Question

Complete the balance sheet of Carla Vista Corporation. (Round answers to the nearest whole dollar, e.g. 125. Use 365 days for calculation.)

Excel Template
(Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have different values. When using this template, copy the problem statement from this screen for easy reference to the values you’ve been given here, and be sure to update any values that may have been pre-entered in the template based on the textbook version of the problem.)

Carla Vista Corporation Balance Sheet as of December 31, 2017 Liabilities and Equity: Assets: Cash and marketable securities

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Carla Vista Corporation
Balance sheet as of December 31, 2017
Assets: Liabilities and equity:
Cash and marketable securities $2,520,834 Accounts payable and accruals $100,000
Accounts receivable $149,041 Notes payable $300,000
Inventory $498,125
Total current assets $3,168,000 Total current liabilities $400,000
Long term debt $2,000,000
Net plant and equipment $4,832,000 Common stock $4,350,000
Retained earnings $1,250,000
Total assets $8,000,000 Total liabilities and equity $8,000,000
As per accounting equation, total assets is equal to total liabilities and equity and thus equal to $8,000,000
Calculation of current liabilities
Debt ratio Total liabilities/Total assets
Total liabilities 30%*8000000
Total liabilities $2,400,000
Current liabilities 2400000-2000000
Current liabilities $400,000
Accounts payable and accruals Total current liabilities - Notes payable
Accounts payable and accruals 400000-300000
Accounts payable and accruals $100,000
Calculation of common stock
Common stock 8000000-2400000-1250000
Common stock $4,350,000
Calculation of current assets
Current ratio Current assets/Current liabilities
Current assets 2400000*1.32
Current assets $3,168,000
New plant and equipment 8000000-3168000
New plant and equipment $4,832,000
Calculation of accounts receivable
Days sales outstanding (Accounts receivable/Sales)*365
32 (Accounts receivable/1700000)*365
Accounts receivable (32*1700000)/365
Accounts receivable $149,041
Calculation of inventory
Inventory turnover ratio Cost of goods sold/Inventory
4.8 2391000/Inventory
Inventory 2391000/4.8
Inventory                498,125.00
Calculation of cash and marketable securities
Cash and marketable securities 3168000-149041-498125
Cash and marketable securities $2,520,833.90
Add a comment
Know the answer?
Add Answer to:
Complete the balance sheet of Carla Vista Corporation. (Round answers to the nearest whole dollar, e.g....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Cullumber Corporation Balance Sheet as of December 31, 2017 Liabilities and Equity: Assets: Cash and marketable...

    Cullumber Corporation Balance Sheet as of December 31, 2017 Liabilities and Equity: Assets: Cash and marketable securities Accounts payable and accruals Accounts receivable Notes payable 300,000 Inventory Total current assets Total current liabilities Long-term debt $2,000,000 Net plant and equipment Common stock Retained earnings $1,250,000 Total assets Total liabilities and equity $8,000,000 You have the following information: Debt ratio 35 % 40 days DSO Current ratio 2.17 Inventory turnover ratio 4.000 Net sales $2.43 million Cost of goods sold =...

  • 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...

  • Carla Vista Co. provides you with the following balance sheet information as of December 31, 2022.

    Carla Vista Co. provides you with the following balance sheet information as of December 31, 2022.Current assets$13,570Current liabilities$14,160Long-term assets31,270Long-term liabilities16,520   Total assets$44,840Stockholders’ equity14,160   Total liabilities and stockholders’ equity$44,840In addition, Carla Vista reported net income for 2022 of $18,880, income tax expense of $3,776, and interest expense of $1,534.Compute the current ratio and working capital for Carla Vista for 2022. (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses...

  • The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year...

    The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,171,500 Expenses Operating expenses $1,885,500 Interest expense 95,000 1,980,500 Income before income tax 191,000 Income tax expense 40,000 Net income $151,000 CARLA VISTA INC. Statement of Financial Position December 31, 2021 Assets Current assets Cash $62,100 Trading investments 51,000 Accounts receivable 263,800 Supplies 25,000 Property, plant, and equipment Total assets $401,900 591,300 $993,200 $136,500 Liabilities and Shareholders' Equity...

  • The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year...

    The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,171,500 Expenses Operating expenses $1,885,500 Interest expense 95,000 1,980,500 Income before income tax 191,000 Income tax expense 40,000 Net income $151,000 CARLA VISTA INC. Statement of Financial Position December 31, 2021 Assets Current assets Cash $62,100 Trading investments 51,000 Accounts receivable 263,800 Supplies 25,000 Property, plant, and equipment Total assets $401,900 591,300 $993,200 $136,500 Liabilities and Shareholders' Equity...

  • Problem 13-02A (Video) The comparative statements of Carla Vista Co. are presented here: Carla Vista Co....

    Problem 13-02A (Video) The comparative statements of Carla Vista Co. are presented here: Carla Vista Co. Income Statements For the Years Ended December 31 2020 Net sales $1,897,540 Cost of goods sold 1,065,540 Gross profit 832,000 Selling and administrative expenses 507,000 Income from operations 325,000 Other expenses and losses Interest expense 24,000 Income before income taxes 301,000 Income tax expense 94,000 Net income $207,000 2019 $1,757,500 1,013,000 744,500 486,000 258,500 22,000 236,500 75,000 $161,500 2020 2019 Carla Vista Co. Balance...

  • The comparative statements of Carla Vista Co. are presented here. CARLA VISTA CO. Income Statements For...

    The comparative statements of Carla Vista Co. are presented here. CARLA VISTA CO. Income Statements For the Years Ended December 31 2017 2016 Net sales $1,898,540 $1,758,500 Cost of goods sold 1,066,540 1,014,000 Gross profit 832,000 744,500 Selling and administrative expenses 508,000 324,000 487,000 257,500 Income from operations Other expenses and losses Interest expense 23,700 21,700 Income before income taxes Income tax expense 300,300 93,700 $ 206,600 235,800 74,700 $ 161,100 Net income CARLA VISTA CO. Balance Sheets December 31...

  • The Carla Vista Products Co. currently has debt with a market value of $225 million outstanding....

    The Carla Vista Products Co. currently has debt with a market value of $225 million outstanding. The debt consists of 9 percent coupon bonds remiannual coupon payments which have a maturity of 15 years and are currently priced at $1.440.03 per bond. The firm also has an issue of 2 million preferred shares outstanding with a market price of $13 per share. The preferred shares pay an annual dividend of $120. Carla Vista also has 14 million shares of common...

  • Ivanhoe Automotive's balance sheet at the end of its most recent fiscal year shows the following...

    Ivanhoe Automotive's balance sheet at the end of its most recent fiscal year shows the following information: Ivanhoe Automotive Balance Sheet as of March 31, 2017 Assets Cash and marketable sec. Accounts receivable Liabilities and Equity: Accounts payable and sculs Notes payable $168,000 27,000 $40,000 158,000 232.000 $430,000 Inventory Total current assets Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total liabilities and equity $195,000 172,000 3367.000 317,000 613,000 $1,302,000 Net plant and equipment Goodwill and other...

  • The Carla Vista Products Co. currently has debt with a market value of $225 outstanding the...

    The Carla Vista Products Co. currently has debt with a market value of $225 outstanding the debt consists of percent coupon bonds semiannual coupon payments which have a maturity of 15 years and are currently priced at $1.440.03 per bond. The firm has an issue of 2 million preferred shares outstanding with a market price of $13 per share. The preferred shares pay an annual dividend of $120. Carla Vista also has 14 million shares of common stock outstanding with...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT