OSHUA COMPANY Comparative Balance Sheets December 31, 2016 and 2017 |
2017 |
2016 |
||
Current assets: |
|||
Cash and cash equivalents |
$ 204 |
$ 133 |
|
Accounts receivable |
267 |
157 |
|
Inventories |
131 |
264 |
|
Prepaid insurance |
12 |
42 |
|
Total current assets |
614 |
596 |
|
Long term assets: |
|||
Property, plant, and equipment |
245 |
260 |
|
Less accumulated depreciation |
- 140 |
- 125 |
|
Property, plant, and equipment, net |
105 |
135 |
|
Total assets |
$ 719 |
$ 731 |
|
Current liabilities: |
|||
Accounts payable |
$ 97 |
$ 83 |
|
Wages payable |
20 |
17 |
|
Current portion of long term notes |
132 |
33 |
|
Total current liabilities |
249 |
133 |
|
Long term liabilities: |
|||
Notes payable |
98 |
198 |
|
Total liabilities |
347 |
331 |
|
Stockholders' equity: |
|||
Common stock |
103 |
117 |
|
Retained earnings |
269 |
283 |
|
Total Stockholders' equity |
372 |
400 |
|
Total liabilities and stockholders' equity |
$ 718 |
$ 731 |
In the judgment of the credit analysts of Joshua Company, what
issue would be of most concern or source of optimism?
Select one:
A. Cash and accounts receivable increased 53.4 percent and 70.1 percent, respectively.
B. The current portion of long-term notes payable increased by 300 percent.
C. Both common stock and retained income decreased by the same dollar amount.
D. Fixed assets decreased 22.2 percent.
Presented below are selected data from the financial statements of Hamilton Corp. for 2017 and 2016.
2017 |
2016 |
|
Net income |
$150,000 |
$175,000 |
Cash dividends paid on common stock |
$21,000 |
$19,000 |
Weighted average number of common shares outstanding |
52,000 |
47,000 |
Earnings per share (EPS) is reported on the 2017 income statement
as:
Select one:
A. $2.88
B. $1.80
C. $2.10
D. $2.90
Solution 1:
The issue that is most concern or source of optimism is "The current portion of long-term notes payable increased by 300 percent."
Hence option B is correct.
Solution 2:
Earning per share = Net Income / Weighted average number of common shares outstanding
= $150,000 / 52000 = $2.88 per share
OSHUA COMPANY Comparative Balance Sheets December 31, 2016 and 2017 2017 2016 Current assets: Cash and...
JOSHUA COMPANY Comparative Balance Sheets December 31, 2016 and 2017 2017 2016 Current assets: Cash and cash equivalents $ 204 $ 133 Accounts receivable 267 157 Inventories 131 264 Prepaid insurance 12 42 Total current assets 614 596 Long term assets: Property, plant, and equipment 245 260 Less accumulated depreciation - 140 - 125 Property, plant, and equipment, net 105 135 Total assets $ 719 $ 731 Current liabilities: Accounts payable $ 97 $ 83 Wages payable 20 17 Current...
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