The December 31, 2019, balance sheet for Zachary Corporation is presented here. These are the only...
The December 31, 2019, balance sheet for Zachary Corporation is presented here. These are the only accounts on Zachary’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information:
| ZACHARY CORPORATION Balance Sheet As of December 31, 2019 |
|||
| Assets | |||
| Cash | $ | 32,000 | |
| Accounts receivable (net) | ? | ||
| Inventory | ? | ||
| Property, plant, and equipment (net) | 300,000 | ||
| $ | 450,000 | ||
| Liabilities and Stockholders’ Equity | |||
| Accounts payable (trade) | $ | ? | |
| Income taxes payable (current) | 32,000 | ||
| Long-term debt | ? | ||
| Common stock | 306,000 | ||
| Retained earnings | ? | ||
| $ | ? | ||
| Additional Information | |||
| Current ratio (at year end) | 1.5 to 1.0 | ||
| Total liabilities ÷ Total stockholders’ equity | 80 | % | |
| Gross margin percentage | 30 | % | |
| Inventory turnover (Cost of goods sold ÷ Ending inventory) | 11.2 | times | |
| Gross margin for 2019 | $ | 375,000 | |
Required
- Compute the balance in trade accounts payable as of December 31, 2019.
- Compute the balance in retained earnings as of December 31, 2019.
- Compute the balance in the inventory account as of December 31, 2019. (Assume that the level of inventory did not change from last year.)
(For all requirements, negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
|
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Homework Answers
Sales = $375,000/30% = $1,250,000
Cost of goods sold = $1,250,000 - 375,000 = $875,000
Inventory turnover = 11.2 times
Cost of goods sold / Ending inventory = 11.2
$875,000 / Ending inventory = 11.2
Ending inventory = $875,000/11.2 = $78,125
Accounts receivable = $450,000-300,000-78,125-32,000 = $39,875
Current ratio = Current assets / Current liabilities
1.5 = $150,000 / Current liabilities
Current liabilities = $150,000/1.5 = $100,000
Current liabilities = Accounts payable+Income tax payable
Accounts payable = $100,000-32,000 = $68,000
Let total liabilities be x:
Total liabilities = 0.8 stockholders equity
Total stockholders equity = Total assets - Total liabilities
x = 0.8 ( $450,000 - x)
x = $360,000 - 0.8x
x+0.8x = $360,000
x = $360,000/1.8 = $200,000
Total liabilities = $200,000
Total stockholders equity = $450,000 - 200,000 = $250,000
Total stockholders equity = Common stock + Retained earnings
Retained earnings = Total stockholders equity - Common stock
Retained earnings = $250,000 - 306,000 = -$56,000
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