Homework Answers
Q 46: Account Receivable Turnover = Net cr. Sales/average receivable= 120000/24000= 5
Q 47: Inventory Turnover=COGS/Avg. Inventory= 82400/26000=3.17
Q 48: days to sell inventory = 365days/Inventory turnover ratio = 365/2.5= 146 days
Q 49: Debt Ratio =Total liabilities/Total Assets = 70000/102000 = 68.6%
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46. The 2020, 2021, and 2022 partial balance sheets for Ottoman Manufacturing Company appear below. 2020...
41. The times interest earned ratio measures a company's ability to a. maintain profit after paying...
41. The times interest earned ratio measures a company's ability to a. maintain profit after paying interest. b. pay interest and debt on the due date. c. make interest payments out of current earnings. d. pay interest and debt from current assets already on hand. 42. The 2020 and 2021 partial balance sheets for Ottoman Industries are shown below. 2020 2021 Current assets Cash and cash equivalents Accounts receivable, net Inventory $ 16,000 $ 14,000 20,000 24,000 25,000 23,000 5,000...
The times interest earned ratio measures a company’s ability to maintain profit after paying interest. pay...
The times interest earned ratio measures a company’s ability to maintain profit after paying interest. pay interest and debt on the due date. make interest payments out of current earnings. pay interest and debt from current assets already on hand. The 2020 and 2021 partial balance sheets for Ottoman Industries are shown below. The 2020and 2021 partial balance sheets for Ottoman Industries is shown below. 2020 2021 Current assets Cash and cash equivalents $ 16,000 $ 14,000 Accounts...
The 2020, 2021 and 2022 partial balance sheets for Wildhorse Manufacturing Company appear below. 2020 2021...
The 2020, 2021 and 2022 partial balance sheets for Wildhorse Manufacturing Company appear below. 2020 2021 2022 Current assets Cash Accounts receivable, net Inventory Total current assets Plant & equipment, net Total assets $42000 $ 38000 $ 36000 50000 42000 46000 44000 52000 50000 136000 132000 132000 84000 82000 62000 $220000 $214000 $194000 Net credit sales for Wildhorse were $148000 for 2020, $142140 for 2021 and $136000 for 2022, while cost of goods sold was $106000 for 2020. 5104000 for...
The 2020, 2021 and 2022 partial balance sheets for Wildhorse Manufacturing Company appear below. 2020 2021...
The 2020, 2021 and 2022 partial balance sheets for Wildhorse Manufacturing Company appear below. 2020 2021 2022 Current assets Cash Accounts receivable.net Inventory Total current assets Plant & equipment, net Total assets $42000 $ 38000 $ 36000 50000 4200p 46000 44000 52000 50000 136000 132000 132000 84000 82000 62000 $220000 $214000 $194000 Net credit sales for Wildhorse were $148000 for 2020, 5142140 for 2021 and 5136000 for 2022 while cost of goods sold was $106000 for 2020, 5104000 for 2021...
Question 14 of 40 -/5.63 E The 2020 2021 and 2022 partial balance sheets for Blossom...
Question 14 of 40 -/5.63 E The 2020 2021 and 2022 partial balance sheets for Blossom Manufacturing Company appear below. 2020 2021 2022 Current assets Cash Accounts receivable.net Inventory Total current assets Plant & equipment, net Total assets $21000 $ 17000 15000 29000 21000 25000 23000 31000 29000 73000 69000 69000 63000 61000 41000 $136000 $130000 $110000 Net credit sales for Blossom were $127000 for 2020. $121000 for 2021 and $115000 for 2022 while cost of goods sold was $85000...
ORIOLE COMPANY Balance Sheets December 31 Assets 2022 2021 $ 69,000 $ 65,000 Cash Debt investments...
