Homework Answers
Answer:
a.Current Ratio = Cirrent Assets / Current Liabilities = 1110000 / 850000 = 1.31
b.Acid Test Ratio = Quick Assets / Current Liabilities = (140000 + 90000 + 350000 ) / 850000 = 0.68
c.Inventory Turnover = Cost of goods sold / Avg.Inventory = 1200000 / ( 500000 + 430000 ) / 2 = 1200000 / 465000 = 2.58
d.Accounts Receivable Turnover = Net Sales / Accounts Receivable = 2000000 / ( 350000 + 220000 ) /2 = 2000000 / 285000 = 7.02
e.Debt Ratio =Total Liabilities / Total Assets = 1230000 / 2140000 = 0.57
f.Book value per Common share of stock = Total Shareholders Equity / Number of Outstanding shares = 910000 / 50000 = $18.20 per share
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Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation:...
Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation:...
Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation: Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Current assets: Cash $ 140,000 $ 90,000 Short-term investments 90,000 80,000 Accounts receivable, net 350,000 220,000 Inventory 500,000 430,000 Prepaid expenses 30,000 30,000 Total current assets $1,110,000 $ 850,000 Property, plant, and equipment, net 750,000 500,000 Other assets 280,000 300,000 Total assets $2,140,000 $1,650,000 Current liabilities:...
Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation:...
Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation: Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Current assets: Cash $ 150,000 $ 90,000 Short-term investments 90,000 80,000 Accounts receivable, net 350,000 220,000 Inventory 400,000 430,000 Prepaid expenses 30,000 30,000 Total current assets $1,020,000 $ 850,000 Property, plant, and equipment, net 750,000 500,000 Other assets 280,000 300,000 Total assets $2,050,000 $1,650,000 Current liabilities: Short-term notes payable $650,000 $670,000...
Question 3 (25 marks) Unit 10 - Financial Statement Analysis Following is a comparative balance sheet...
Question 3 (25 marks) Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation: Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Current assets: Cash $ 140,000 $ 90,000 Short-term investments 90,000 80,000 Accounts receivable, net 350,000 220,000 Inventory 500,000 430,000 Prepaid expenses 30,000 30,000 Total current assets $1,110,000 $ 850,000 Property, plant, and equipment, net 750,000 500,000 Other assets 280,000 300,000 Total assets ...
Following is a comparative balance sheet for Summer Days Corporation: Summer Days Corporation Comparative Balance Sheet...
Following is a comparative balance sheet for Summer Days Corporation: Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 20192018 Current assets: Cash$ 150,000$ 90,000 Short-term investments90,00080,000 Accounts receivable, net350,000220,000 Inventory400,000430,000 Prepaid expenses30,00030,000 Total current assets$1,020,000$ 850,000 Property, plant, and equipment, net750,000500,000 Other assets280,000300,000 Total assets$2,050,000$1,650,000 Current liabilities: Short-term notes payable$650,000$670,000 Accounts payable200,000225,000 Total current liabilities$850,000$895,000 Non-current debt180,000220,000 Total liabilities$1,030,000$1,115,000 Shareholders' equity: Common shares$500,000$500,000 Retained earnings410,00035,000 Total shareholders' equity$ 910,000$535,000 Total liabilities and shareholders' equity$2,140,000$1,650,000 Notes: Net sales...
Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 20192018 Current assets: Cash$ 140,000$...
Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 20192018 Current assets: Cash$ 140,000$ 90,000 Short-term investments90,00080,000 Accounts receivable, net350,000220,000 Inventory500,000430,000 Prepaid expenses 30,00030,000 Total current assets$1,110,000$ 850,000 Property, plant, and equipment, net750,000500,000 Other assets 280,000300,000 Total assets$2,140,000$1,650,000 Current liabilities: Short-term notes payable$650,000$670,000 Accounts payable200,000225,000 Total current liabilities$850,000$895,000 Non-current debt380,000220,000 Total liabilities$1,230,000$1,115,000 Shareholders' equity: Common shares $500,000$500,000 Retained earnings410,00035,000 I Total shareholders' equity$ 910,000$535,000 Total liabilities and shareholders' equity$2,140,000$1,650,000 Notes: Net sales (all on credit) and cost of...
Question 3 (25 marks) Unit 10 - Financial Statement Analysis Following is a comparative balance sheet...
Question 3 (25 marks) Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation: Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 20192018 Current assets: Cash$ 140,000$ 90,000 Short-term investments 90,00080,000 Accounts receivable, net350,000220,000 Inventory500,000130,000 Prepaid expenses 30.00030.000 Total current assets$1,110,000$ 850,000 Property, plant, and equipment, net750,000500,000 Other assets 280.000300.000 Total assets $2.140.000$1.650.000 Current liabilities: Short-term notes payable$650,000$670,000 Accounts payable200.000225.000 Total current liabilities$850,000$895,000 Non-current debt380.000220.000 Total liabilities$1.230.00051.115,000 Shareholders' equity: Common shares$500,000$500,000...
