Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash (end...
Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash (end of year) $25,300 $24,102 Short-term investments (end of year) 8,200 9,450 Operating expenses 58,650 63,660 Depreciation expense 13,025 11,100 Determine the days’ cash on hand for 20Y8 and 20Y9. Assume 365 days in a year. Days’ Cash on Hand 20Y8: days 20Y9: days
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Financial statement data for years ending December 31 for Newton
Company follow: 20Y9 20Y8 Cash (end...
Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash...
Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash (end of year) $25,500 $24,250 Short-term investments (end of year) $8,270 $9,460 Operating expenses $60,135 $63,780 Depreciation expense $13,225 $11,400 Determine the days' cash on hand for 20Y8 and 20Y9. Round all calculations to one decimal place.
Financial statement data for years ending December 31 for Newton Company follow:
Cash (end of year) 20Y9: $25,500; 20Y8: $24,250
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as...
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $275,320 $256,110 Accounts receivable (net) 99,740 91,980 Inventories 281,550 272,340 Investments 0 105,510 Land 144,410 0 Equipment 310,640 240,780 Accumulated depreciation—equipment (72,730) (64,930) Total assets $1,038,930 $901,790 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $188,050 $177,650 Accrued expenses payable (operating expenses) 18,700 23,450 Dividends payable 10,390 8,120 Common stock, $10 par 56,100 44,190 Paid-in...
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as...
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $241,300 $224,720 Accounts receivable (net) 87,410 80,710 Inventories 246,760 238,960 Investments 0 92,580 Land 126,570 0 Equipment 272,250 211,270 Accumulated depreciation—equipment (63,740) (56,970) Total assets $910,550 $791,270 Liabilities and Stockholders' Equity Accounts payable $164,810 $155,880 Accrued expenses payable 16,390 20,570 Dividends payable 9,110 7,120 Common stock, $10 par 49,170 38,770 Paid-in capital: Excess of issue...
The comparative statements of financial position of Mikos Inc. as at December 31, 2017 and 2018,...
The comparative statements of
financial position of Mikos Inc. as at December 31, 2017 and 2018,
and its statement of earnings for the year ended December 31, 2018,
are presented below: MIKOS INC. Comparative Statements of Financial
Position December 31 2018 2017 Assets Cash $ 10,100 $ 18,100
Short-term investments 63,700 34,300 Accounts receivable 73,500
30,400 Inventories, at cost 56,200 41,100 Prepaid expenses 5,100
8,200 Land 49,400 75,500 Property, plant, and equipment, net
284,400 184,500 Intangible assets 25,100 30,200 $...
Championship Boxing, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows...
Championship Boxing, Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y8
Cash flows from (used for) operating activities:
Net income
$186,540
Adjustments to reconcile net income to net cash
flow from operating activities:
Depreciation
18,400
Gain on sale of investments
(50,000)
Changes in current operating assets and liabilities:
Increase in accounts receivable
(25,410)
Increase in inventories
(33,450)
Increase in accounts payable
41,130
Decrease in accrued expenses payable
(12,470)
Net cash flow from
operating activities
$124,740
Cash flows...
Condensed financial data of Blossom Company follow Blossom Company Comparative Balance Sheets December 31 Assets Cash...
Condensed financial data of Blossom Company follow Blossom Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 2017 2016 $116,160 91,200 246,840 62,400 261,600 582,000 $193,920 210,720 270,000 68,160 331,200 684,000 (120,000 124,800) $1,638,000 $1,235,400 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $ 161,520 50,400 350,400 420,000 253,080 $1,638,000 $1,235,400 $244,800 39,600 264,000 528,000 561,600 Blossom Company Income Statement Data...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $223,890 $208,270 Accounts receivable (net) 81,110 74,800 Inventories 228,950 221,480 Investments 0 85,800 Land 117,440 0 Equipment 252,620 195,800 Accumulated depreciation—equipment (59,140) (52,800) Total assets $844,870 $733,350 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $152,920 $144,470 Accrued expenses payable (operating expenses) 15,210 19,070 Dividends payable 8,450 6,600 Common stock,...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tan...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,756,945 $3,965,725 Inventories: Beginning of year 759,200 737,300 End of year 839,500 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 2017 2016 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $265,010 $248,220 Accounts receivable (net) 96,000 89,150 Inventories 271,010 263,960 Investments 0 102,260 Land 139,000 0 Equipment 299,010 233,370 Accumulated depreciation—equipment (70,000) (62,930) Total assets $1,000,030 $874,030 Liabilities and Stockholders' Equity Accounts payable $181,010 $172,180 Accrued expenses payable 18,000 22,720 Dividends payable 10,000 7,870 Common stock, $10 par 54,000 42,830...
The comparative statements of
financial position of Mikos Inc. as at December 31, 2017 and 2018,
and its statement of earnings for the year ended December 31, 2018,
are presented below: MIKOS INC. Comparative Statements of Financial
Position December 31 2018 2017 Assets Cash $ 10,100 $ 18,100
Short-term investments 63,700 34,300 Accounts receivable 73,500
30,400 Inventories, at cost 56,200 41,100 Prepaid expenses 5,100
8,200 Land 49,400 75,500 Property, plant, and equipment, net
284,400 184,500 Intangible assets 25,100 30,200 $...
Championship Boxing, Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y8
Cash flows from (used for) operating activities:
Net income
$186,540
Adjustments to reconcile net income to net cash
flow from operating activities:
Depreciation
18,400
Gain on sale of investments
(50,000)
Changes in current operating assets and liabilities:
Increase in accounts receivable
(25,410)
Increase in inventories
(33,450)
Increase in accounts payable
41,130
Decrease in accrued expenses payable
(12,470)
Net cash flow from
operating activities
$124,740
Cash flows...
Condensed financial data of Blossom Company follow Blossom Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 2017 2016 $116,160 91,200 246,840 62,400 261,600 582,000 $193,920 210,720 270,000 68,160 331,200 684,000 (120,000 124,800) $1,638,000 $1,235,400 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $ 161,520 50,400 350,400 420,000 253,080 $1,638,000 $1,235,400 $244,800 39,600 264,000 528,000 561,600 Blossom Company Income Statement Data...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,756,945 $3,965,725 Inventories: Beginning of year 759,200 737,300 End of year 839,500 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 2017 2016 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal...
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