Homework Answers
1. C. 54.39 %
155/ 285 * 100 = 54.39 %
2. D. 8.33 % decrease.
( 55 - 60 ) / 60 * 100 = - 8.33 %
3. A. 1.6 times.
Inventory turnover = Cost of Goods Sold / Average Inventory = 80 / 50 = 1.6 times
4. B. $ 5
Earnings per share = $ 45 / 9 = $ 5 per share
5. B. 2.80
Current ratio = Current Assets / Current Liabilities = ( Cash + Accounts Receivables + Inventory ) / Accounts Payable = $ 140 / $ 50 = 2.80
6. B. False.
7. B. False.
8. A. True.
9. A. True.
10. A. True.
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Cash 155-15 Chapter 14 Quiz Version B 2018 2017 30 - 5 Accounts Receivable, Net 60...
5. Calculate the current ratio for 2018. Show work. A. 2.50 B. 2.80 C. 2.41 D....
5. Calculate the current ratio for 2018. Show work. A. 2.50 B. 2.80 C. 2.41 D. 2.25 6. In horizontal analysis, the current year is the base year. A. True B. False 7. On a common-sized income statement all items are stated as a percent of total assets or equities at year-end. A. True B. False 8. The relationship of each asset item as a percent of total assets is an example of vertical analysis. A. True B. False 9....
Chapter 3 Assignment 2018 Assets 2017 $ 53,000 147 points $ Current assets Cash Accounts receivable...
Chapter 3 Assignment 2018 Assets 2017 $ 53,000 147 points $ Current assets Cash Accounts receivable Inventory 6,560 16,160 61,280 JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 I Current liabilities $ 8,600 Accounts payable $ 51,840 22,600 Notes payable 21,600 74,600 $105,800 Total $ 73,440 Long-term debt $ 32,000 eBook Total $ 84,000 $ 76,600 $30,000 References Owners' equity Common stock and paid-in $ 40,000 surplus Retained earnings 174,560 $ 40,000 253,400...
2018 2017 Assets Cash and equivalents Accounts receivable Inventories Total current assets 999 991 Net plant...
2018 2017 Assets Cash and equivalents Accounts receivable Inventories Total current assets 999 991 Net plant and equipment Total assets Liabilities and Equity 8 Accounts payable $ 11,000 8 Accruals 7,600 Notes payable 6,000 Total current liabilities Long-term bonds Total liabilities 99% 318 88 44,500 40,000 49,955 Common stock (4,000 shares) Retained earnings 40,000 49,955 35,100 Common equity $ 89,955 $75.100 Total liabilities and equity $134,555 $115,000 Income Statement for Year Ending December 31, 2018 Sales $225,000 Operating costs excluding...
2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 9...
2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 92,000 Inventory 81,800 Prepaid expenses 6,200 Total current assets 276,700 Equipment 142,000 Accum. depreciation Equipment (36.000) Total assets $382,700 Liabilities and Equity Accounts payable $ 43,000 Wages payable 7,800 Income taxes payable 5,200 Total current liabilities 56,000 Notes payable (long term) 48,000 Total liabilities 104,000 Equity Common stock, $5 par value 256.000 Retained earnings 22,700 Total liabilities and equity $382,700 $...
Retained earnings July 31, 2017 Accounts receivable Net revenues Total current liabilities 31,800 Cost of goods...
Retained earnings July 31, 2017 Accounts receivable Net revenues Total current liabilities 31,800 Cost of goods sold 28,200 Cash 186,500 Property and equipment, net 53,000 Common stock 28,000 Inventories 5,300 Long-term liabilities 21,000 Dividends 136,400 26,900 19,900 30,800 38,000 1,600 All other expenses Other current assets Other assets. Print Done Uptown Sporting Goods Company Balance Sheet July 31, 2018 Thousands Assets Current assets Cash Accounts receivable 26,900 28,200 38,000 Inventories Other current assets 5,300 98,400 Total current assets Property and...
