Homework Answers
| Calculation of accounts receivable for 2016 | ||||
| Accounts receivable | Total current assets - Cash - Inventory | |||
| Accounts receivable | 165675-23500-95820 | |||
| Accounts receivable 2016 | $46,355 | |||
| Calculation of notes payable for 2016 | ||||
| Notes payable | Current liabilities - Accrued wages and taxes - Accounts payable | |||
| Notes payable | 253205-22480-157835 | |||
| Notes payable 2016 | $72,890 | |||
| Calculation of retained earnings for 2017 | ||||
| Retained earnings | Total stockholder's equity - Common stock | |||
| Retained earnings | 403804-175000 | |||
| Retained earnings 2017 | $228,804 | |||
| Total liabilities | Total liabilities and stockholder's equity - Shareholder equity | |||
| Total liabilities | 892279-403804 | |||
| Total liabilities | $488,475 | |||
| Current liabilities | Total liabilities - Long term debt | |||
| Current liabilities | 488475-220000 | |||
| Current liabilities | $268,475 | |||
| Accrued wages and taxes | Current liabilities - Accounts payable - Notes payable | |||
| Accrued wages and taxes | 268475-120365-109540 | |||
| Accrued wages and taxes 2017 | $38,570 | |||
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Question 2 Given the partial balance sheet shown below, provide values for the missing information as...
Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance...
Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance Sheet Inventory 335,000 Accounts Receivable Accounts Payable 40.000 Buildings Furniture and Fixtures 16,000 Trademark Mortgage 325,000 Note Payable (6 month) Equipment and Vehicles 40,000 Retained Earnings Notes Receivable (3 month) 50,000 Land Common Stock (1,000,000 shares) 100,000 Cash Salaries Payable 90,000 192,000 110,000 20,000 150,000 113,000 40,000 15,000 Assets Current Assets Total Current Assets Fixed Assets Total Fixed Assets Intangible Assets Total Intangible Assets...
Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by...
Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the missing amounts. (Enter the answers in thousands of dollars.) Cash and cash equivalents Short-term investments ($ in 000s) | $ 240,286 355,700 506,944 85,259 1,614,927 112,800 Accounts receivable Inventory Prepaid expenses (current) Total current assets Long-term receivables Equipment (net) Total assets Notes payable (current) Accounts payable Accrued liabilities Other current liabilities...
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ,...
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 69,200 Accounts receivable, net 29,700 Inventory 62,200 Prepaid expenses 3,800 Total current assets 164,900 Furniture 76,600 Accum. depreciation-Furniture (11,900) Total assets $229,600 Liabilities and Equity Accounts payable $ 10,800 Wages payable 6,400 Income taxes payable 1,100 Total current liabilities 18,300 Notes payable (long-term) 22,780 Total liabilities 41,000 Equity Common stock, $5 par value...
Balance sheet. Use the data from the financial statements of a company shown below. Use it...
Balance sheet. Use the data from the financial statements of a company shown below. Use it to answer the 7 questions that follow it. When answering the questions (filling in the blanks), DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar. Income Statement year...
A comparative balance sheet and income statement is shown for Cruz, Inc. Assume all purchases of...
A comparative balance sheet and income statement is shown for Cruz, Inc. Assume all purchases of inventory are on credit. 2. How much cash is paid for "other expenses" during year 2016? (Hint: Examine prepaid expenses and wages payable.) CRUZ, INC. Comparative Balance Sheets December 31, 2016 2016 2015 Assets Cash $ 89,000 $ 22,100 Accounts receivable, net 38,200 46,900 Inventory 80,000 88,000 Prepaid expenses 4,900 4,000 Total current assets 212,100 161,000 Furniture 98,800 113,300 Accum. depreciation—Furniture (15,300 ) (8,600...
Prepare a common-size balance sheet from the following information for Carla Vista Supply Company. (Round answers...
Prepare a common-size balance sheet from the following
information for Carla Vista Supply Company. (Round answers
to 1 decimal place, e.g. 52.7%.)
Carla Vista Supply Company Balance Sheet as of June 30, 2017($ thousands) % of Assets Liabilities and Equity: Accounts payable Notes payable Assets: % of Assets Cash and marketable securities $395,000 706,000 1,162,000 42,600 $2,305,600 1,982,000 $817,000 112,000 43,100 $972,100 1,154,000 $2,126,100 1,312,000 849,500 $2,161,500 $4,287,600 Accounts receivable Inventory Accrued income taxes Other current assets Total current...
i need help and explanation Required information A comparative balance sheet and income statement is shown...
i need help and explanation
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 82,800 Accounts receivable, net 35,500 Inventory 74,300 Prepaid expenses 4,600 Total current assets 197,200 Furniture 92,800 Accum. depreciation-Furniture (14,400) Total assets $275,600 Liabilities and Equity Accounts payable $ 13,000 Wages payable 7,700 Income taxes payable 1,300 Total current liabilities 22,000 Notes payable (long-term) 26,800 Total liabilities 48,800 Equity...
Pettijohn Inc. The balance sheet and income statement shown below are for Pettijohn Inc. Note that...
