Homework Answers
Answer:
Current Ratio = Current Assets / Current Liabilities = (10000 + 22800 + 4700 ) / 25000 = 37500 / 25000 = 1.5
Quick Ratio = Quick Assets / Current Liabilities = (10000 + 22800 ) / 25000 = 32800 / 25000 = 1.31
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c. Calculate the current ratio and quick ratio for 2018. (Round your answers to one decimal...
I don't know how to do this question. It is E2-36 A-D E2-36. Preparing Balance Sheets,...
I don't know how to do this question. It is E2-36 A-D
E2-36. Preparing Balance Sheets, Computing Income, and Applying the Current and Quick Ratios LO1, 5, 7 Balance sheet information for Lang Services at the end of 2014 and 2015 is December 31, 2015 December 31, 2014 Accounts receivable. . . $22,800 1,800 10,000 32,000 4,700 25,000 $17,500 1,600 8,000 27,000 4,200 25,000 Supplies . .. a. Prepare its balancesheet for December 31 of each year. b. Lang Services...
(use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.)...
(use 365 days a year. Round your intermediate calculations and
final answers to 1 decimal place.)
Problem 12-4A Calculate risk ratios (L012-3) The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales Cost of goods sold $3,066,000 1,956,000 1.110,000 Gross profit Expenses Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $864.000 30,000 8,600 18,000 54,000 Total expenses...
Requirements: Calculate the following for each year 2017 and 2018. Assessment 2018 2017 Calculate the Current...
Requirements: Calculate the following for each year 2017
and 2018.
Assessment
2018
2017
Calculate the Current Ratio:
Determine the Working Capital:
Calculate the Quick Ratio:
Determine the Debt/Equity Ratio:
Calculate the Price/Earnings Ratio
In the Assessment column you should place the word
"improving" for all of the items that have seen an
improvement
from 2017 to 2018.
Comparative Income Statements For the Years Ended December 31, 2018 and 2017 2018 800,400 454,100 346,300 2017 742,600 396,200 346,400 Net sales Cost...
Requirements 1. Compute the following ratios for 2018 and 2017: a. Current ratio b. Cash ratio c. Times-interest-earned...
Requirements 1. Compute the following ratios for 2018 and 2017: a. Current ratio b. Cash ratio c. Times-interest-earned ratio d. Inventory turnover e. Gross profit percentage f. Debt to equity ratio g. Rate of return on common stockholders' equity h. Earnings per share of common stock I. Pricelearnings ratio 2. Decide (a) whether Tanfield's ability to pay debts and to sell inventory improved or deteriorated during 2018 and (b) whether the investment attractiveness of its common stock appears to have...
Requirements: - Complete the common-size for 2018 and 2017 for both the balance sheets and income...
Requirements: - Complete the common-size for 2018 and 2017 for both the balance sheets and income statements (orange shaded areas). - Required; Round each answer to one decimal place (i.e. 46.3%) Rocky Road Bicycles, Inc. Comparative Balance Sheets December 31, 2018 and 2017 Rocky Road Bicycles, Inc. Income Statements For the Years Ended December 31, 2018 and 2017 2018 Common Size 2017 Common Size 2018 Common Size 2017 Common Size $ Assets Cash Account receivable Inventory Prepaid rent Plant assets...
The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets:...
The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts rece Inventory Investments $128,500 76,000 94,000 3,900 119,000 91,000 79,000 1,900 ivable Long-term assets: Land Equipment Less: Accumulated depreciation 470,000 780,000 (418,000) 470,000 660,000 (258,000) $ 1,134,400$ 1,162,900 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts paya Interest payable Income tax payable $98,000 $84,000 11,900 4,900 ble 6,000 8,000...
Comparative Balance Sheets December 31, 2018 and 2019 Assets 2019 2018 Cash 78,000 63,500 Accounts receivable...
Comparative Balance Sheets December 31, 2018 and 2019 Assets 2019 2018 Cash 78,000 63,500 Accounts receivable (net) 90,800 89,500 Merchandise inventory 63,900 71,600 Property, plant, and equipment (net) 718,500 813,800 Total assets $951,200 $1,038,400 Liabilities and Stockholders' Equity Accounts payable 153,200 155,600 Bonds payable 135,000 195,000 Common stock, $10 par value 320,000 290,000 Retained earnings 343,000 397,800 Total liabilities and stockholders' equity $951,200 $1,038,400 Use the above comparison Balance Sheet to Calculate the following for both 2019 and 2018. Make...
Preston Media Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets $ Current...
Preston Media Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets $ Current Assets: Cash Accounts Receivable Long-term Assets: Plants Assets 5,000 $ 9,600 3,900 5,100 Accumulated Depreciation—Plant Assets 105,350 84,350 (29,350) (18,350) 90,600 $ 75,000 $ Total Assets Liabilities Current Liabilities: Accounts Payable $ 8,000 $ 4,500 Long-term Liabilities: 9,000 12,000 17,000 16,500 Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings 27,000 46,600 73,600 90,600 $ 23,000 35,500 58,500 75,000 Total Stockholders'...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018 ook $...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018 ook $ 73,750 $ 63,750 rences JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities $ 10,500 $10.450 Cash Accounts payable 28,250 Accounts receivable 28,600 Notes payable 50,000 49,750 $ 123,750 $ 113,500 Inventory 64,300 63,500 Total $ 103,050 $ 102,550 $ 63,600 $ 64,600 Total Long-term debt Owners' equity Common stock and...