Assets 2017 2017 2018 $ Current assets Cash Accounts receivable Inventory 4,000 14.880 61.920 points 2017...
Assets 2017 2017 2018 $ Current assets Cash Accounts receivable Inventory 4,000 14.880 61.920 points 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 Current liabilities $ 11,280 Accounts payable $ 39,040 20.400 Notes payable 12.960 90.480 $ 122,160 Total $ 52,000 Long-term debt $ 48,000 $ 48,720 17.280 Total $ 80.800 $ 66,000 $ 36,000 eBook Print Owners' equity Common stock and paid-in s 60.000 surplus Retained earnings 160,000 $ 60.000 318,000 References Net plant and equipment $239,200...
Complete the cash flow from Operating Activities Additions to Net Income Decrease in accounts receivable Decrease...
Complete the cash flow from Operating Activities
Additions to Net Income Decrease in accounts receivable Decrease in inventory Decrease in prepaid assets Increase in accounts payable Increase in accrued liabilities Deductions from Net Income Increase in accounts receivable Increase in inventory Increase in prepaid assets Decrease in accounts payable Decrease in accrued liabilities 450 $300 Cash Flow From Operating Activities Net Income $110 Net Cash Provided by Operating Activities 2011 80 115 Cash Flows From Investing Activities Income Statement For...
2018 IKIBAN INC Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 86,300 Accounts receivable, net 68...
2018 IKIBAN INC Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 86,300 Accounts receivable, net 68,000 Inventory 65,800 Prepaid expenses 4.600 Total current assets 224,700 Equipment 126,000 Accum. depreciation-Equipment (28,000) Total assets $322,700 Liabilities and Equity Accounts payable $ 27,000 Wages payable 6,200 Income taxes payable 3,600 Total current liabilities 36,800 Notes payable (long term) 30,400 Total liabilities 67,200 Equity Common stock, $5 par value 224,000 Retained earnings 31,500 Total liabilities and equity $322,700 $ 46,000...
At December 31, 2021 Assets: Cash Short-term investments Accounts receivable (net) Inventory Property, plant, and equipment...
At December 31, 2021 Assets: Cash Short-term investments Accounts receivable (net) Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity: Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and shareholders' equity $ 220 550 650 800 1,150 $ 3,370 $ 800 950 500 1,120 $ 3,370 Selected 2021 income statement information for Altoid Co. includes: Net Sales Operating expenses Income before interest and tax Interest expense Income tax expense Net income $ 8,400 7,350 1,050...
Given the following Financial Information Answer the following question: 2017 2018 Cash 1,000 270,396 Accounts Receivable...
Given the following Financial Information Answer the following question: 2017 2018 Cash 1,000 270,396 Accounts Receivable 6,000 6,600 Inventory 4,000 4,400 Prepaid Assets 3,000 3,300 Other Assets 1,000 1,100 Total Current Assets 15,000 285,796 Net PPE 90,000 73,000 Intangibles 6,000 6,000 Total Assets 111,000 364,796 Accounts Payable 2,000 2,200 Salary Payable 2,000 2,200 Notes Payable 9,000 9,000 Total Current Liabilities 13,000 13,400 Long-Term Debt 20,000 20,000 Total Liabilities 33,000 33,400 Common Stock 90,000 90,000 Retained Earnings -12,000 241,396 total equity...
5. Calculate the current ratio for 2018. Show work. A. 2.50 B. 2.80 C. 2.41 D. 2.25 6. In horizontal analysis, the current year is the base year. A. True B. False 7. On a common-sized income statement all items are stated as a percent of total assets or equities at year-end. A. True B. False 8. The relationship of each asset item as a percent of total assets is an example of vertical analysis. A. True B. False 9....
Chapter 3 Assignment 2018 Assets 2017 $ 53,000 147 points $ Current assets Cash Accounts receivable Inventory 6,560 16,160 61,280 JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 I Current liabilities $ 8,600 Accounts payable $ 51,840 22,600 Notes payable 21,600 74,600 $105,800 Total $ 73,440 Long-term debt $ 32,000 eBook Total $ 84,000 $ 76,600 $30,000 References Owners' equity Common stock and paid-in $ 40,000 surplus Retained earnings 174,560 $ 40,000 253,400...