The financial statements of Hainz Company appear below: HAINZ COMPANY Comparative Balance Sheet December 31 Assets...
The financial statements of Hainz Company appear below: HAINZ COMPANY Comparative Balance Sheet December 31 Assets 2019 Cash $20,000 Short-term investments 20,000 Accounts receivable (net) 40,000 Inventory 60,000 Property, plant and equipment (net) 260,000 Total assets $400,000 Liabilities and stockholders' equity Accounts payable $20,000 Short-term notes payable 40,000 Bonds payable 80,000 Common stock 150,000 Retained earnings 110,000 Total liabilities and stockholders' equity $400,000 2018 $40,000 60,000 30,000 70,000 300,000 $500,000 $30,000 90,000 160,000 150,000 70,000 $500,000 HAINZ COMPANY Income Statement...
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time...
The
2017 comparative balance sheet and income statement of Summer Time
Hardware Corp. follow. Summer Time had no non-cash investing and
financing transactions during 2017. During the year, there were no
sales of land or equipment, no issuance of notes payable, and no
repurchase of shares transactions.
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time had no non-cash investing and financing transactions during 2017. During the year, there were no sales of...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2018 $45,000 175,000 240,000 230,000 70,000 $760,000 1,300,000 450,000 2019 $50,000 160,000 220,000 275,000 55,000 $760,000 1,550,000 600,000 $850,000 1,610,000 $950,000 1,710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $110,000 Notes payable 65,000 Accrued Expenses...
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time...
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time had no non-cash investing and financing transactions during 2017. During the year, there were no sales of land or equipment, no issuance of notes payable, and no repurchase of shares transactions. E (Click the icon to view the comparative balance sheet.) | (Click the icon to view the income statement.) Requirements 1. Prepare the 2017 statement of cash flows, formatting operating activities by using...
Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 20192018 Current assets: Cash$ 140,000$ 90,000 Short-term investments90,00080,000 Accounts receivable, net350,000220,000 Inventory500,000430,000 Prepaid expenses 30,00030,000 Total current assets$1,110,000$ 850,000 Property, plant, and equipment, net750,000500,000 Other assets 280,000300,000 Total assets$2,140,000$1,650,000 Current liabilities: Short-term notes payable$650,000$670,000 Accounts payable200,000225,000 Total current liabilities$850,000$895,000 Non-current debt380,000220,000 Total liabilities$1,230,000$1,115,000 Shareholders' equity: Common shares $500,000$500,000 Retained earnings410,00035,000 I Total shareholders' equity$ 910,000$535,000 Total liabilities and shareholders' equity$2,140,000$1,650,000 Notes: Net sales (all on credit) and cost of...
Question 3 (25 marks) Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation: Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 20192018 Current assets: Cash$ 140,000$ 90,000 Short-term investments 90,00080,000 Accounts receivable, net350,000220,000 Inventory500,000130,000 Prepaid expenses 30.00030.000 Total current assets$1,110,000$ 850,000 Property, plant, and equipment, net750,000500,000 Other assets 280.000300.000 Total assets $2.140.000$1.650.000 Current liabilities: Short-term notes payable$650,000$670,000 Accounts payable200.000225.000 Total current liabilities$850,000$895,000 Non-current debt380.000220.000 Total liabilities$1.230.00051.115,000 Shareholders' equity: Common shares$500,000$500,000...
The financial statements of Hainz Company appear below: HAINZ COMPANY Comparative Balance Sheet December 31 Assets 2019 Cash $20,000 Short-term investments 20,000 Accounts receivable (net) 40,000 Inventory 60,000 Property, plant and equipment (net) 260,000 Total assets $400,000 Liabilities and stockholders' equity Accounts payable $20,000 Short-term notes payable 40,000 Bonds payable 80,000 Common stock 150,000 Retained earnings 110,000 Total liabilities and stockholders' equity $400,000 2018 $40,000 60,000 30,000 70,000 300,000 $500,000 $30,000 90,000 160,000 150,000 70,000 $500,000 HAINZ COMPANY Income Statement...
The
2017 comparative balance sheet and income statement of Summer Time
Hardware Corp. follow. Summer Time had no non-cash investing and
financing transactions during 2017. During the year, there were no
sales of land or equipment, no issuance of notes payable, and no
repurchase of shares transactions.
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time had no non-cash investing and financing transactions during 2017. During the year, there were no sales of...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2018 $45,000 175,000 240,000 230,000 70,000 $760,000 1,300,000 450,000 2019 $50,000 160,000 220,000 275,000 55,000 $760,000 1,550,000 600,000 $850,000 1,610,000 $950,000 1,710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $110,000 Notes payable 65,000 Accrued Expenses...
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time had no non-cash investing and financing transactions during 2017. During the year, there were no sales of land or equipment, no issuance of notes payable, and no repurchase of shares transactions. E (Click the icon to view the comparative balance sheet.) | (Click the icon to view the income statement.) Requirements 1. Prepare the 2017 statement of cash flows, formatting operating activities by using...
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