Homework Answers
Solution:
The total assets and liability are given and we need to identify the current assets and current liability to calculate the ratios.
Current asset = Cash + Account receivable + inventory = 74,000+287,000+310.000 = 671000
Current liability = Account payable+ Accrual tax = 305,000+153,000 = 458,000
A) Current ratio : This is a liquidity ratio that measures the short term liquidity of the company.
Current ratio = Current asset / Current liability = 671,000/458,000 = 1.47
B) Quick ratio = (Current asset - inventory) / current liability = 671,000-310,000)/458,000 = 0.79
C) Debt to total asset ratio = Debt / Total asset
Debt =147,000, total asset = 1,084,000
Debt to total asset ratio = Debt / Total asset = 147,000/1,084,000 = 13.56%
D) Asset turnover = Sales / Total asset
Sales = $3,999,000
Asset turnover = Sales / Total asset = $3,999,000 / 1,084,000 = 3.69
E) Average collection period = 360 / Account payable turnover
Account payable turnover = Credit sales / Account payable
Credit sales = 75% * 3,999,000 = 2,999,250
Account payable = 305,000
Account payable turnover = 2,999,250 / 305,000 =9.834
Average collection period = 360/9.834 =36.61 Days
Add Answer to:
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,990,000, with...
The balance sheet for Stud Clothiers is shown next Sales for the year were $3,460,000, with...
The balance sheet for Stud Clothiers is shown next Sales for the year were $3,460,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance sheet 2ex1 Assets Liabilities and Equity Cash $ 54,000 Accounts payable $ 287,000 Accounts receivable 348,000 Accrued taxes 93,000 Inventory 272,000 Bonds payable (long-term) 131,000 Plant and equipment 464,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 377,000 Total liabilities and Total assets $1,138,000 equity $1,138,000 Compute the following ratios: (Use a 360-day year....
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,490,000, with...
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,490,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity $262,000 148,000 178,000 100,000 $ 38,000 Accounts payable Accounts receivable Inventory Plant and equipment 292,000 248,000 500,000 Accrued taxes Bonds payable (long-term) Common stock Paid-in capital Retained earnings 150,000 240,000 $ 1,078,000 $ 1,078,000 Total assets Total liabilities and equity Compute the following ratios: (Use a 360-day year....
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,510,000, with...
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,510,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity Cash $ 39,000 Accounts payable $ 297,000 Accounts receivable 304,000 Accrued taxes 128,000 Inventory 294,000 Bonds payable (long-term) 122,000 Plant and equipment 488,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 328,000 Total assets $ 1,125,000 Total liabilities and equity $ 1,125,000 Compute the following ratios: (Use a...
Check my The balance sheet for Stud Clothiers is shown next Sales for the year were...
Check my The balance sheet for Stud Clothiers is shown next Sales for the year were $3,570,000, with 75 percent of sales sold on credit Assets Cash Accounts receivable Inventory Plant and equipment STUD CLOTHIERS Balance Sheet zexi Liabilities and Equity $ 20,000 Accounts payable 35e,eee Accrued taxes 260,000 Bonds payable (long-term) 350,000 Common stock Paid-in capital Retained earnings $ 980,000 Total liabilities and equity 245,000 100,00 126,000 100,000 150.000 250,000 980,000 Total assets $ Compute the following ratios: (Use...
Compute the following ratios: (Use a 360-day year. Do not round intermediate calculations. Round your answers...
Compute the following ratios: (Use a 360-day year. Do
not round intermediate calculations. Round your answers to 2
decimal places. Input your debt-to-total assets answer as a percent
rounded to 2 decimal places.)
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,190,000, with 75 perc STUD CLOTHIERS Balance Sheet 20X1 Liabilities and Equity %24 Assets Accounts payable Cash 279,000 24,000 Accounts receivable Inventory Plant and equipment 283,000 266,000 450,000 Accrued taxes 107,000 130,000 Bonds...
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit selected balance sheet...
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit selected balance sheet amounts at December 31, 2015, were inventory, $54,900, total assets, $209,400; common stock, $88,000; and retained earnings. $35,774,) CABOT CORPORATION Income Statenent or Year Ended December 31, 2016 $448,600 298,450 Sales Cost of goods sold Gross profit Operating expenses 150,150 98,800 4,000 47,350 19,074 Interest expense Income before taxes Income taxes 28,276 Net incone CABOT CORPORATION Balance Sheet December 31, 2016 Liabilities and Equity...