ORIOLE COMPANY Balance Sheets December 31 Assets 2022 2021 $ 69,000 $ 65,000 Cash Debt investments (short-term) 55,000 40,000 Accounts receivable 109,000 89,000 168,000 Inventory 239,000 23,000 26,000 Prepaid expenses Land 129,000 129,000 Building and equipment (net) 264,000 186,000 $888,000 $703,000 Total assets Liabilities and Stockholders' Equity $169,000 $109,000 Notes payable Accounts payable 66,000 52,000 42,000 42,000 Accrued liabilities Bonds payable, due 2025 251,000 170,000 Common stock, $10 par 204,000 204,000 156,000 Retained earnings 126,000 $888,000 $703,000 Total liabilities and...
Balance Sheets December 31 Assets 2022 2021 $69,000 $69,000 Cash Debt investments (short-term) 51,000 105,000 39,000...
Balance Sheets December 31 Assets 2022 2021 $69,000 $69,000 Cash Debt investments (short-term) 51,000 105,000 39,000 90,000 Accounts receivable Inventory 230,000 168,000 Prepaid expenses 24,000 26,000 Land 129,000 129,000 262,000 Building and equipment (net) 183,000 Total assets $870,000 $704,000 Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2025 $171,000 $109,000 66,000 52,000 40,000 40,000 252,000 172,000 205,000 205,000 136,000 126,000 $870,000 $704,000 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity We were...
WILDHORSE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory 2022 2021...
WILDHORSE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory 2022 2021 $ 70,000 $68,000 51,000 40,000 109,000 91,000 231,000 167,000 27,000 26,000 134,000 134,000 264,000 186,000 $886,000 $712,000 Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable $171,000 $109,000 Accounts payable 67,000 53,000 Accrued liabilities 41,000 41,000 Bonds payable, due 2025 250,000 170,000 Common stock, $10 par 206,000 151,000 206,000 133,000 Retained earnings Total liabilities and stockholders' equity $886,000...
The following financial information is for Crane Company. CRANE COMPANY Balance Sheets December 31 Assets 2022...
The following financial information is for Crane Company. CRANE COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 71,000 $ 69,000 Debt investments (short-term) 50,000 41,000 Accounts receivable 107,000 92,000 Inventory 234,000 162,000 Prepaid expenses 29,000 23,000 Land 135,000 135,000 Building and equipment (net) 261,000 187,000 Total assets $887,000 $709,000 Liabilities and Stockholders’ Equity Notes payable $169,000 $106,000 Accounts payable 66,000 54,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 250,000 171,000 Common stock, $10 par 203,000 203,000 Retained...
2020 FLINT CORPORATION Balance Sheets December 31 2022 2021 Cash $ 32,000 $ 22,000 Accounts receivable...
2020 FLINT CORPORATION Balance Sheets December 31 2022 2021 Cash $ 32,000 $ 22,000 Accounts receivable (net) 52,000 47,000 Other current assets 93,000 98,000 Investments 58,000 73,000 Plant and equipment (net) 500,000 370,000 $735,000 $610,000 Current liabilities $ 87,000 $ 82,000 Long-term debt 148,000 88,000 Common stock, $10 par 323,000 313,000 Retained earnings 177,000 127,000 $735,000 $610,000 $ 20,000 50,000 67,000 48,000 358,000 $543,000 $ 72,000 53,000 303,000 115,000 $543,000 FLINT CORPORATION Income Statements For the Years Ended December 31...
41. The times interest earned ratio measures a company's ability to a. maintain profit after paying interest. b. pay interest and debt on the due date. c. make interest payments out of current earnings. d. pay interest and debt from current assets already on hand. 42. The 2020 and 2021 partial balance sheets for Ottoman Industries are shown below. 2020 2021 Current assets Cash and cash equivalents Accounts receivable, net Inventory $ 16,000 $ 14,000 20,000 24,000 25,000 23,000 5,000...
