The following financial information is for Priscoll Company.
Homework Answers
Answer: ALL AMOUNTS IN DOLLARS($)
Calculation of ratios:-
| Particulars | 2019 | 2020 |
| 1. Current Ratio(Current Assets/Current Liability) | 1.80:1 | 1.76:1 |
| (421300/233200) | (532400/302500) | |
| 2. Account Receivable Turnover(Credit Sales/Average Debtor) | 8.9 times | 9.1 times |
| (869000/96800) | (970200/106700) | |
| 3. Inventory Turnover(Cost of Goods Sold/Average Stock) | 4.1 times | 3.2 times |
| (632500/154000) | (704000/217250) | |
| 4. Profit Margin[(Net Income/Net Sales)*100] | 6% | 5.8% |
| [(52800/869000)*100] | [(57200/970200)*100] | |
| 5. Asset Turnover(Turnover/Average Total Asset) | 1.16 times | 1,12 times |
| (869000/746900) | (970200/864600) | |
| 6. Return on Asset[(Net Income/Average Total Asset)*100] | 7.1% | 6.6% |
| [(52800/746900)*100] | [(57200/864600)*100] | |
| 7. Earning Per Share(Net Income/Number of Share of Common Stock) | ₹2.4 per share | ₹2.6 per share |
| (52800/22000) | (57200/22000) |
Working Note:
1. Current stock(2019) = 71500+44000+99000+181500+25300
= 421300
2020 = 77000+60500+114400+253000+27500
= 532400
2. Current liability(2019) = 132000+57200+44000
= 233200
2020 = 187000+71500+44000
= 302500
3. Average debtor[(Opening debtor + closing debtor)/2]
2019 = [(94600+99000)/2 = 96800
2020 = [(99000+114400)/2] = 106700
4. Average stock[(opening stock+closing stock)/2]
2019 = [(126500+181500)/2] = 154000
2020 = [(181500+253000)/2] = 217250
5. Average total asset[(opening asset+closing asset)/2]
2019 = [(726000++767800)/2] = 746900
2020 = [(767800+961400)/2] = 864600
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The following financial information is for Priscoll Company.
The following financial information is for Priscoll Company....
check if the second answer correct The following financial information is for Priscoll Company. Priscoll Company...
check if the second answer correct
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 115,500 Debt investments (short-term) 90,750 Accounts receivable 171,600 Inventory 379,500 Prepaid expenses 41,250 Land 214,500 Building and equipment (net) 429,000 Total assets $1,442,100 Liabilities and Stockholders' Equity Notes payable (short-term) $280,500 Accounts payable 107,250 Accrued liabilities 66,000 Bonds payable, due 2023 412,500 Common stock, $10 par 330,000 Retained earnings 245,850 Total liabilities and stockholders' equity $1,442,100...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 115,500 Debt investments (short-term) 90.750 Accounts receivable 171,600 Inventory 379,500 Prepaid expenses 41,250 Land 214,500 Building and equipment (net) 429,000 Total assets $1,442,100 Liabilities and Stockholders' Equity Notes payable (short-term) $280,500 Accounts payable 107,250 Accrued liabilities 66,000 Bonds payable, due 2023 412,500 Common stock, $10 par 330,000 Retained earnings 245,850 Total liabilities and stockholders' equity $1,442,100 2019 $ 107,250 66,000 148,500 272,250...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 102,200 Debt investments (short-term) 80,300 Accounts receivable 151,840 Inventory 335,800 Prepaid expenses 36,500 Land 189,800 Building and equipment (net) 379,600 Total assets $1,276,040 Liabilities and Stockholders' Equity Notes payable (short-term) $248,200 Accounts payable 94,900 Accrued liabilities 58,400 Bonds payable, due 2023 365,000 Common stock, $10 par 292,000 Retained earnings 217,540 Total liabilities and stockholders' equity $1,276,040 2019 $ 94,900 58,400 131,400 240,900...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 84,700 Debt investments (short-term) 66,550 Accounts receivable 125,840 Inventory 278,300 Prepaid expenses 30,250 Land 157,300 Building and equipment (net) 314,600 Total assets $1,057,540 Liabilities and Stockholders' Equity Notes payable (short-term) $205,700 Accounts payable 78,650 Accrued liabilities 48,400 Bonds payable, due 2023 302,500 Common stock, $10 par 242,000 Retained earnings 180,290 Total liabilities and stockholders' equity $1,057,540 2019 $78,650 48,400 108,900 199,650 27,830...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 137,200 Debt investments (short-term) 107,800 Accounts receivable 203,840 Inventory 450,800 Prepaid expenses 49,000 Land 254,800 Building and equipment (net) 509,600 Total assets $1,713,040 Liabilities and Stockholders' Equity Notes payable (short-term) $333,200 Accounts payable 127,400 Accrued liabilities 78.400 Bonds payable, due 2023 490,000 Common stock, $10 par 392,000 Retained earnings 292,040 Total liabilities and stockholders' equity $1,713,040 2019 $ 127,400 78,400 176,400 323,400...
