Homework Answers
| a) Receivable turnover ratio = net credit sale/average accounts receivable | ||||||
| average accounts receivable = 84000+62000/2 = 73000 | ||||||
| Recevable turnover ratio = 1248300/73000 = 17.1 times | ||||||
| b) inventory turnover ratio = cost of goods sold/average inventory | ||||||
| average inventory = 72000+87000/2 = 79500 | ||||||
| inventory turnover = 993750/79500 = 12.5times | ||||||
| c) current ratio = current assets/current liabilities | ||||||
| current assets | ||||||
| cash | 198000 | |||||
| accounts receivable | 62000 | |||||
| inventory | 87000 | |||||
| invenstment | 3200 | |||||
| total current assets | 350200 | |||||
| current liabilities | ||||||
| accounts payable | 91000 | |||||
| interest payable | 5000 | |||||
| income tax payable | 7000 | |||||
| total current liabilities | 103000 | |||||
| current ratio = 350200/103000 = 3.4 to 1 | ||||||
| d) acid test ratio = current assets-inventory/current liability | ||||||
| acid test ratio = (350200-87000)/103000 = 2.6 to 1 | ||||||
| e) debt to equity ratio = total liabilities/stockholder equity | ||||||
| debt to equity ratio = 103000+100000/(620000+289200) | ||||||
| debt to equity ratio = 22.3% | ||||||
| 2) YES | ||||||
| acid test ratio high or low based on inventory value | ||||||
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The balance sheets for Plasma Screens Corporation and additional information are provided below. 2017 $ PLASMA...
The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets:...
The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts rece Inventory Investments $128,500 76,000 94,000 3,900 119,000 91,000 79,000 1,900 ivable Long-term assets: Land Equipment Less: Accumulated depreciation 470,000 780,000 (418,000) 470,000 660,000 (258,000) $ 1,134,400$ 1,162,900 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts paya Interest payable Income tax payable $98,000 $84,000 11,900 4,900 ble 6,000 8,000...
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION...
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ 173,600 86,000 99,000 4,400 124,000 96,000 84,000 2,400 520,000 830,000 (468,000) $1,245,000 520,000 710,000 (308,000) $1,228,400 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock...
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION...
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 127,960 $ 119,000 Accounts receivable 76,000 91,000 Inventory 94,000 79,000 Investments 3,900 1,900 Long-term assets: Land 470,000 470,000 Equipment 780,000 660,000 Less: Accumulated depreciation (418,000 ) (258,000 ) Total assets $ 1,133,860 $ 1,162,900 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 97,800 $ 84,000 Interest payable 6,000 11,900...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: 2017 PLASMA...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: 2017 PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 Assets: Current assets: Cash 90,850 $ Accounts receivable 64,500 Inventory 75,500 Prepaid rent 7,950 Long-term assets: Land 455,000 Equipment 990,000 Accumulated depreciation (572,000) 146.750 76,000 90,000 3,000 455,000 750,000 (415,000) Total assets 11,800 $ 1,105,750 94.000 6,750 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 146,750 $ 159,000 Accounts receivable 76,000 89,500 Inventory 90,000 75,500 Prepaid rent 3,000 1,500 Long-term assets: Land 455,000 455,000 Equipment 750,000 645,000 Accumulated depreciation (415,000 ) (258,000 ) Total assets $ 1,105,750 $ 1,167,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 94,000 $ 80,500 Interest payable 6,750...
The balance sheet for Plasma Screens Corporation, along with additional information, are provided below. 2017 $...