2018 2017 Assets Cash and equivalents Accounts receivable Inventories Total current assets 999 991 Net plant and equipment Total assets Liabilities and Equity 8 Accounts payable $ 11,000 8 Accruals 7,600 Notes payable 6,000 Total current liabilities Long-term bonds Total liabilities 99% 318 88 44,500 40,000 49,955 Common stock (4,000 shares) Retained earnings 40,000 49,955 35,100 Common equity $ 89,955 $75.100 Total liabilities and equity $134,555 $115,000 Income Statement for Year Ending December 31, 2018 Sales $225,000 Operating costs excluding...
2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 92,000 Inventory 81,800 Prepaid expenses 6,200 Total current assets 276,700 Equipment 142,000 Accum. depreciation Equipment (36.000) Total assets $382,700 Liabilities and Equity Accounts payable $ 43,000 Wages payable 7,800 Income taxes payable 5,200 Total current liabilities 56,000 Notes payable (long term) 48,000 Total liabilities 104,000 Equity Common stock, $5 par value 256.000 Retained earnings 22,700 Total liabilities and equity $382,700 $...
Retained earnings July 31, 2017 Accounts receivable Net revenues Total current liabilities 31,800 Cost of goods sold 28,200 Cash 186,500 Property and equipment, net 53,000 Common stock 28,000 Inventories 5,300 Long-term liabilities 21,000 Dividends 136,400 26,900 19,900 30,800 38,000 1,600 All other expenses Other current assets Other assets. Print Done Uptown Sporting Goods Company Balance Sheet July 31, 2018 Thousands Assets Current assets Cash Accounts receivable 26,900 28,200 38,000 Inventories Other current assets 5,300 98,400 Total current assets Property and...
Assets 2017 2017 2018 $ Current assets Cash Accounts receivable Inventory 4,000 14.880 61.920 points 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 Current liabilities $ 11,280 Accounts payable $ 39,040 20.400 Notes payable 12.960 90.480 $ 122,160 Total $ 52,000 Long-term debt $ 48,000 $ 48,720 17.280 Total $ 80.800 $ 66,000 $ 36,000 eBook Print Owners' equity Common stock and paid-in s 60.000 surplus Retained earnings 160,000 $ 60.000 318,000 References Net plant and equipment $239,200...
Complete the cash flow from Operating Activities
Additions to Net Income Decrease in accounts receivable Decrease in inventory Decrease in prepaid assets Increase in accounts payable Increase in accrued liabilities Deductions from Net Income Increase in accounts receivable Increase in inventory Increase in prepaid assets Decrease in accounts payable Decrease in accrued liabilities 450 $300 Cash Flow From Operating Activities Net Income $110 Net Cash Provided by Operating Activities 2011 80 115 Cash Flows From Investing Activities Income Statement For...
2018 IKIBAN INC Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 86,300 Accounts receivable, net 68,000 Inventory 65,800 Prepaid expenses 4.600 Total current assets 224,700 Equipment 126,000 Accum. depreciation-Equipment (28,000) Total assets $322,700 Liabilities and Equity Accounts payable $ 27,000 Wages payable 6,200 Income taxes payable 3,600 Total current liabilities 36,800 Notes payable (long term) 30,400 Total liabilities 67,200 Equity Common stock, $5 par value 224,000 Retained earnings 31,500 Total liabilities and equity $322,700 $ 46,000...
At December 31, 2021 Assets: Cash Short-term investments Accounts receivable (net) Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity: Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and shareholders' equity $ 220 550 650 800 1,150 $ 3,370 $ 800 950 500 1,120 $ 3,370 Selected 2021 income statement information for Altoid Co. includes: Net Sales Operating expenses Income before interest and tax Interest expense Income tax expense Net income $ 8,400 7,350 1,050...
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