2. Prepare a horizontal analysis of Sports Unlimited's 2018 balance sheet using 2017 as the base...
2. Prepare a horizontal analysis of Sports Unlimited's 2018 balance sheet using 2017 as the base year. (Negative amounts and Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets December 31 Year 2018 2017 Increase (Decrease) Amount % Assets Current assets: Cash Accounts receivable $ 232,200 91,800 85,500 136,500 60,000 147,750 6,750 13,500 Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment 117,000 206,550 201,150 (47,700) 900,000 01...
I don't know how to do this question. It is E2-36 A-D
E2-36. Preparing Balance Sheets, Computing Income, and Applying the Current and Quick Ratios LO1, 5, 7 Balance sheet information for Lang Services at the end of 2014 and 2015 is December 31, 2015 December 31, 2014 Accounts receivable. . . $22,800 1,800 10,000 32,000 4,700 25,000 $17,500 1,600 8,000 27,000 4,200 25,000 Supplies . .. a. Prepare its balancesheet for December 31 of each year. b. Lang Services...
(use 365 days a year. Round your intermediate calculations and
final answers to 1 decimal place.)
Problem 12-4A Calculate risk ratios (L012-3) The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales Cost of goods sold $3,066,000 1,956,000 1.110,000 Gross profit Expenses Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $864.000 30,000 8,600 18,000 54,000 Total expenses...
Requirements: Calculate the following for each year 2017
and 2018.
Assessment
2018
2017
Calculate the Current Ratio:
Determine the Working Capital:
Calculate the Quick Ratio:
Determine the Debt/Equity Ratio:
Calculate the Price/Earnings Ratio
In the Assessment column you should place the word
"improving" for all of the items that have seen an
improvement
from 2017 to 2018.
Comparative Income Statements For the Years Ended December 31, 2018 and 2017 2018 800,400 454,100 346,300 2017 742,600 396,200 346,400 Net sales Cost...
Requirements 1. Compute the following ratios for 2018 and 2017: a. Current ratio b. Cash ratio c. Times-interest-earned ratio d. Inventory turnover e. Gross profit percentage f. Debt to equity ratio g. Rate of return on common stockholders' equity h. Earnings per share of common stock I. Pricelearnings ratio 2. Decide (a) whether Tanfield's ability to pay debts and to sell inventory improved or deteriorated during 2018 and (b) whether the investment attractiveness of its common stock appears to have...
Requirements: - Complete the common-size for 2018 and 2017 for both the balance sheets and income statements (orange shaded areas). - Required; Round each answer to one decimal place (i.e. 46.3%) Rocky Road Bicycles, Inc. Comparative Balance Sheets December 31, 2018 and 2017 Rocky Road Bicycles, Inc. Income Statements For the Years Ended December 31, 2018 and 2017 2018 Common Size 2017 Common Size 2018 Common Size 2017 Common Size $ Assets Cash Account receivable Inventory Prepaid rent Plant assets...
The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts rece Inventory Investments $128,500 76,000 94,000 3,900 119,000 91,000 79,000 1,900 ivable Long-term assets: Land Equipment Less: Accumulated depreciation 470,000 780,000 (418,000) 470,000 660,000 (258,000) $ 1,134,400$ 1,162,900 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts paya Interest payable Income tax payable $98,000 $84,000 11,900 4,900 ble 6,000 8,000...
Comparative Balance Sheets December 31, 2018 and 2019 Assets 2019 2018 Cash 78,000 63,500 Accounts receivable (net) 90,800 89,500 Merchandise inventory 63,900 71,600 Property, plant, and equipment (net) 718,500 813,800 Total assets $951,200 $1,038,400 Liabilities and Stockholders' Equity Accounts payable 153,200 155,600 Bonds payable 135,000 195,000 Common stock, $10 par value 320,000 290,000 Retained earnings 343,000 397,800 Total liabilities and stockholders' equity $951,200 $1,038,400 Use the above comparison Balance Sheet to Calculate the following for both 2019 and 2018. Make...
Preston Media Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets $ Current Assets: Cash Accounts Receivable Long-term Assets: Plants Assets 5,000 $ 9,600 3,900 5,100 Accumulated Depreciation—Plant Assets 105,350 84,350 (29,350) (18,350) 90,600 $ 75,000 $ Total Assets Liabilities Current Liabilities: Accounts Payable $ 8,000 $ 4,500 Long-term Liabilities: 9,000 12,000 17,000 16,500 Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings 27,000 46,600 73,600 90,600 $ 23,000 35,500 58,500 75,000 Total Stockholders'...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018 ook $ 73,750 $ 63,750 rences JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities $ 10,500 $10.450 Cash Accounts payable 28,250 Accounts receivable 28,600 Notes payable 50,000 49,750 $ 123,750 $ 113,500 Inventory 64,300 63,500 Total $ 103,050 $ 102,550 $ 63,600 $ 64,600 Total Long-term debt Owners' equity Common stock and...
2. Prepare a horizontal analysis of Sports Unlimited's 2018 balance sheet using 2017 as the base year. (Negative amounts and Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets December 31 Year 2018 2017 Increase (Decrease) Amount % Assets Current assets: Cash Accounts receivable $ 232,200 91,800 85,500 136,500 60,000 147,750 6,750 13,500 Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment 117,000 206,550 201,150 (47,700) 900,000 01...
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