Prior Company's condensed financial statements provide the following information.
Homework Answers
| For the year 2014 | |||
| 1) | Current Ratio = Current Assets/ Current Liabilities = $748,630/$301,430 = | 2.48 | :1 |
| 2) | Acid Test ratio = (current assets – inventories) / current liabilities = ($748,630-$443,800)/$301,430 = | 1.01 | :1 |
| 3) | Accounts receivable turnover=Net Credit Sales/Average Accounts receivables = $1717,000/[($90,100+$157,300)/2] | 13.88 | times |
| 4) | Inventory Turnover = Cost of Goods Sold / Average Inventories = $832,000/[($364,600+$443,800)/2] = | 2.06 | times |
| 5) | Return on assets = Net income/ Total Average assets =$363,900/[($1430,700+$1646,130)] | 23.65% | |
| 6) | Profit margin on sale = Net income/ Total Sales =$363,900/$1717,000 | 21.19% |
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Prior Company's condensed financial statements provide the following information.
E 13-18 Prior Company's condensed financial statements provide the following information PRIOR COMPANY BALANCE SHEET Cash...
E 13-18 Prior Company's condensed financial statements provide the following information PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property. Plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec. 31 2016 $ 60,000 80,000 40.000 360,000 7,000 $ 547,000 853,000 $ 1,400,000...
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Marin Company's condensed financial statements provide the following information. MARIN COMPANY BALANCE SHEET Dec. 31, Dec....
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Financial statements provide information that is used for making decisions.
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Financial statements provide information that is used for making decisions. There are four basic financial statements....
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6. Clint Company and Black Company reported the following information in their financial statements, prior to...
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E 13-18 Prior Company's condensed financial statements provide the following information PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property. Plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec. 31 2016 $ 60,000 80,000 40.000 360,000 7,000 $ 547,000 853,000 $ 1,400,000...
Marin Company's condensed financial statements provide the following information. Dec 31, 2019 WO MARIN COMPANY BALANCE SHEET Dec. 31, 2020 Cash $ 52,500 Accounts receivable (net) 199,800 Short-term investments 80,000 Inventory 439,400 Prepaid expenses 3,000 Total current assets $ 774,700 Property, plant, and equipment (net) 854,900 Total assets $1,629,600 Current liabilities 233,500 Bonds payable 402,000 Common stockholders' equity 994,100 Total liabilities and stockholders' equity $1,629,600 $59,500 80,000 39,800 363,300 6,900 $549,500 849,200 $1,398,700 154,600 402,000 8 42,100 $1,398,700 233.50 INCOME...
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7. Relationships between the financial statements Financial statements provide information that is used for making decisions. There are four basic financial statements. This problem is designed to help you understand the purpose of each statement and how the statements Interact. There is a natural progression from one statement to the next. The following boxes represent the four financial statements. The set of financial statements is prepared at the end of each accounting period to communicate information about the company's operations during that...
To provide a consistent frame of reference for the company's financial statements and ratios, assume that the following balance sheet and income statement reflect the company's pretransaction condition and performance.
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6. Clint Company and Black Company reported the following information in their financial statements, prior to their merger: Smillions 2011 2010 Clint Company (FIFO) Sales $14,250 $9,650 13,750 8,560 Inventories $3,335 4,220 Black Company (LIFO) Sales COGS $22,140 $16,050 23,050 14,200 Inventories $8,450 7,700 To the closest hundredth, how much is the 2011 inventory turnover for Clint Company? A) 2.89 B) 2.41 C) 1.28 D) 2.55 7. Clint Company and Black Company reported the following information in their financial statements,...
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