Homework Answers
Current ratio = Current Asset / Current Liability
Current Asset = Cash+ Accounts receivable + Prepaid insurance
= $20000+ $50000+$5000
= $75000
Current Liability = Accounts payable + Salaries payable
= $25000+ $25000
= $50000
Current Ratio = 75000/50000
= 1.5:1
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The chief financial officer (CFO) of Sunland Corporation requested that the accounting department prepare a preliminary...
A. The chief financial officer (CFO) of Crane Corporation requested that the accounting department prepare a...
A. The chief financial officer (CFO) of Crane Corporation
requested that the accounting department prepare a preliminary
statement of financial position on December 20, 2018. He knows that
certain debt agreements with its lenders require the company to
maintain a current ratio of at least 2:1 and wants to know how the
company is doing. The preliminary statement of financial position
follows:
CRANE
CORPORATION
Statement of Financial Position
December 20, 2018
Assets
Liabilities
Current assets
Current liabilities
Cash
$22,000...
The chief financial officer (CFO) of Sheridan Company requested that the accounting department prepare a preliminary...
The chief financial officer (CFO) of Sheridan Company requested that the accounting department prepare a preliminary balance sheet on December 30, 2017, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Sheridan Company Balance Sheet December 30, 2017 Current assets Cash 27,000 31,300 6,200 Accounts receivable Prepaid insurance...
The chief financial officer (CFO) of Wildhorse Co.requested that the accounting department prepare a preliminary balance...
The chief financial officer (CFO) of Wildhorse Co.requested that the accounting department prepare a preliminary balance sheet on December 20, 2022 so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Wildhorse Co. Balance Sheet December 30, 2022 Current assets Cash $26,300 26,700 Accounts receivable Prepaid insurance 6,400 S59,400...
Exercise 2-11 a-b (Part Level Submissilon) The chief financial officer (CFO) of Oriole Company requested that...
Exercise 2-11 a-b (Part Level Submissilon) The chief financial officer (CFO) of Oriole Company requested that the accounting department prepare a preliminary balance sheet on December 30, 2022, so that the CFO oould get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The prelliminary balance sheet is as follows. Oriole Company Balance Sheet December 30, 2022 Current assets Cash $26,800...
part b)? :) part a is 1.5 11 Assets Current assets Cash Accounts receivable Prepaid insurance...
part b)? :)
part a is 1.5
11 Assets Current assets Cash Accounts receivable Prepaid insurance Total current assets Equipment Total assets $25,000 25.000 SUCAND CORPORATION Statement of Financial Position December 20, 2021 Liabilities Current liabilities $20.000 Accounts payable 50.000 Salaries payable 5.000 Non-current abilities 75.000 Bank loan payable 220.000 Total abilities $295.000 Shareholders equity Common shares Retained earnings Total abilities and shareholders equity $50,000 70 000 120,000 $90,000 85,000 175,000 $295.000 (a) Your answer is correct Calculate the current...
Current Attempt in Progress Use the ratios below and statement of financial position to fill in...
Current Attempt in Progress Use the ratios below and statement of financial position to fill in the missing information. (Round debt to total assets ratio to 1 place, e.g. 2.1%.) Novak Corporation had the following comparative statements of financial position: Novak Corporation Statement of Financial Position Dec. 31, 2022 Assets Dec. 31, 2021 Current assets Cash $74,000 $79,000 Trading investments 98,000 Accounts receivable Inventory Prepaid expenses 155,000 245,000 99,000 150,500 220,000 66,000 Total current assets 671,000 Property, plant, and equipment...
Part II: The following balance sheet (statement of financial position) is presented for Cyber Security Corporation....
Part II: The following balance sheet (statement of financial position) is presented for Cyber Security Corporation. Cyber Security Corporation Statement of Financial Position At December 31, 2020 Liabilities Current $100 Accounts Payable 200 Wages Payable 500 Dividends Payable Assets Current Cash Accounts Receivable Merchandise Inventory Prepared Expenses $300 50 400 850 Non-current Property, plant & equipment (net) Non-current Loan Payable 1,000 800 1,200 Shareholders' Equity Common Shares Retained Eamings Total Shareholder's Equity 500 150 650 Total Assets $1,850 Total Liability...
The following financial information is for Sunland Company. Sunland Company Balance Sheets December 31 2020 2019...
The following financial information is for Sunland Company. Sunland Company Balance Sheets December 31 2020 2019 ssets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity $ 70,000 65,000 40,000 90,000 237,000 168,000 27,000 134,000 134,000 263,000 186,000 $891,000 $710,000 51,000 109,000 27,000 $169,000 $104,000 53,000 39,000 250,000...
Birtle Corporation reports the following statement of financial position information for 2014 and 2015 Birtle CORPORATION...
Birtle Corporation reports the following statement of financial position information for 2014 and 2015 Birtle CORPORATION 2014 and 2015 Statement of Financial Position Assets Liabilities and Owners' Equity 2014 2015 2014 2015 Current assets Current liabilities $ 41,060 Cash Accounts receivable Inventory $ 9,279 23,683 42,636 $11,173 25,760 46,915 Accounts payable Notes payable $43,805 16,843 16,157 57217 $ 40,000 50,000 Total $ 75,598 $ 83,848 Total $ 60,648 $ 35,000 $ 50,000 Long-term debt Owners' equity Common stock and paid-in...
