Homework Answers
| Aspen | Willow | |
| Cash | 30000 | 20000 |
| Merchandise Inventory | 65000 | 35000 |
| Building | 95000 | 95000 |
| Accounts Receivable | 35000 | 40000 |
| Land | 60000 | 55000 |
| Total assets | 285000 | 245000 |
| Aspen | Willow | |
| Wages payable | 30000 | 25000 |
| Long term notes payable | 145000 | 110000 |
| Accounts payable | 55000 | 50000 |
| Total liabilities | 230000 | 185000 |
| Debt to Assets ratio | ||
| Aspen | 80.7% | =230000/285000 |
| Willow | 75.5% | =185000/245000 |
| C2 |
| Aspen Company has the greater financial risk in long term |
| Company with higher Debt to Assets ratio has a greater financial risk in the long term. |
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Cash Wages payable Merchandise inventory Building Accounts receivable Long-term notes payable Land Accounts payable Sales revenue...
Check my Wages payable Merchandise inventory Accounts receivable Long-term notes payable Aspen Willow $30.000 20,000 30,000...
Check my Wages payable Merchandise inventory Accounts receivable Long-term notes payable Aspen Willow $30.000 20,000 30,000 25,000 65,000 35,000 95.000 95.000 35,000 40,000 145,000 110,000 60.000 55.000 55,000 50,000 325.000 265.000 295,000 230,000 Accounts payable Sales revenue Expenses Required a-1. Determine the amount of current assets and current liabilities for each company a-2. Compute the current ratio for each company. b. Assuming that all assets and liabilities are listed above, compute the debt-to-assets ratios for each company, c-1. Determine which...
Problem y-20A Using ralios to make comparisons LU - The following accounting information exists for the...
Problem y-20A Using ralios to make comparisons LU - The following accounting information exists for the Aspen and Willow companies: Cash Wages payable Merchandise inventory Duilding Accounts receivable Long-ter notes payable Land Accounts payable Sales revenue Expenses Aspen Willow $ 30,000 $20,000 30.000 25.000 65,000 35,000 95.000 95.000 35.000 40.000 145.000 110,000 60.000 55.000 55.000 50.000 325.000 265.000 295.000 230.000 Required 2-1. Determine the amount of current assets and current liabilities for each company a-2. Compute the current ratio for...
Problem 9-26A Using ratios to make comparisons LO 9-7 The following accounting information exists for the...
Problem 9-26A Using ratios to make comparisons LO 9-7 The following accounting information exists for the Aspen and Willow companies: points Cash Wages payable Merchandise inventory Building Accounts receivable Long-term notes payable Tand Accounts payable Sales revenue Expenses Aspen $ 30,000 30,000 65,000 95, 000 35,000 145,000 60,000 55.000 325,000 295,000 Willow $20,000 25,000 35,000 95.000 40,000 110,000 55,000 50.000 265,000 230.000 eBook References Required -1. Determine the amount of current assets and current liabilities for each company a-2. Compute...
Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable...
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Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable...
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable 3,200 Accrued liabilities payable 3,600 Notes payable (current) 26,000 Notes payable (noncurrent) 2,600 Common stock 50,000 Additional paid-in capital 97,000 Retained earnings 4,400 $21,000 2,600 7,300 41,000 9,500 85,500 39,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,400 cash. b. Lent $5,700 to a supplier who signed a two-year note. c. Purchased equipment that cost...
Land (used in operations): $114,000 Inventory: $55,000 Accounts Receivable: $24,000 Long-Term Investment in Stocks: $36,000 Intangible...
Land (used in operations): $114,000
Inventory: $55,000
Accounts Receivable: $24,000
Long-Term Investment in Stocks: $36,000
Intangible Assets: $15,000
Cash: $26,000
Notes Receivable (due in 3 years): $26,000
Prepaid Expenses: $10,800
Supplies: $10,200
Trucks: $46,000
Accumulated Depreciation: $12,000
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Accounts Payable Accounts Receivable $116 27 Cash 134 Common Stock 24 Equipment Inventory Notes Payable (long-term)...
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The Young Company has the following assets and liabilities: ASSETS Cash $35,000 Accounts receivable 15,000 Inventory...
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G Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable...
G Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividenda Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,800 17,500 7,838 181,000 $ 37,286 47,000 12,800 11,000 69,000 1,689 136,500 12,000 121,000 24,049 66,833 12,000 12, 255 $389,275 $389,275 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable (long-term)...
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Check my Wages payable Merchandise inventory Accounts receivable Long-term notes payable Aspen Willow $30.000 20,000 30,000 25,000 65,000 35,000 95.000 95.000 35,000 40,000 145,000 110,000 60.000 55.000 55,000 50,000 325.000 265.000 295,000 230,000 Accounts payable Sales revenue Expenses Required a-1. Determine the amount of current assets and current liabilities for each company a-2. Compute the current ratio for each company. b. Assuming that all assets and liabilities are listed above, compute the debt-to-assets ratios for each company, c-1. Determine which...
Problem y-20A Using ralios to make comparisons LU - The following accounting information exists for the Aspen and Willow companies: Cash Wages payable Merchandise inventory Duilding Accounts receivable Long-ter notes payable Land Accounts payable Sales revenue Expenses Aspen Willow $ 30,000 $20,000 30.000 25.000 65,000 35,000 95.000 95.000 35.000 40.000 145.000 110,000 60.000 55.000 55.000 50.000 325.000 265.000 295.000 230.000 Required 2-1. Determine the amount of current assets and current liabilities for each company a-2. Compute the current ratio for...
Problem 9-26A Using ratios to make comparisons LO 9-7 The following accounting information exists for the Aspen and Willow companies: points Cash Wages payable Merchandise inventory Building Accounts receivable Long-term notes payable Tand Accounts payable Sales revenue Expenses Aspen $ 30,000 30,000 65,000 95, 000 35,000 145,000 60,000 55.000 325,000 295,000 Willow $20,000 25,000 35,000 95.000 40,000 110,000 55,000 50.000 265,000 230.000 eBook References Required -1. Determine the amount of current assets and current liabilities for each company a-2. Compute...
Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable (long term) 82,000 Cash 40,000 Office Supplies 2,000 Common Stock 125,000 Retained Earnings Salaries Payable 8,000 HALFORD WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders' Equity Current Liabilities: Assets Current Assets Salaries payable Total Current Liabilities Inventory Total Current Assets 0 Long Term Liabilities: Noncurrent Assets Total Long-term Liabilities: Total Liabilities Building and Equipment Total Noncurrent Assets Stockholders' Equity HALFORD WHOLESALERS Balance Sheet December...
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable 3,200 Accrued liabilities payable 3,600 Notes payable (current) 26,000 Notes payable (noncurrent) 2,600 Common stock 50,000 Additional paid-in capital 97,000 Retained earnings 4,400 $21,000 2,600 7,300 41,000 9,500 85,500 39,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,400 cash. b. Lent $5,700 to a supplier who signed a two-year note. c. Purchased equipment that cost...
Land (used in operations): $114,000
Inventory: $55,000
Accounts Receivable: $24,000
Long-Term Investment in Stocks: $36,000
Intangible Assets: $15,000
Cash: $26,000
Notes Receivable (due in 3 years): $26,000
Prepaid Expenses: $10,800
Supplies: $10,200
Trucks: $46,000
Accumulated Depreciation: $12,000
The CEO of Jisko requests our help in preparing year-end financial reports. The CEO explains that they are having difficulty classifying accounts. The Tableau dashboard shows December 31 year-end data from the company's accounting system. Assets Long-Term Investment in Stocks Notes Receivable (due...
Accounts Payable Accounts Receivable $116 27 Cash 134 Common Stock 24 Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable 360 170 220 26 377 37 Software 60 Assume that the following events occurred in the following quarter. a. Paid $55 cash for additional inventory b. Issued additional shares of common stock for $20 in cash. c. Purchased equipment for $260; paid $125 in cash and signed a note to pay the remaining...
G Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividenda Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,800 17,500 7,838 181,000 $ 37,286 47,000 12,800 11,000 69,000 1,689 136,500 12,000 121,000 24,049 66,833 12,000 12, 255 $389,275 $389,275 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable (long-term) 3,230 3,100 1,800 3,600 35,100 1,400 5,100 7,100 Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense 22,000 14,330 2,200 1,800 800 1,200 400 200 A Ques 22. Billings Auto Repair has the following account balances at December 31, 2018, from its adjusted trial balance. BE: (Click the icon to view the account balances.) Compute Billings...
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