Consider the following balance sheet data for Lily’s Home Accessories: Cash & equivalents $ 86,500 Accounts...
Consider the following balance sheet data for Lily’s Home Accessories: Cash & equivalents $ 86,500 Accounts payable $ 85,000 Accounts receivable 139,500 Notes payable 163,500 Inventories 298,500 Accruals 66,000 Total current assets $ 524,500 Total current liabilities $ 314,500 Long-term debt 227,500 Common stock 370,000 Net plant & equip. 559,500 Retained earnings 172,000 Total assets $ 1,084,000 Total liabilities & equity $ 1,084,000 What are the company's total liabilities? a. $227,500 b. $314,500 c. $1,084,000 d. $542,000 e. $85,000
5. The balance sheet for the Novi Corporation is shown below. Sales for the year were...
5. The balance sheet for the Novi Corporation is shown below. Sales for the year were $3,040,000, with 75 percent of sales sold on credit. Novi Corporation Balance Sheet 200X Assets Liabilities & Shareholder's Equity Cash................... $50,000 Account payable....... $220,000 Account receivable ....280,000 Accrued taxes............ 80,000 Inventory....................240,000 Bond payable...........118,000 Plant and Equipment..380,000 Common Stock..........100,000 Paid-in Capital ...........150,000 Retained earning........282,000 Total Assets.............$950,000 Total Liabilities and ----- Stockholder's equity. $950,000 Compute the following ratios: a) Current ratio. 1.90 b) Quick ratio. c)...
Bethesda Mining Company reports the following balance sheet information for 2018 and 2019. Bethesda Mining Company...
Bethesda Mining Company reports the following balance sheet
information for 2018 and 2019.
Bethesda Mining Company reports the following balance sheet information for 2018 and 2019. 2018 2019 BETHESDA MINING COMPANY Balance Sheets as of December 31, 2018 and 2019 2018 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 70,322 $ 88,509 Accounts payable Accounts receivable 66,281 86,639 Notes payable Inventory $ 185,922 81,020 $ 193,611 132,588 114,322 178,920 Total $266,942 $ 326,199 Total $250,925 $354,068...
Given the following Year 12 balance sheet data for a footwear company: Balance Sheet Data Cash...
Given the following Year 12 balance sheet data for a footwear company: Balance Sheet Data Cash on Hand Total Current Assets Total Fixed Assets Total Assets Accounts Payable Overdraft Loan Payable 1-Year Bank Loan Payable Current Portion of Long-Term Bank Loans Total Current Liabilities Long-Term Bank Loans Outstanding Total Liabilities Year 11 Year 12 Shareholder Equity: Balance Change Common Stock 20,000 Additional Capital 120,000 0 Retained Earnings 60,000 20,000 Total Shareholder Equity 200,000 +20,000 Total Liabilities and Shareholder Equity $...
The balance sheet for Stud Clothiers is shown next Sales for the year were $3,460,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance sheet 2ex1 Assets Liabilities and Equity Cash $ 54,000 Accounts payable $ 287,000 Accounts receivable 348,000 Accrued taxes 93,000 Inventory 272,000 Bonds payable (long-term) 131,000 Plant and equipment 464,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 377,000 Total liabilities and Total assets $1,138,000 equity $1,138,000 Compute the following ratios: (Use a 360-day year....
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,490,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity $262,000 148,000 178,000 100,000 $ 38,000 Accounts payable Accounts receivable Inventory Plant and equipment 292,000 248,000 500,000 Accrued taxes Bonds payable (long-term) Common stock Paid-in capital Retained earnings 150,000 240,000 $ 1,078,000 $ 1,078,000 Total assets Total liabilities and equity Compute the following ratios: (Use a 360-day year....
Check my The balance sheet for Stud Clothiers is shown next Sales for the year were $3,570,000, with 75 percent of sales sold on credit Assets Cash Accounts receivable Inventory Plant and equipment STUD CLOTHIERS Balance Sheet zexi Liabilities and Equity $ 20,000 Accounts payable 35e,eee Accrued taxes 260,000 Bonds payable (long-term) 350,000 Common stock Paid-in capital Retained earnings $ 980,000 Total liabilities and equity 245,000 100,00 126,000 100,000 150.000 250,000 980,000 Total assets $ Compute the following ratios: (Use...