The 2020, 2021 and 2022 partial balance sheets for Wildhorse Manufacturing Company appear below. 2020 2021 2022 Current assets Cash Accounts receivable, net Inventory Total current assets Plant & equipment, net Total assets $42000 $ 38000 $ 36000 50000 42000 46000 44000 52000 50000 136000 132000 132000 84000 82000 62000 $220000 $214000 $194000 Net credit sales for Wildhorse were $148000 for 2020, $142140 for 2021 and $136000 for 2022, while cost of goods sold was $106000 for 2020. 5104000 for...
The 2020, 2021 and 2022 partial balance sheets for Wildhorse Manufacturing Company appear below. 2020 2021 2022 Current assets Cash Accounts receivable.net Inventory Total current assets Plant & equipment, net Total assets $42000 $ 38000 $ 36000 50000 4200p 46000 44000 52000 50000 136000 132000 132000 84000 82000 62000 $220000 $214000 $194000 Net credit sales for Wildhorse were $148000 for 2020, 5142140 for 2021 and 5136000 for 2022 while cost of goods sold was $106000 for 2020, 5104000 for 2021...
Question 14 of 40 -/5.63 E The 2020 2021 and 2022 partial balance sheets for Blossom Manufacturing Company appear below. 2020 2021 2022 Current assets Cash Accounts receivable.net Inventory Total current assets Plant & equipment, net Total assets $21000 $ 17000 15000 29000 21000 25000 23000 31000 29000 73000 69000 69000 63000 61000 41000 $136000 $130000 $110000 Net credit sales for Blossom were $127000 for 2020. $121000 for 2021 and $115000 for 2022 while cost of goods sold was $85000...
ORIOLE COMPANY Balance Sheets December 31 Assets 2022 2021 $ 69,000 $ 65,000 Cash Debt investments (short-term) 55,000 40,000 Accounts receivable 109,000 89,000 168,000 Inventory 239,000 23,000 26,000 Prepaid expenses Land 129,000 129,000 Building and equipment (net) 264,000 186,000 $888,000 $703,000 Total assets Liabilities and Stockholders' Equity $169,000 $109,000 Notes payable Accounts payable 66,000 52,000 42,000 42,000 Accrued liabilities Bonds payable, due 2025 251,000 170,000 Common stock, $10 par 204,000 204,000 156,000 Retained earnings 126,000 $888,000 $703,000 Total liabilities and...
Balance Sheets December 31 Assets 2022 2021 $69,000 $69,000 Cash Debt investments (short-term) 51,000 105,000 39,000 90,000 Accounts receivable Inventory 230,000 168,000 Prepaid expenses 24,000 26,000 Land 129,000 129,000 262,000 Building and equipment (net) 183,000 Total assets $870,000 $704,000 Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2025 $171,000 $109,000 66,000 52,000 40,000 40,000 252,000 172,000 205,000 205,000 136,000 126,000 $870,000 $704,000 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity We were...
WILDHORSE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory 2022 2021 $ 70,000 $68,000 51,000 40,000 109,000 91,000 231,000 167,000 27,000 26,000 134,000 134,000 264,000 186,000 $886,000 $712,000 Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable $171,000 $109,000 Accounts payable 67,000 53,000 Accrued liabilities 41,000 41,000 Bonds payable, due 2025 250,000 170,000 Common stock, $10 par 206,000 151,000 206,000 133,000 Retained earnings Total liabilities and stockholders' equity $886,000...
2020 FLINT CORPORATION Balance Sheets December 31 2022 2021 Cash $ 32,000 $ 22,000 Accounts receivable (net) 52,000 47,000 Other current assets 93,000 98,000 Investments 58,000 73,000 Plant and equipment (net) 500,000 370,000 $735,000 $610,000 Current liabilities $ 87,000 $ 82,000 Long-term debt 148,000 88,000 Common stock, $10 par 323,000 313,000 Retained earnings 177,000 127,000 $735,000 $610,000 $ 20,000 50,000 67,000 48,000 358,000 $543,000 $ 72,000 53,000 303,000 115,000 $543,000 FLINT CORPORATION Income Statements For the Years Ended December 31...
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