Homework Answers
| 2018 | |
| Cash | 40000 |
| Short-term investments | 18000 |
| Net accounts receivables | 51000 |
| Merchandise inventory | 46000 |
| Current assets | 155000 |
| 2018 | |
| Accounts payable | 126000 |
| Salaries payable | 13000 |
| Current liabilitiess | 139000 |
| Current ratio = Current assets / Current liabilities = 155000 / 139000 = | 1.12 |
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The financial statements for Barrington Service Company include the following items: 2019 2018 Cash $50,500 $40,000...
The financial statements of Carrier Office Furniture Company include the following terms 2019 2018 Cash $50,500...
The financial statements of Carrier Office Furniture Company include the following terms 2019 2018 Cash $50,500 $46,000 Short-term Investments 25,000 13,000 Net Accounts Receivable 92,000 98.000 Merchandise Inventory 164,000 144,000 Total Assets 527,000 549,000 Total Current Liabilities 267.000 293,000 Long-term Note Payable 63,000 55,000 What is working capital for 2019? A. $197,000 OB. $99,500 O C. $64,500 OD. $39,500
8) The financial statements for Silver Service Company include the following items: 2019 2018 Cash Short-term...
8) The financial statements for Silver Service Company include the following items: 2019 2018 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable $50,500 26,000 52,000 131,000 532,000 132,500 16,000 57,000 $42,000 14,500 48,000 51,000 548,000 127,000 16,000 57,000 Compute the acid-test ratio for 2018. (Round your answer to two decimal places) A) 0.87 B) 0.73 C) 0.82 D) 0.63
QUESTION 9 The financial statements for Myers Service Company include the following items: 2017 2016 Cash...
QUESTION 9 The financial statements for Myers Service Company include the following items: 2017 2016 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable $51,500 27,000 55,000 131,000 528,000 129,500 23,000 60,000 $49,000 13,500 52000 47,000 553,000 1 24,000 19,000 60,000 Compute the acid-test ratio for 2016. (Round your answer to two decimal places) O 0.92 0.80 0.88 O 0.71
* Data Table Root Medical Supply, Inc., reported the following financial statements for 2018: E (Click...
* Data Table Root Medical Supply, Inc., reported the following financial statements for 2018: E (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Use the information in Root Medical Supply, Inc.'s financial statements to compute the following: 1. Collections from customers 2. Payments for inventory 1. Compute the collections from customers. Assets 2018 2017 Select the formula needed to determine this amount and then enter the amounts to calculate the collections from...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018 and 2017, along with transaction data for 2018: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Adams Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for...
Financial statements for Benson Company follow. BENSON COMPANY Balance Sheets As of December 31 2019 2018...
Financial statements for Benson Company follow. BENSON COMPANY Balance Sheets As of December 31 2019 2018 Assets Current assets Cash $ 17,500 $ 13,500 Marketable securities 20,300 6,300 Accounts receivable (net) 44,000 36,000 Inventories 129,000 137,000 Prepaid items 28,000 13,000 Total current assets 238,800 205,800 Investments 27,000 20,000 Plant (net) 270,000 255,000 Land 29,000 24,000 Total assets $564,800 $504,800 Liabilities and Stockholders’ Equity Liabilities Current liabilities Notes payable $ 17,200 $ 8,500 Accounts payable 88,800 75,000 Salaries payable 24,000 18,000...
Financial statements for Benson Company follow. BENSON COMPANY Balance Sheets As of December 31 2019 2018...
Financial statements for Benson Company follow. BENSON COMPANY Balance Sheets As of December 31 2019 2018 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories 17,500 13,500 20,300 44,00036,090 129,000 137,0e0 28,00890 6,300 Prepaid items Total current assets 26,966 13,000 238,800 205,800 27,00020,880 270,000 255,0ee 29,888 Investments Plant (net) Land 24,800 Total assets $564,800 $504,800 Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable 17,200 8,500 88,800 75,00 24,00010 18,000 130,000 101,580 Total current liabilities...