The following financial information is for Priscoll Company. 2019 Priscoll Company Balance Sheets December 31 Assets...
The following financial information is for Priscoll Company. 2019 Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 135,800 Debt investments (short-term) 106,700 Accounts receivable 201.760 Inventory 446,200 Prepaid expenses 48,500 Land 252,200 Building and equipment (net) 504,400 Total assets $1,695,560 Liabilities and Stockholders' Equity Notes payable (short-term) $329,800 Accounts payable 126,100 Accrued liabilities 77.600 Bonds payable, due 2023 485,000 Common stock, $10 par 388,000 Retained earnings 289,060 Total liabilities and stockholders' equity $1,695,560 $ 126,100 77,600 174,600 320,100...
Question 3 of 3 The following financial information is for Priscoll Company. Priscoll Company Balance Sheets...
Question 3 of 3 The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 119,700 Debt investments (short-term) 94,050 Accounts receivable 177,840 Inventory 393,300 Prepaid expenses 42.750 Land 222,300 Building and equipment (net) 444,600 Total assets $1.494 540 Liabilities and Stockholders' Equity Notes payable (short-term) $290,700 Accounts payable 111 150 Accrued liabilities 68.400 Bonds payable, due 2023 427.500 Common stock. $10 par 342.000 Retained earnings 254.790 Total liabilities and stockholders' equity $1.494...
Question 4 The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31...
Question 4 The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 135,800 Debt investments (short-term) 106,700 Accounts receivable 201,760 Inventory 446,200 Prepaid expenses 48,500 Land 252,200 Building and equipment (net) 504,400 Total assets $1,695,560 Liabilities and Stockholders' Equity Notes payable (short-term) $329,800 Accounts payable 126,100 Accrued liabilities 77,600 Bonds payable, due 2023 485,000 Common stock, $10 par 388,000 Retained earnings 289,060 Total liabilities and stockholders' equity $1,695,560 2019 $ 126,100 77,600...
Priscoll Company Balance Sheets December 31 Assets 2020 2019 $ 84,700 66,550 125,840 278,300 30,250 $...
Priscoll Company Balance Sheets December 31 Assets 2020 2019 $ 84,700 66,550 125,840 278,300 30,250 $ 78,650 48,400 108,900 199,650 27,830 157,300 223,850 $844,580 157.300 314,600 $1,057,540 Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable (short-term) Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity $205,700 78,650 48,400 302,500 242,000 180,290 $1,057,540 $145,200 62.920 48,400 205,700...
2019 Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 136,500 Debt investments (short-term) 107,250...
2019 Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 136,500 Debt investments (short-term) 107,250 Accounts receivable 202,800 Inventory 448,500 Prepaid expenses 48,750 Land 253,500 Building and equipment (net) 507,000 Total assets $1,704,300 Liabilities and Stockholders' Equity Notes payable (short-term) $331,500 Accounts payable 126,750 Accrued liabilities 78,000 Bonds payable, due 2023 487,500 Common stock, $10 par 390,000 Retained earnings 290,550 Total liabilities and stockholders' equity $1,704,300 $ 126,750 78,000 175,500 321,750 44,850 253,500 360,750 $1,361,100 $234,000 101,400 78,000 331,500...