Pettijohn Inc. The balance sheet and income statement shown below are for Pettijohn Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets Cash and securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets 2016 $ 1,554.0 9,660.0 13,440.0 $24,654.0 17,346.0 $42,000.0 Liabilities and Equity...
Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 0,000 18,000 $ 179,000 132,000 $ 354,000 292,000 Total liabilities and equity Balance Sheet...
Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 0,000 18,000 $ 179,000 132,000 $ 354,000 292,000 Total liabilities and equity Balance Sheet Liabilities Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable S 29,000 S 39,000 3,000 8,000 2,000 10,000 ,0003,000 S 79,000 S 70,000 Total current liabilities 96,000 90,000 Notes payable (long-term) Total liabilities S 175,000 S 160,000 Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 40,000...
Given the following balance sheet of firm ABC, what is the firm's equity multiplier? Balance Sheet...
Given the following balance sheet of firm ABC, what is the firm's equity multiplier? Balance Sheet (millions of $) Year 2017 Assets Cash and securities $ 13.5 Accounts receivable 22.5 Inventories 16 Total current assets $52 Net plant and equipment $30 Total assets $82 Liabilities and Equity. Accounts payable $ 2.5 Accruals 7.5 Notes payable 11 Accounts payable $ 2.5 Accruals 7.5 Notes payable 11 Total current liabilities $21 Long-term bonds $34 Total liabilities $55 Common stock $ 16 Retained...
Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance Sheet Inventory 335,000 Accounts Receivable Accounts Payable 40.000 Buildings Furniture and Fixtures 16,000 Trademark Mortgage 325,000 Note Payable (6 month) Equipment and Vehicles 40,000 Retained Earnings Notes Receivable (3 month) 50,000 Land Common Stock (1,000,000 shares) 100,000 Cash Salaries Payable 90,000 192,000 110,000 20,000 150,000 113,000 40,000 15,000 Assets Current Assets Total Current Assets Fixed Assets Total Fixed Assets Intangible Assets Total Intangible Assets...
Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the missing amounts. (Enter the answers in thousands of dollars.) Cash and cash equivalents Short-term investments ($ in 000s) | $ 240,286 355,700 506,944 85,259 1,614,927 112,800 Accounts receivable Inventory Prepaid expenses (current) Total current assets Long-term receivables Equipment (net) Total assets Notes payable (current) Accounts payable Accrued liabilities Other current liabilities...
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 69,200 Accounts receivable, net 29,700 Inventory 62,200 Prepaid expenses 3,800 Total current assets 164,900 Furniture 76,600 Accum. depreciation-Furniture (11,900) Total assets $229,600 Liabilities and Equity Accounts payable $ 10,800 Wages payable 6,400 Income taxes payable 1,100 Total current liabilities 18,300 Notes payable (long-term) 22,780 Total liabilities 41,000 Equity Common stock, $5 par value...
Balance sheet. Use the data from the financial statements of a company shown below. Use it to answer the 7 questions that follow it. When answering the questions (filling in the blanks), DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar. Income Statement year...
Prepare a common-size balance sheet from the following
information for Carla Vista Supply Company. (Round answers
to 1 decimal place, e.g. 52.7%.)
Carla Vista Supply Company Balance Sheet as of June 30, 2017($ thousands) % of Assets Liabilities and Equity: Accounts payable Notes payable Assets: % of Assets Cash and marketable securities $395,000 706,000 1,162,000 42,600 $2,305,600 1,982,000 $817,000 112,000 43,100 $972,100 1,154,000 $2,126,100 1,312,000 849,500 $2,161,500 $4,287,600 Accounts receivable Inventory Accrued income taxes Other current assets Total current...
i need help and explanation
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 82,800 Accounts receivable, net 35,500 Inventory 74,300 Prepaid expenses 4,600 Total current assets 197,200 Furniture 92,800 Accum. depreciation-Furniture (14,400) Total assets $275,600 Liabilities and Equity Accounts payable $ 13,000 Wages payable 7,700 Income taxes payable 1,300 Total current liabilities 22,000 Notes payable (long-term) 26,800 Total liabilities 48,800 Equity...
Pettijohn Inc. The balance sheet and income statement shown below are for Pettijohn Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets Cash and securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets 2016 $ 1,554.0 9,660.0 13,440.0 $24,654.0 17,346.0 $42,000.0 Liabilities and Equity...
Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 0,000 18,000 $ 179,000 132,000 $ 354,000 292,000 Total liabilities and equity Balance Sheet Liabilities Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable S 29,000 S 39,000 3,000 8,000 2,000 10,000 ,0003,000 S 79,000 S 70,000 Total current liabilities 96,000 90,000 Notes payable (long-term) Total liabilities S 175,000 S 160,000 Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 40,000...
Given the following balance sheet of firm ABC, what is the firm's equity multiplier? Balance Sheet (millions of $) Year 2017 Assets Cash and securities $ 13.5 Accounts receivable 22.5 Inventories 16 Total current assets $52 Net plant and equipment $30 Total assets $82 Liabilities and Equity. Accounts payable $ 2.5 Accruals 7.5 Notes payable 11 Accounts payable $ 2.5 Accruals 7.5 Notes payable 11 Total current liabilities $21 Long-term bonds $34 Total liabilities $55 Common stock $ 16 Retained...
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