Financial statements for Vernon Company follow. VERNON COMPANY Balance Sheets As of December 31 2019 2018...
Financial statements for Vernon Company follow. VERNON COMPANY Balance Sheets As of December 31 2019 2018 $ 24,500 21,700 58,000 143,000 27,000 274,200 32,000 295,000 27,000 $628,200 $ 20,500 7,700 50,000 151,000 12,000 241,200 25,000 280,000 22,000 $568,200 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other...
Monte Company acquired 70% of the stock of Mo Company on 1 January 2018, for $150,000....
Monte Company acquired 70% of the stock of Mo Company on 1
January 2018, for $150,000. On this date, the balances of Mo’s
stockholders’ equity accounts were: Common Stock, $130,000, and
Retained Earnings, $14,000. On 1 January 2018, the market value for
the 30% of shares not purchased by Monte was $63,800. On 1 January
2018, Mo’s recorded book values were equal to fair values for all
items except: (1) accounts receivable had a book value of $40,000
and a...
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...
The financial statements of Carrier Office Furniture Company include the following terms 2019 2018 Cash $50,500 $46,000 Short-term Investments 25,000 13,000 Net Accounts Receivable 92,000 98.000 Merchandise Inventory 164,000 144,000 Total Assets 527,000 549,000 Total Current Liabilities 267.000 293,000 Long-term Note Payable 63,000 55,000 What is working capital for 2019? A. $197,000 OB. $99,500 O C. $64,500 OD. $39,500
8) The financial statements for Silver Service Company include the following items: 2019 2018 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable $50,500 26,000 52,000 131,000 532,000 132,500 16,000 57,000 $42,000 14,500 48,000 51,000 548,000 127,000 16,000 57,000 Compute the acid-test ratio for 2018. (Round your answer to two decimal places) A) 0.87 B) 0.73 C) 0.82 D) 0.63
QUESTION 9 The financial statements for Myers Service Company include the following items: 2017 2016 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable $51,500 27,000 55,000 131,000 528,000 129,500 23,000 60,000 $49,000 13,500 52000 47,000 553,000 1 24,000 19,000 60,000 Compute the acid-test ratio for 2016. (Round your answer to two decimal places) O 0.92 0.80 0.88 O 0.71
* Data Table Root Medical Supply, Inc., reported the following financial statements for 2018: E (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Use the information in Root Medical Supply, Inc.'s financial statements to compute the following: 1. Collections from customers 2. Payments for inventory 1. Compute the collections from customers. Assets 2018 2017 Select the formula needed to determine this amount and then enter the amounts to calculate the collections from...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018 and 2017, along with transaction data for 2018: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Adams Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for...
Financial statements for Benson Company follow. BENSON COMPANY Balance Sheets As of December 31 2019 2018 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories 17,500 13,500 20,300 44,00036,090 129,000 137,0e0 28,00890 6,300 Prepaid items Total current assets 26,966 13,000 238,800 205,800 27,00020,880 270,000 255,0ee 29,888 Investments Plant (net) Land 24,800 Total assets $564,800 $504,800 Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable 17,200 8,500 88,800 75,00 24,00010 18,000 130,000 101,580 Total current liabilities...
Financial statements for Vernon Company follow. VERNON COMPANY Balance Sheets As of December 31 2019 2018 $ 24,500 21,700 58,000 143,000 27,000 274,200 32,000 295,000 27,000 $628,200 $ 20,500 7,700 50,000 151,000 12,000 241,200 25,000 280,000 22,000 $568,200 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other...
Monte Company acquired 70% of the stock of Mo Company on 1
January 2018, for $150,000. On this date, the balances of Mo’s
stockholders’ equity accounts were: Common Stock, $130,000, and
Retained Earnings, $14,000. On 1 January 2018, the market value for
the 30% of shares not purchased by Monte was $63,800. On 1 January
2018, Mo’s recorded book values were equal to fair values for all
items except: (1) accounts receivable had a book value of $40,000
and a...
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...
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