Compute the following ratios: (Use a 360-day year. Do
not round intermediate calculations. Round your answers to 2
decimal places. Input your debt-to-total assets answer as a percent
rounded to 2 decimal places.)
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,190,000, with 75 perc STUD CLOTHIERS Balance Sheet 20X1 Liabilities and Equity %24 Assets Accounts payable Cash 279,000 24,000 Accounts receivable Inventory Plant and equipment 283,000 266,000 450,000 Accrued taxes 107,000 130,000 Bonds...
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit selected balance sheet amounts at December 31, 2015, were inventory, $54,900, total assets, $209,400; common stock, $88,000; and retained earnings. $35,774,) CABOT CORPORATION Income Statenent or Year Ended December 31, 2016 $448,600 298,450 Sales Cost of goods sold Gross profit Operating expenses 150,150 98,800 4,000 47,350 19,074 Interest expense Income before taxes Income taxes 28,276 Net incone CABOT CORPORATION Balance Sheet December 31, 2016 Liabilities and Equity...
5. The balance sheet for the Novi Corporation is shown below. Sales for the year were $3,040,000, with 75 percent of sales sold on credit. Novi Corporation Balance Sheet 200X Assets Liabilities & Shareholder's Equity Cash................... $50,000 Account payable....... $220,000 Account receivable ....280,000 Accrued taxes............ 80,000 Inventory....................240,000 Bond payable...........118,000 Plant and Equipment..380,000 Common Stock..........100,000 Paid-in Capital ...........150,000 Retained earning........282,000 Total Assets.............$950,000 Total Liabilities and ----- Stockholder's equity. $950,000 Compute the following ratios: a) Current ratio. 1.90 b) Quick ratio. c)...
Bethesda Mining Company reports the following balance sheet
information for 2018 and 2019.
Bethesda Mining Company reports the following balance sheet information for 2018 and 2019. 2018 2019 BETHESDA MINING COMPANY Balance Sheets as of December 31, 2018 and 2019 2018 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 70,322 $ 88,509 Accounts payable Accounts receivable 66,281 86,639 Notes payable Inventory $ 185,922 81,020 $ 193,611 132,588 114,322 178,920 Total $266,942 $ 326,199 Total $250,925 $354,068...
Given the following Year 12 balance sheet data for a footwear company: Balance Sheet Data Cash on Hand Total Current Assets Total Fixed Assets Total Assets Accounts Payable Overdraft Loan Payable 1-Year Bank Loan Payable Current Portion of Long-Term Bank Loans Total Current Liabilities Long-Term Bank Loans Outstanding Total Liabilities Year 11 Year 12 Shareholder Equity: Balance Change Common Stock 20,000 Additional Capital 120,000 0 Retained Earnings 60,000 20,000 Total Shareholder Equity 200,000 +20,000 Total Liabilities and Shareholder Equity $...
Most questions answered within 3 hours.
-
Which of the following pairs of ions have the same electron
configuration?
I: Br− and Se2−...
asked 51 minutes ago -
The Foremost Composite Materials Company is planning a two-day
sales conference for October 19-20. The conference...
asked 1 hour ago -
3) Illustrate the observed pattern of relatedness of organisms
versus adaptations to specific conditions. This means...
asked 1 hour ago -
In winter a lake has a 0.35 m thick ice layer over 1.10 m of
water....
asked 2 hours ago -
Assuming the following has been encrypted with a Vigenere cipher
below, use the method(s) and assumptions...
asked 2 hours ago -
How would I use switch statements to write a program that will
take an input of...
asked 2 hours ago -
Imagine a reaction in which methane gas combusts at a constant
pressure of 1 atm and...
asked 2 hours ago -
Two parallel wires (each 12 m in length) are separated by a
distance of 0.065 m...
asked 2 hours ago -
Suppose there were three masses at the corner of uniform
equilateral triangle. The masses are m1...
asked 2 hours ago -
Situation: A building that is 618 m above the ground floor. How
many times would a...
asked 2 hours ago -
help me and discuss one successful and one
unsuccessful international company/busines in Indonesia.whyit
succeed and why...
asked 3 hours ago -
I- Choose the best answer
Which of the following statements about the structure and
packaging of...
asked 3 hours ago