* Question 6 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD....
* Question 6 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD. Statement of Financial Position December 31 Assets 2018 Cash $54,000 Accounts receivable 85,000 Inventory 182,000 Long-term investments 79,000 Equipment 265,000 Accumulated depreciation (65,000) Total assets $600,000 2017 $29,000 74,500 195,500 110,000 156,000 (33,000) 5532,000 Liabilities and Shareholders' Equity Accounts payable $36,000 Bank loan payable 126,000 Common shares 219,000 Retained eamings 219,000 Total liabilities and shareholders' equity $600,000 $ 45,000 184,000 171,000 132,000 $532,000 Additional...
A. The chief financial officer (CFO) of Crane Corporation
requested that the accounting department prepare a preliminary
statement of financial position on December 20, 2018. He knows that
certain debt agreements with its lenders require the company to
maintain a current ratio of at least 2:1 and wants to know how the
company is doing. The preliminary statement of financial position
follows:
CRANE
CORPORATION
Statement of Financial Position
December 20, 2018
Assets
Liabilities
Current assets
Current liabilities
Cash
$22,000...
The chief financial officer (CFO) of Sheridan Company requested that the accounting department prepare a preliminary balance sheet on December 30, 2017, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Sheridan Company Balance Sheet December 30, 2017 Current assets Cash 27,000 31,300 6,200 Accounts receivable Prepaid insurance...
The chief financial officer (CFO) of Wildhorse Co.requested that the accounting department prepare a preliminary balance sheet on December 20, 2022 so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Wildhorse Co. Balance Sheet December 30, 2022 Current assets Cash $26,300 26,700 Accounts receivable Prepaid insurance 6,400 S59,400...
Exercise 2-11 a-b (Part Level Submissilon) The chief financial officer (CFO) of Oriole Company requested that the accounting department prepare a preliminary balance sheet on December 30, 2022, so that the CFO oould get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The prelliminary balance sheet is as follows. Oriole Company Balance Sheet December 30, 2022 Current assets Cash $26,800...
part b)? :)
part a is 1.5
11 Assets Current assets Cash Accounts receivable Prepaid insurance Total current assets Equipment Total assets $25,000 25.000 SUCAND CORPORATION Statement of Financial Position December 20, 2021 Liabilities Current liabilities $20.000 Accounts payable 50.000 Salaries payable 5.000 Non-current abilities 75.000 Bank loan payable 220.000 Total abilities $295.000 Shareholders equity Common shares Retained earnings Total abilities and shareholders equity $50,000 70 000 120,000 $90,000 85,000 175,000 $295.000 (a) Your answer is correct Calculate the current...
Current Attempt in Progress Use the ratios below and statement of financial position to fill in the missing information. (Round debt to total assets ratio to 1 place, e.g. 2.1%.) Novak Corporation had the following comparative statements of financial position: Novak Corporation Statement of Financial Position Dec. 31, 2022 Assets Dec. 31, 2021 Current assets Cash $74,000 $79,000 Trading investments 98,000 Accounts receivable Inventory Prepaid expenses 155,000 245,000 99,000 150,500 220,000 66,000 Total current assets 671,000 Property, plant, and equipment...
Part II: The following balance sheet (statement of financial position) is presented for Cyber Security Corporation. Cyber Security Corporation Statement of Financial Position At December 31, 2020 Liabilities Current $100 Accounts Payable 200 Wages Payable 500 Dividends Payable Assets Current Cash Accounts Receivable Merchandise Inventory Prepared Expenses $300 50 400 850 Non-current Property, plant & equipment (net) Non-current Loan Payable 1,000 800 1,200 Shareholders' Equity Common Shares Retained Eamings Total Shareholder's Equity 500 150 650 Total Assets $1,850 Total Liability...
The following financial information is for Sunland Company. Sunland Company Balance Sheets December 31 2020 2019 ssets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity $ 70,000 65,000 40,000 90,000 237,000 168,000 27,000 134,000 134,000 263,000 186,000 $891,000 $710,000 51,000 109,000 27,000 $169,000 $104,000 53,000 39,000 250,000...
Birtle Corporation reports the following statement of financial position information for 2014 and 2015 Birtle CORPORATION 2014 and 2015 Statement of Financial Position Assets Liabilities and Owners' Equity 2014 2015 2014 2015 Current assets Current liabilities $ 41,060 Cash Accounts receivable Inventory $ 9,279 23,683 42,636 $11,173 25,760 46,915 Accounts payable Notes payable $43,805 16,843 16,157 57217 $ 40,000 50,000 Total $ 75,598 $ 83,848 Total $ 60,648 $ 35,000 $ 50,000 Long-term debt Owners' equity Common stock and paid-in...
* Question 6 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD. Statement of Financial Position December 31 Assets 2018 Cash $54,000 Accounts receivable 85,000 Inventory 182,000 Long-term investments 79,000 Equipment 265,000 Accumulated depreciation (65,000) Total assets $600,000 2017 $29,000 74,500 195,500 110,000 156,000 (33,000) 5532,000 Liabilities and Shareholders' Equity Accounts payable $36,000 Bank loan payable 126,000 Common shares 219,000 Retained eamings 219,000 Total liabilities and shareholders' equity $600,000 $ 45,000 184,000 171,000 132,000 $532,000 Additional...
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