year Ended December 31, 20X2 Retained earnings, balance,...
Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done reasonably well in 2015-2017 but started noticing its cash dwindle early in 2018. In January 2018, Consultex had paid $16,000 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $2,000 cash for dividends and $1,000 to repurchase and eliminate Consultex stock that had previously been issued for $1,000. To improve its cash position, Consultex borrowed $5,000...
Name: Ziggy - Balance Sheet Ziggy, Inc. Statement of Cash Flows Indirect Method Cash Flows from Operating Activities Change 2010 2009 $ Assets Cash Acct Receivable Inventory Prepaid Exp Land Equipment Accumulated depreciation - equipment Total assets 66,000 (1,000) 37,000 (2,000) (12,000) (15,000) (12,000) $ 88,000 $ 22,000 80,000 81,000 60,000 23,000 8,000 10,000 107,000 119,000 39,000 54,000 (64,000) (52,000) $ 318,000 $ 257,000 Liabilities AP Wages Pay Interest Pay Taxes Pay Notes payable, long term Total liabilities. (14,000) 16,000...
Comparative financial statement data of Manfield, Inc.
follow:
Comparative financial statement data of Manfield, Inc. follow: 囲(Click the icon to view the income statement.) EEE (Click the icon to view the balance sheet.) 1 (Click the icon to view the additional financial information.) Read the requirements Requirement 1a. Compute the current ratios for 2018 and 2017. Begin by selecting the formula to compute the current ratio Current ratio = Manfield, Inc. Comparative Income Statement Years Ended December 31, 2018 and...
Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense $3,900,000 2,470,000 $1,430,000 618,000 290,000 $ 522,000 Earnings before taxes Taxes $ 434,900 127,000 S 307,900 Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share 297,900 150,000 Statement of Retained Earnings For the Year Ended December...
West Tech. reports the following amounts for 2020: $ 5,660,000 1,000,000 145,000 350,000 23) Net income Average stockholders' equity Preferred dividends Par value preferred stock The 2020 rate of return on common stockholders' equity is: a. 5.8%. b. 6.6% C. 8.4% d. 9.19%. 24) Pagal Corporation had beginning inventory $10,000, 000, cost of goods sold $11,750,000, and ending inventory $8,500,000. What was Pagal's inventory turnover? a. 1.3 times. b. 1.4 times. c. 1.5 times. d. 2 times. 25) In 2020...
These financial statement items are for Crane Corporation at
year end, July 31, 2018:
Operating expenses
$32,500
Interest payable
$ 2,000
Salaries expense
46,200
Supplies expense
1,700
Unearned revenue
12,000
Dividends declared
12,500
Utilities expense
2,400
Depreciation expense
2,800
Equipment
61,700
Retained earnings, Aug. 1, 2017
20,440
Accounts payable
4,720
Rent expense
11,000
Service revenue
115,100
Income tax expense
5,800
Rent revenue
19,500
Supplies
1,600
Common shares
24,500
Held for trading investments
22,500
Cash
5,560
Bank loan payable (due Dec....
Most questions answered within 3 hours.
-
Imagine that a chemist puts 6.40 mol each of
C3H8 and O2 in a 1.00-L container...
asked 5 minutes ago -
How much money should be invested today in order to have $8340
at the end of...
asked 9 minutes ago -
You are conducting research for a hospital and issue a survey to
patients.
Based on the...
asked 9 minutes ago -
What might be a negative mutation that would hinder the
bug population?
asked 19 minutes ago -
A company just paid a dividend of $1.50 per share. The consensus
forecast of financial analysts...
asked 15 minutes ago -
A mass of 0.50 g of an unknown acid HA required 20.0 mL of 0.25
M...
asked 25 minutes ago -
Mitch is a director and officer of Numero Uno, Inc. Mitch makes
a marketing decision that...
asked 25 minutes ago -
A pair of fair dice is tossed. Let X denote the larger of the
two numbers...
asked 33 minutes ago -
What are the variety of forms of products dispensed with aerosol
spray?
asked 38 minutes ago -
Which one of the following statements is true about C++
keywords?
a. A keyword can have...
asked 38 minutes ago -
Pyruvate Kinase, an allosteric enzyme, accelerates the
conversion of phosphoenolpyruvate to pyruvate.
1) Draw curves describing...
asked 40 minutes ago -
question 1
Which of the following is an example of a bottom-up technique
for developing promotional...
asked 57 minutes ago