1.
The following partial balance sheet ($ in thousands) for Paisano
Seafood Inc. is shown below.
Assets | Liabilities and Equity | ||||||
Current assets: | Current liabilities: | ||||||
Cash | $ | 62 | Accounts payable | $ | 236 | ||
Accounts receivable (net) | 183 | Other current liabilities | 79 | ||||
Notes receivable | 62 | Total current liabilities | 315 | ||||
Inventory | 219 | Long-term liabilities | 97 | ||||
Prepaid expenses | 40 | Total liabilities | 412 | ||||
Total current assets | 566 | Shareholders' equity: | |||||
Equipment (net) | 258 | Common stock | 146 | ||||
Retained earnings | 266 | ||||||
Total shareholders' equity | 412 | ||||||
Total assets | $ | 824 | Total liabilities and equity | $ | 824 | ||
The acid-test ratio is (Round your answer to 2 decimal
places.):
2.
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
Debit | Credit | |||
Accounts receivable | 665 | |||
Building and equipment | 928 | |||
Cash | 48 | |||
Interest receivable | 38 | |||
Inventory | 21 | |||
Land | 151 | |||
Notes receivable (long-term) | 485 | |||
Prepaid rent | 29 | |||
Supplies | 9 | |||
Trademark | 47 | |||
Accounts payable | 644 | |||
Accumulated depreciation | 73 | |||
Additional paid-in capital | 484 | |||
Dividends payable | 27 | |||
Common stock (at par) | 14 | |||
Income tax payable | 49 | |||
Notes payable (long-term) | 812 | |||
Retained earnings | 295 | |||
Deferred revenue | 23 | |||
TOTALS | 2,421 | 2,421 | ||
What would Symphony report as total shareholders' equity?
3.
On August 1, 2021, Rocket Retailers adopted a plan to
discontinue its catalog sales division, which qualifies as a
separate component of the business according to GAAP regarding
discontinued operations. The disposal of the division was expected
to be concluded by June 30, 2022. On January 31, 2022, Rocket's
fiscal year-end, the following information relative to the
discontinued division was accumulated:
Operating loss Feb. 1, 2021–Jan. 31, 2022 | $ | 120,000 | |
Estimated operating losses, Feb. 1–June 30, 2022 | 84,000 | ||
Impairment of division assets at Jan. 31, 2022 | 27,000 | ||
In its income statement for the year ended January 31, 2022, Rocket
would report a before-tax loss on discontinued operations of:
1.
Acid Test Ratio = (Cash + Accounts Receivable + Notes Receivable) /
Current Liabilities
= ($62+183+62) / 315 = 0.97
2.
Shareholder's Equity | |
Common Stock | $ 14 |
Additional paid in capital | $ 484 |
Retained Earnings | $ 295 |
Total Shareholder's Equity | $ 793 |
As per HOMEWORKLIB RULES, we are supposed to answer 1 question. I have solved 2, kindly post other question separately
1. The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below....
1/The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 75 Accounts payable $ 232 Accounts receivable (net) 186 Other liabilities 72 Notes receivable 57 Total current liabilities 304 Inventories 212 Long-term liabilities 103 Prepaid expenses 41 Total liabilities 407 Total current assets 571 Shareholders' equity: Plant assets (net) 267 Capital stock 130 Retained earnings 301 Total shareholders' equity 431 Total assets $ 838 Total...
Question 15 (1 point) The following partial balance sheet (S in thousands) for Paisano Seafood Inc. is shown below. Assets Current assets: Cash Liabilities and Equity Current liabilities: S 240 80 320 110 430 S 60 Accounts payable Other liabilities 200 Long-term liabilities 505 Shareholders' equity: Retained earnings S 760 Total liabilities and equity 170 Accounts receivable (net) Notes receivable Inventories Prepaid expenses Total current assets Plant assets (net) 50 Total current liabilities 25 Total liabilities 255 Capital stock 150...
The following partial balance sheet ($ in thousands) for Flight Leasing Inc. is shown below. Assets Current assets: Cash Accounts receivable (net) Notes receivable Inventory Prepaid expenses Total current assets Equipment (net) $ 60 170 50 200 25 505 255 Liabilities and Equity Current liabilities: Accounts payable Other current liabilities Total current liabilities Long-term liabilities Total liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and equity $240 80 320 110 430 150 180 330 Total assets...
1/ Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade 691 Building and equipment 939 Cash-checking 39 Interest receivable 42 Inventory 32 Land 155 Notes receivable (long-term) 493 Petty cash fund 7 Prepaid rent 35 Supplies 9 Trademark 49 Accounts payable-trade 672 Accumulated depreciation 60 Additional paid-in capital 471 Allowance for uncollectible accounts 18 Cash dividends payable 23 Common stock, at par 13 Income tax payable 56 Notes payable...
The current ratio is (Round your answer to 2 decimal
places.):
The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. $ 228 79 Assets Current assets: Cash Accounts receivable (net) Notes receivable Inventory Prepaid expenses Total current assets Equipment (net) - 61 307 Liabilities and Equity Current liabilities: $ 61 Accounts payable 176 Other current liabilities Total current liabilities 217 Long-term liabilities 39 Total liabilities 554 Shareholders' equity: 271 Common stock Retained earnings Total...
The acid-test ratio is (Round your answer to 2 decimal
places.):
The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. $ 224 bet 65 Assets Current assets: Cash Accounts receivable (net) Notes receivable Inventory Prepaid expenses Total current assets Equipment (net) 289 $ 64 172 52 200 28 516 Liabilities and Equity Current liabilities: Accounts payable Other current liabilities Total current liabilities Long-term liabilities Total liabilities Shareholders' equity: Common stock Retained earnings Total shareholders'...
please complete balance sheet
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Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 604,000 503,000 2,028,000 202,000 $3,337,000 $ 404,000 1,073,000 1,860,000 $3,337,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $151,000; accounts receivable (net), $201,000; inventory, $226,000; and prepaid insurance, $26,000. b. Investments: investment in equity securities, short term,...
Please fill out balance
sheet
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