check if the second answer correct
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 115,500 Debt investments (short-term) 90,750 Accounts receivable 171,600 Inventory 379,500 Prepaid expenses 41,250 Land 214,500 Building and equipment (net) 429,000 Total assets $1,442,100 Liabilities and Stockholders' Equity Notes payable (short-term) $280,500 Accounts payable 107,250 Accrued liabilities 66,000 Bonds payable, due 2023 412,500 Common stock, $10 par 330,000 Retained earnings 245,850 Total liabilities and stockholders' equity $1,442,100...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 115,500 Debt investments (short-term) 90.750 Accounts receivable 171,600 Inventory 379,500 Prepaid expenses 41,250 Land 214,500 Building and equipment (net) 429,000 Total assets $1,442,100 Liabilities and Stockholders' Equity Notes payable (short-term) $280,500 Accounts payable 107,250 Accrued liabilities 66,000 Bonds payable, due 2023 412,500 Common stock, $10 par 330,000 Retained earnings 245,850 Total liabilities and stockholders' equity $1,442,100 2019 $ 107,250 66,000 148,500 272,250...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 102,200 Debt investments (short-term) 80,300 Accounts receivable 151,840 Inventory 335,800 Prepaid expenses 36,500 Land 189,800 Building and equipment (net) 379,600 Total assets $1,276,040 Liabilities and Stockholders' Equity Notes payable (short-term) $248,200 Accounts payable 94,900 Accrued liabilities 58,400 Bonds payable, due 2023 365,000 Common stock, $10 par 292,000 Retained earnings 217,540 Total liabilities and stockholders' equity $1,276,040 2019 $ 94,900 58,400 131,400 240,900...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 84,700 Debt investments (short-term) 66,550 Accounts receivable 125,840 Inventory 278,300 Prepaid expenses 30,250 Land 157,300 Building and equipment (net) 314,600 Total assets $1,057,540 Liabilities and Stockholders' Equity Notes payable (short-term) $205,700 Accounts payable 78,650 Accrued liabilities 48,400 Bonds payable, due 2023 302,500 Common stock, $10 par 242,000 Retained earnings 180,290 Total liabilities and stockholders' equity $1,057,540 2019 $78,650 48,400 108,900 199,650 27,830...
The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 137,200 Debt investments (short-term) 107,800 Accounts receivable 203,840 Inventory 450,800 Prepaid expenses 49,000 Land 254,800 Building and equipment (net) 509,600 Total assets $1,713,040 Liabilities and Stockholders' Equity Notes payable (short-term) $333,200 Accounts payable 127,400 Accrued liabilities 78.400 Bonds payable, due 2023 490,000 Common stock, $10 par 392,000 Retained earnings 292,040 Total liabilities and stockholders' equity $1,713,040 2019 $ 127,400 78,400 176,400 323,400...
The following financial information is for Priscoll Company. 2019 Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 135,800 Debt investments (short-term) 106,700 Accounts receivable 201.760 Inventory 446,200 Prepaid expenses 48,500 Land 252,200 Building and equipment (net) 504,400 Total assets $1,695,560 Liabilities and Stockholders' Equity Notes payable (short-term) $329,800 Accounts payable 126,100 Accrued liabilities 77.600 Bonds payable, due 2023 485,000 Common stock, $10 par 388,000 Retained earnings 289,060 Total liabilities and stockholders' equity $1,695,560 $ 126,100 77,600 174,600 320,100...
Question 3 of 3 The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 119,700 Debt investments (short-term) 94,050 Accounts receivable 177,840 Inventory 393,300 Prepaid expenses 42.750 Land 222,300 Building and equipment (net) 444,600 Total assets $1.494 540 Liabilities and Stockholders' Equity Notes payable (short-term) $290,700 Accounts payable 111 150 Accrued liabilities 68.400 Bonds payable, due 2023 427.500 Common stock. $10 par 342.000 Retained earnings 254.790 Total liabilities and stockholders' equity $1.494...
Question 4 The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 135,800 Debt investments (short-term) 106,700 Accounts receivable 201,760 Inventory 446,200 Prepaid expenses 48,500 Land 252,200 Building and equipment (net) 504,400 Total assets $1,695,560 Liabilities and Stockholders' Equity Notes payable (short-term) $329,800 Accounts payable 126,100 Accrued liabilities 77,600 Bonds payable, due 2023 485,000 Common stock, $10 par 388,000 Retained earnings 289,060 Total liabilities and stockholders' equity $1,695,560 2019 $ 126,100 77,600...
Priscoll Company Balance Sheets December 31 Assets 2020 2019 $ 84,700 66,550 125,840 278,300 30,250 $ 78,650 48,400 108,900 199,650 27,830 157,300 223,850 $844,580 157.300 314,600 $1,057,540 Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable (short-term) Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity $205,700 78,650 48,400 302,500 242,000 180,290 $1,057,540 $145,200 62.920 48,400 205,700...
2019 Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 136,500 Debt investments (short-term) 107,250 Accounts receivable 202,800 Inventory 448,500 Prepaid expenses 48,750 Land 253,500 Building and equipment (net) 507,000 Total assets $1,704,300 Liabilities and Stockholders' Equity Notes payable (short-term) $331,500 Accounts payable 126,750 Accrued liabilities 78,000 Bonds payable, due 2023 487,500 Common stock, $10 par 390,000 Retained earnings 290,550 Total liabilities and stockholders' equity $1,704,300 $ 126,750 78,000 175,500 321,750 44,850 253,500 360,750 $1,361,100 $234,000 101,400 78,000 331,500...
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