Homework Answers
1. Accounts Receivable Turnover -
Receivable Turover ratio indicates how efficiently company is handling credit sales and collection. It is the activity ratio. Higher the ratio indicates better customer paying their debt very quickly.
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The 2020, 2021 and 2022 partial balance sheets for Wildhorse Manufacturing Company appear below. 2020 2021...
The 2020, 2021 and 2022 partial balance sheets for Wildhorse Manufacturing Company appear below. 2020 2021...
The 2020, 2021 and 2022 partial balance sheets for Wildhorse Manufacturing Company appear below. 2020 2021 2022 Current assets Cash Accounts receivable.net Inventory Total current assets Plant & equipment, net Total assets $42000 $ 38000 $ 36000 50000 4200p 46000 44000 52000 50000 136000 132000 132000 84000 82000 62000 $220000 $214000 $194000 Net credit sales for Wildhorse were $148000 for 2020, 5142140 for 2021 and 5136000 for 2022 while cost of goods sold was $106000 for 2020, 5104000 for 2021...
46. The 2020, 2021, and 2022 partial balance sheets for Ottoman Manufacturing Company appear below. 2020...
46. The 2020, 2021, and 2022 partial balance sheets for Ottoman Manufacturing Company appear below. 2020 2021 2022 Current assets Cash $ 20,000 $ 16,000 $ 14,000 Accounts receivable, 28,000 20,000 24,000 net Inventory Total current assets Plant & equipment, net 22.000 70,000 62.000 30.000 66,000 60.000 28.000 66,000 40.000 Total assets $132,000 $126,000 $106.000 Net credit sales for Ottoman were $126,000 for 2020, $120,000 for 2021 and $114,000 for 2022, while cost of goods sold was $84,000 for 2020,...
Question 14 of 40 -/5.63 E The 2020 2021 and 2022 partial balance sheets for Blossom...
Question 14 of 40 -/5.63 E The 2020 2021 and 2022 partial balance sheets for Blossom Manufacturing Company appear below. 2020 2021 2022 Current assets Cash Accounts receivable.net Inventory Total current assets Plant & equipment, net Total assets $21000 $ 17000 15000 29000 21000 25000 23000 31000 29000 73000 69000 69000 63000 61000 41000 $136000 $130000 $110000 Net credit sales for Blossom were $127000 for 2020. $121000 for 2021 and $115000 for 2022 while cost of goods sold was $85000...
WILDHORSE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory 2022 2021...
WILDHORSE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory 2022 2021 $ 70,000 $68,000 51,000 40,000 109,000 91,000 231,000 167,000 27,000 26,000 134,000 134,000 264,000 186,000 $886,000 $712,000 Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable $171,000 $109,000 Accounts payable 67,000 53,000 Accrued liabilities 41,000 41,000 Bonds payable, due 2025 250,000 170,000 Common stock, $10 par 206,000 151,000 206,000 133,000 Retained earnings Total liabilities and stockholders' equity $886,000...
Question 8 of 2020 2021 Current assets Cash and cash equivalents Accounts receivable, net Inventory Marketable...
Question 8 of 2020 2021 Current assets Cash and cash equivalents Accounts receivable, net Inventory Marketable equity securities Total current assets Plant & equipment, net Total assets $ 19000 $ 17900 23000 27000 28000 26000 5300 5330 75300 76230 60700 36770 $136000 $113000 Current liabilities Noncurrent liabilities Total liabilities Total stockholders' equity Total liabilities and stockholders' equity $23000 $33000 63000 43053 86000 76053 50000 36947 $136000 $113000 Calculate the current ratio for 2021.
20) Question 32 of 40 2021 2022 Current assets Cash Accounts receivable net Inventory Total current...
20) Question 32 of 40 2021 2022 Current assets Cash Accounts receivable net Inventory Total current assets Plant & equipment, ne Total assets $ 39000 $37920 43000 47000 55300 53300 137300 138220 82700 57780 $220000 $196000 $43000 83000 $53000 63032 116032 126000 Current liabilities Noncurrent liabilities Total liabilities Stockholders' equity Common stock Additional paid-In capital Retained earnings Total stockholders' equity Total liabilities and stockholders equity 25000 27000 42000 94000 25000 27000 27968 79968 $220000 $196000 What is the debt ratio...
