Homework Answers
| Ans. | CULLUMBER CORPORATION | |||
| Balance Sheet as of December 31, 2017 | ||||
| ASSETS | Amount | LIABILITIES & EQUITY | Amount | |
| Cash and marketable securities | $986,199 | Accounts payable and accruals | $500,000 | |
| Accounts receivable | $266,301 | Notes payable | $300,000 | |
| Inventory | $483,500 | long term debt | $2,000,000 | |
| Total current assets (a) | $1,736,000 | Total debt (a) | $2,800,000 | |
| Common stock | $3,950,000 | |||
| Net plant and equipment (b) | $6,264,000 | Retained earnings | $1,250,000 | |
| Total Equity (b) | $5,200,000 | |||
| Total assets (a+b) | $8,000,000 | Total Liabilities and Equity (a+b) | $8,000,000 | |
| WORKING NOTES: | ||||
| Debt ratio = Total debt / Total assets | ||||
| 35% = Total debt / $8,000,000 | ||||
| Total debt = $8,000,000 * 35% | ||||
| $2,800,000 | ||||
| Current liabilities = Total debt - Long term debt | ||||
| $2,800,000 - $2,000,000 | ||||
| $800,000 | ||||
| Total assets = Total liabilities and equity = $8,000,000 | ||||
| Total liabilities and equity = Total debt + Total equity | ||||
| $8,000,000 = $2,800,000 + Total equity | ||||
| Total equity = $8,000,000 - $2,800,000 | ||||
| $5,200,000 | ||||
| *Common stock = Total equity - Retained earnings | ||||
| $5,200,000 - $1,250,000 | ||||
| $3,950,000 | ||||
| Accounts payable and accruals = Current liabilities - Notes payable | ||||
| $800,000 - $300,000 | ||||
| $500,000 | ||||
| Inventory turnover = Cost of goods sold / Inventory | ||||
| 4 = $1,934,000 / Inventory | ||||
| Inventory = $1,934,000 / 4 | ||||
| $483,500 | ||||
| *In the absence of information, we assumed that the number of days in year = 365 days. | ||||
| Days sales outstanding = Accounts receivables / Sales * No. of days in year | ||||
| 40 days = Accounts receivables / $2,430,000 * 365 days | ||||
| Accounts receivables = $2,430,000 * 40 / 365 | ||||
| Accounts receivables = $266,301 (rounded off) | ||||
| Current ratio = Total currrent assets / Current liabilities | ||||
| 2.17 = Total current assets / $800,000 | ||||
| Total current assets = $800,000 * 2.17 | ||||
| $1,736,000 | ||||
| Cash = Total current assets - Inventory - Accounts receivables | ||||
| $1,736,000 - $483,500 - $266,301 | ||||
| $986,199 | ||||
| Net fixed assets = Total assets - Current assets | ||||
| $8,000,000 - $1,736,000 | ||||
| $6,264,000 | ||||
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Excel Template
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been given here, and be sure to update any values that may have
been pre-entered...
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