The balance sheet for Plasma Screens Corporation, along with additional information, are provided below. 2017 $ PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 Assets: Current assets: Cash $ 114,250 Accounts receivable 79,200 Inventory 98,000 Prepaid rent 4,600 Long-term assets: Land 495,000 Equipment 802,000 Accumulated depreciation (431,000) 128,400 93,500 82,700 2,300 495,000 685,000 (274,000) Total assets $1,162,050 $1,212,900 Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: 2020 $...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: 2020 $ 159,000 89,500 75,500 1,500 PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 Assets Current assets: Cash $ 146,750 Accounts receivable 76,000 Inventory 90,000 Prepaid rent 3,000 Long-term assets: Land 455,000 Equipment 750,000 Accumulated depreciation (415, 000) Total assets $1,105,750 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 94,000 Interest payable 6,750 Income tax payable 7,000 Long-term liabilities: Notes payable 112,500...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $155,850 75,200 88,000 2,600 174,600 88,500 73,700 1,300 Accounts receivable Inventory Prepaid rent Long-term assets: Land 445,000 738,000 (409,000) $1,095,650 445,000 635,000 (254,000) $1,164,100 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities : Notes payable Stockholders' equity: $...
The balance sheets for Plasma Screens Corporation, along with additional information are provided below. PLASMA SC...
The balance sheets for Plasma Screens Corporation, along with additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 108,900 82, eee 105,000 6,eee 126,800 97,000 89,000 3, cee Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities...
Check my work The balance sheets for Plasma Screens Corporation, along with additional information, are provided...
Check my work The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 10 points 2021 2020 $ $ eBook 151,300 75,600 89,000 2,800 166,800 89,000 74,600 1,400 Hint References Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity:...
The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts rece Inventory Investments $128,500 76,000 94,000 3,900 119,000 91,000 79,000 1,900 ivable Long-term assets: Land Equipment Less: Accumulated depreciation 470,000 780,000 (418,000) 470,000 660,000 (258,000) $ 1,134,400$ 1,162,900 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts paya Interest payable Income tax payable $98,000 $84,000 11,900 4,900 ble 6,000 8,000...
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ 173,600 86,000 99,000 4,400 124,000 96,000 84,000 2,400 520,000 830,000 (468,000) $1,245,000 520,000 710,000 (308,000) $1,228,400 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: 2017 PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 Assets: Current assets: Cash 90,850 $ Accounts receivable 64,500 Inventory 75,500 Prepaid rent 7,950 Long-term assets: Land 455,000 Equipment 990,000 Accumulated depreciation (572,000) 146.750 76,000 90,000 3,000 455,000 750,000 (415,000) Total assets 11,800 $ 1,105,750 94.000 6,750 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable...
The balance sheet for Plasma Screens Corporation, along with additional information, are provided below. 2017 $ PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 Assets: Current assets: Cash $ 114,250 Accounts receivable 79,200 Inventory 98,000 Prepaid rent 4,600 Long-term assets: Land 495,000 Equipment 802,000 Accumulated depreciation (431,000) 128,400 93,500 82,700 2,300 495,000 685,000 (274,000) Total assets $1,162,050 $1,212,900 Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: 2020 $ 159,000 89,500 75,500 1,500 PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 Assets Current assets: Cash $ 146,750 Accounts receivable 76,000 Inventory 90,000 Prepaid rent 3,000 Long-term assets: Land 455,000 Equipment 750,000 Accumulated depreciation (415, 000) Total assets $1,105,750 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 94,000 Interest payable 6,750 Income tax payable 7,000 Long-term liabilities: Notes payable 112,500...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $155,850 75,200 88,000 2,600 174,600 88,500 73,700 1,300 Accounts receivable Inventory Prepaid rent Long-term assets: Land 445,000 738,000 (409,000) $1,095,650 445,000 635,000 (254,000) $1,164,100 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities : Notes payable Stockholders' equity: $...
The balance sheets for Plasma Screens Corporation, along with additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 108,900 82, eee 105,000 6,eee 126,800 97,000 89,000 3, cee Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities...
Check my work The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 10 points 2021 2020 $ $ eBook 151,300 75,600 89,000 2,800 166,800 89,000 74,600 1,400 Hint References Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity:...
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