Question 32 of 40 2021 2022 Current assets Cash Accounts receivable, net Inventory Total current assets...
Question 32 of 40 2021 2022 Current assets Cash Accounts receivable, net Inventory Total current assets Plant & equipment, net Total assets $ 39000 $ 37920 43000 47000 55300 53300 137300 138220 82700 57780 $220000 $196000 $43000 83000 126000 $53000 63032 116032 Current liabilities Noncurrent liabilities Total liabilities Stockholders' equity Common stock Additional paid-In capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 25000 27000 25000 27000 27968 79968 42000 94000 $220000 $196000 What is the debt ratio...
2020 FLINT CORPORATION Balance Sheets December 31 2022 2021 Cash $ 32,000 $ 22,000 Accounts receivable...
2020 FLINT CORPORATION Balance Sheets December 31 2022 2021 Cash $ 32,000 $ 22,000 Accounts receivable (net) 52,000 47,000 Other current assets 93,000 98,000 Investments 58,000 73,000 Plant and equipment (net) 500,000 370,000 $735,000 $610,000 Current liabilities $ 87,000 $ 82,000 Long-term debt 148,000 88,000 Common stock, $10 par 323,000 313,000 Retained earnings 177,000 127,000 $735,000 $610,000 $ 20,000 50,000 67,000 48,000 358,000 $543,000 $ 72,000 53,000 303,000 115,000 $543,000 FLINT CORPORATION Income Statements For the Years Ended December 31...
Presented below are selected accounts of Wildhorse Company at December 31, 2020. Inventory (finished goods) Unearned...
Presented below are selected accounts of Wildhorse Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 53,500 Cost of Goods Sold 95,200 Notes Receivable 257,100 Accounts Receivable 36,000 Inventory (raw materials) 43,800 Supplies Expense 39,500 Allowance for Doubtful Accounts Licenses 58,300 Additional Paid-in Capital Treasury Stock $2,192,400 41,000 161,020 182,280 65,490 11,290 16,890 88,040 22,320 53,200 The following additional information is...
The current sections of Ivanhoe Company's balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Ivanhoe Company's balance sheets at December 31, 2021 and 2022, are presented here. Ivanhoe Company's net income for 2022 was $99,450. Depreciation expense was $17,550. 2022 2021 Current assets Cash Accounts receivable $68,250 52.000 109,200 $64.350 57.850 111,800 Inventory Prepaid expenses Total current assets 17,550 14.300 $247,000 $248,300 Current liabilities Accrued expenses payable $ 9,750 $3,250 Accounts payable 55,250 $65,000 59,800 $63.050 Total current liabilities Prepare the net cash provided (used) by operating activities section of...
The 2020, 2021 and 2022 partial balance sheets for Wildhorse Manufacturing Company appear below. 2020 2021 2022 Current assets Cash Accounts receivable.net Inventory Total current assets Plant & equipment, net Total assets $42000 $ 38000 $ 36000 50000 4200p 46000 44000 52000 50000 136000 132000 132000 84000 82000 62000 $220000 $214000 $194000 Net credit sales for Wildhorse were $148000 for 2020, 5142140 for 2021 and 5136000 for 2022 while cost of goods sold was $106000 for 2020, 5104000 for 2021...
46. The 2020, 2021, and 2022 partial balance sheets for Ottoman Manufacturing Company appear below. 2020 2021 2022 Current assets Cash $ 20,000 $ 16,000 $ 14,000 Accounts receivable, 28,000 20,000 24,000 net Inventory Total current assets Plant & equipment, net 22.000 70,000 62.000 30.000 66,000 60.000 28.000 66,000 40.000 Total assets $132,000 $126,000 $106.000 Net credit sales for Ottoman were $126,000 for 2020, $120,000 for 2021 and $114,000 for 2022, while cost of goods sold was $84,000 for 2020,...
