Homework Answers
Total assets = Long term assets + Short term assets
= $350,000 + $300,000
= $650,000
Total liabilities = Short term liabilities + Long term debt
= $100,000 + $400,000
= $500,000
Equity = Total assets - Total liabilities
= $650,000 - $500,000
= $150,000
The answer is Option C.
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Question 1 (1 point) Given the following informtion: Long term assets = $350,000, Revenues = $1,200,000,...
Question 3 (1 point) Given the following informtion: Long term assets = $350,000, Revenues = $1,200,000,...
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Calculate the current ratio, quick ratio, long-term debt/total
assets, times interest earned, and fixed cost coverage using the
picture below.
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Question 6 2015 2014 Revenues Assets Current Assets Sales Points out of 1.00 Flag question Cash...
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Question 9 2015 2014 | Revenues 2015 Not yet answered Points out of 10.00 Flag question...
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On January 1, Richard Company acquired all the net assets of Ulmer Company by issuing debt...
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Question 15 (2 points) A firm has $200,000 in current assets, $400,000 in long-term assets, $80,000...
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Question 7 2015 2014 Revenues 2015 Not yet answered $45,000 Points out of 10.00 $21,000 Flag...
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prepare cash flow statement PROBLEM 2-7 The financial statements for the JHJ Book Store are as...
prepare cash flow statement
PROBLEM 2-7 The financial statements for the JHJ Book Store are as follows: INCOME STATEMENT 2013 3,000,000 2.500.000 500,000 Sales Cost of Books Sold Gross Profit Operating Expenses Depreciation Gain on sale of land Net Income 250,000 50.000 300,000 400.000 600.000 BALANCE SHEET 2013 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Land Total Assets 2012 100,000 125,000 150,000 100,000 (25,000) 100,000 550.000 2013 300,000 200,000 350,000 450,000 (75,000) 1.225.000 Accounts Payable Long Term Bond Payable Total...
Question 3 (1 point) Given the following informtion: Long term assets = $350,000, Revenues = $1,200,000, Depreciation - $100,000, Short Term Assets = $300,000. Expenses = $950,000, Interest - $25,000, Short Term Liabilities = $100,000, Equity = ?, Long Term Debt = $400,000, Tax Rate - 30%, What is net income? a) None of these b) $225,000 Oc) $157,500 Od) $87,500 Oe) $375,500
Calculate the current ratio, quick ratio, long-term debt/total
assets, times interest earned, and fixed cost coverage using the
picture below.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME DIVIDENDS...
Question 6 2015 2014 Revenues Assets Current Assets Sales Points out of 1.00 Flag question Cash Accounts Receivable Credit Card Receivable Marketable Securities Notes Receivable Inventory Prepaid Expenses Total Current Assets $25,000 $5,000 $7,000 $20,000 $30,000 $32,000 $40,000 $159,000 $23,000 $4,500 $6,000 $18,000 $25,000 $27,000 $36,000 $139,500 Cash Sales A/R Sales Credit Card Sales Total Sales Cost of Sales Gross Proli $145,000 $51.000 $76,000 $272,000 $73,440 5198,560 Direct Operating Expenses Payroll Expenses Other Expenses Total Departmental Expenses $27,200 $24.480 $51,680...
Question 9 2015 2014 | Revenues 2015 Not yet answered Points out of 10.00 Flag question Assets Current Assets Cash Accounts Receivable Credit Card Receivable Marketable Securities Notes Receivable Inventory Prepaid Expenses Total Current Assets $25,000 $5,000 $7,000 $20,000 $30,000 $32,000 $40,000 $159,000 $23,000 $4,500 $6,000 $18,000 $25,000 $27,000 $36,000 $139,500 Cash Sales AVR Sales Credit Card Sales Total Sales Cost of Sales Gross Profit $45,000 $21,000 $76.000 $142,000 $28.340 $103,660 Direct Operating Expenses Payroll Expenses Other Expenses Total Departmental...
Question 15 (2 points) A firm has $200,000 in current assets, $400,000 in long-term assets, $80,000 i current liabilities, and $200,000 in long-term liabilities. What is the Equity? 1) $120,000 2) None of these 3) $520,000 4) $320,000
Question 3 2015 2014 2015 Assets Current Assets Not yet answered $45,000 Points out of 10.00 Flag question Accounts Receivable Credit Card Receivable Marketable Securities Notes Receivable Inventory Prepaid Expenses Total Current Assets $25,000 $5,000 $7,000 $20,000 $30,000 $32,000 $40,000 $159,000 $23,000 $4,500 $6,000 $18,000 $25,000 $27,000 $36,000 $139,500 Revenues Sales Cash Sales A/R Sales Credit Card Sales Toual Sales Cost of Sales Gross Profit $21,000 $76,000 $142,000 $38.340 $103,660 Direct Operating Expenses Payroll Expenses Other Expenses Total Departmental Expenses...
Question 7 2015 2014 Revenues 2015 Not yet answered $45,000 Points out of 10.00 $21,000 Flag question Assets Current Assets Cash Accounts Receivable Credit Card Receivable Marketable Securities Notes Receivable Inventory Prepaid Expenses Total Current Assets $25,000 $5,000 $7,000 $20,000 $30,000 $32,000 $40,000 $159,000 $76,000 $142.000 $22,000 $4,500 $6,000 $18,000 $25,000 $27,000 $36.000 $139,500 Cash Sales NR Sales Credit Card Sales Total Sales Cost of Sales Gross Profit $34,340 $102,660 Direct Operating Expenses Payroll Expenses Other Expenses Total Departmental Expenses...
prepare cash flow statement
PROBLEM 2-7 The financial statements for the JHJ Book Store are as follows: INCOME STATEMENT 2013 3,000,000 2.500.000 500,000 Sales Cost of Books Sold Gross Profit Operating Expenses Depreciation Gain on sale of land Net Income 250,000 50.000 300,000 400.000 600.000 BALANCE SHEET 2013 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Land Total Assets 2012 100,000 125,000 150,000 100,000 (25,000) 100,000 550.000 2013 300,000 200,000 350,000 450,000 (75,000) 1.225.000 Accounts Payable Long Term Bond Payable Total...
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