Question 14 of 40 -/5.63 E The 2020 2021 and 2022 partial balance sheets for Blossom Manufacturing Company appear below. 2020 2021 2022 Current assets Cash Accounts receivable.net Inventory Total current assets Plant & equipment, net Total assets $21000 $ 17000 15000 29000 21000 25000 23000 31000 29000 73000 69000 69000 63000 61000 41000 $136000 $130000 $110000 Net credit sales for Blossom were $127000 for 2020. $121000 for 2021 and $115000 for 2022 while cost of goods sold was $85000...
WILDHORSE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory 2022 2021 $ 70,000 $68,000 51,000 40,000 109,000 91,000 231,000 167,000 27,000 26,000 134,000 134,000 264,000 186,000 $886,000 $712,000 Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable $171,000 $109,000 Accounts payable 67,000 53,000 Accrued liabilities 41,000 41,000 Bonds payable, due 2025 250,000 170,000 Common stock, $10 par 206,000 151,000 206,000 133,000 Retained earnings Total liabilities and stockholders' equity $886,000...
Question 8 of 2020 2021 Current assets Cash and cash equivalents Accounts receivable, net Inventory Marketable equity securities Total current assets Plant & equipment, net Total assets $ 19000 $ 17900 23000 27000 28000 26000 5300 5330 75300 76230 60700 36770 $136000 $113000 Current liabilities Noncurrent liabilities Total liabilities Total stockholders' equity Total liabilities and stockholders' equity $23000 $33000 63000 43053 86000 76053 50000 36947 $136000 $113000 Calculate the current ratio for 2021.
20) Question 32 of 40 2021 2022 Current assets Cash Accounts receivable net Inventory Total current assets Plant & equipment, ne Total assets $ 39000 $37920 43000 47000 55300 53300 137300 138220 82700 57780 $220000 $196000 $43000 83000 $53000 63032 116032 126000 Current liabilities Noncurrent liabilities Total liabilities Stockholders' equity Common stock Additional paid-In capital Retained earnings Total stockholders' equity Total liabilities and stockholders equity 25000 27000 42000 94000 25000 27000 27968 79968 $220000 $196000 What is the debt ratio...
Question 32 of 40 2021 2022 Current assets Cash Accounts receivable, net Inventory Total current assets Plant & equipment, net Total assets $ 39000 $ 37920 43000 47000 55300 53300 137300 138220 82700 57780 $220000 $196000 $43000 83000 126000 $53000 63032 116032 Current liabilities Noncurrent liabilities Total liabilities Stockholders' equity Common stock Additional paid-In capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 25000 27000 25000 27000 27968 79968 42000 94000 $220000 $196000 What is the debt ratio...
2020 FLINT CORPORATION Balance Sheets December 31 2022 2021 Cash $ 32,000 $ 22,000 Accounts receivable (net) 52,000 47,000 Other current assets 93,000 98,000 Investments 58,000 73,000 Plant and equipment (net) 500,000 370,000 $735,000 $610,000 Current liabilities $ 87,000 $ 82,000 Long-term debt 148,000 88,000 Common stock, $10 par 323,000 313,000 Retained earnings 177,000 127,000 $735,000 $610,000 $ 20,000 50,000 67,000 48,000 358,000 $543,000 $ 72,000 53,000 303,000 115,000 $543,000 FLINT CORPORATION Income Statements For the Years Ended December 31...
Presented below are selected accounts of Wildhorse Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 53,500 Cost of Goods Sold 95,200 Notes Receivable 257,100 Accounts Receivable 36,000 Inventory (raw materials) 43,800 Supplies Expense 39,500 Allowance for Doubtful Accounts Licenses 58,300 Additional Paid-in Capital Treasury Stock $2,192,400 41,000 161,020 182,280 65,490 11,290 16,890 88,040 22,320 53,200 The following additional information is...
The current sections of Ivanhoe Company's balance sheets at December 31, 2021 and 2022, are presented here. Ivanhoe Company's net income for 2022 was $99,450. Depreciation expense was $17,550. 2022 2021 Current assets Cash Accounts receivable $68,250 52.000 109,200 $64.350 57.850 111,800 Inventory Prepaid expenses Total current assets 17,550 14.300 $247,000 $248,300 Current liabilities Accrued expenses payable $ 9,750 $3,250 Accounts payable 55,250 $65,000 59,800 $63.050 Total current liabilities Prepare the net cash provided (used) by operating activities section of...
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