Homework Answers
| a. | Current ratio | 1.41 | times | ||||||
| Working: | |||||||||
| # 1 | Current assets | = | Cash +Accounts receivable + Inventory | ||||||
| = | 38000+292000+248000 | ||||||||
| = | $ 5,78,000 | ||||||||
| # 2 | Current Liabilities | = | Accounts Payable + Accrued Taxes | ||||||
| = | 262000+148000 | ||||||||
| = | $ 4,10,000 | ||||||||
| # 3 | Current ratio | = | Current Assets / Current Liabilities | ||||||
| = | $ 5,78,000 | / | $ 4,10,000 | ||||||
| = | 1.41 | ||||||||
| b. | Quick ratio | 0.80 | times | ||||||
| Working: | |||||||||
| Quick assets | = | Cash + Accounts Receivable | |||||||
| = | 38000+292000 | ||||||||
| = | $ 3,30,000 | ||||||||
| Quick Ratio | = | Quick assets / Current Liabilities | |||||||
| = | $ 3,30,000 | / | $ 4,10,000 | ||||||
| = | 0.80 | ||||||||
| c. | Debt to total assets ratio | 54.55% | |||||||
| Working: | |||||||||
| # 1 | Total Debt | = | Current Liabilities + Bonds Payable | ||||||
| = | $ 4,10,000 | + | $ 1,78,000 | ||||||
| = | $ 5,88,000 | ||||||||
| # 2 | Debt to total assets ratio | = | Total debt / Total assets | ||||||
| = | $ 5,88,000 | / | $ 10,78,000 | ||||||
| = | 54.55% | ||||||||
| d. | Asset Turnover | 3.24 | times | ||||||
| Working: | |||||||||
| Asset Turnover | = | Net Sales / Total assets | |||||||
| = | $ 34,90,000 | / | $ 10,78,000 | ||||||
| = | 3.24 | ||||||||
| e. | Average collection period | 40.16 | Days | ||||||
| Working: | |||||||||
| # 1 | Credit Sales | = | 3490000*75% | ||||||
| = | $ 26,17,500 | ||||||||
| # 2 | Accounts receivable turnover | = | Net credit sales /Accounts receivable | ||||||
| = | $ 26,17,500 | / | $ 2,92,000 | ||||||
| = | 8.96 | ||||||||
| # 3 | Average collection period | = | Days in a year / Accounts Receivable turnover ratio | ||||||
| = | 360 | / | 8.96 | ||||||
| = | 40.16 | ||||||||
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The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,490,000, with...
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,990,000, with...
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,990,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity Cash Accounts receivable Inventory Plant and equipment $74,000 Accounts payable % 305,000 153,000 147,000 100,000 150,000 229,000 1,084,000 287,000 310,000 413,000 Accrued taxes Bonds payable (long-term) Common stock Paid-in capital Retained earnings Total assets $ 1,084,000 Total liabilities and equity Compute the following ratios: (Use a 360-day year....
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The balance sheet for Stud Clothiers is shown next Sales for the year were $3,460,000, with...
The balance sheet for Stud Clothiers is shown next Sales for the year were $3,460,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance sheet 2ex1 Assets Liabilities and Equity Cash $ 54,000 Accounts payable $ 287,000 Accounts receivable 348,000 Accrued taxes 93,000 Inventory 272,000 Bonds payable (long-term) 131,000 Plant and equipment 464,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 377,000 Total liabilities and Total assets $1,138,000 equity $1,138,000 Compute the following ratios: (Use a 360-day year....
Check my The balance sheet for Stud Clothiers is shown next Sales for the year were...
Check my The balance sheet for Stud Clothiers is shown next Sales for the year were $3,570,000, with 75 percent of sales sold on credit Assets Cash Accounts receivable Inventory Plant and equipment STUD CLOTHIERS Balance Sheet zexi Liabilities and Equity $ 20,000 Accounts payable 35e,eee Accrued taxes 260,000 Bonds payable (long-term) 350,000 Common stock Paid-in capital Retained earnings $ 980,000 Total liabilities and equity 245,000 100,00 126,000 100,000 150.000 250,000 980,000 Total assets $ Compute the following ratios: (Use...
Compute the following ratios: (Use a 360-day year. Do not round intermediate calculations. Round your answers...
Compute the following ratios: (Use a 360-day year. Do
not round intermediate calculations. Round your answers to 2
decimal places. Input your debt-to-total assets answer as a percent
rounded to 2 decimal places.)
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,190,000, with 75 perc STUD CLOTHIERS Balance Sheet 20X1 Liabilities and Equity %24 Assets Accounts payable Cash 279,000 24,000 Accounts receivable Inventory Plant and equipment 283,000 266,000 450,000 Accrued taxes 107,000 130,000 Bonds...
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit selected balance sheet...
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit selected balance sheet amounts at December 31, 2015, were inventory, $54,900, total assets, $209,400; common stock, $88,000; and retained earnings. $35,774,) CABOT CORPORATION Income Statenent or Year Ended December 31, 2016 $448,600 298,450 Sales Cost of goods sold Gross profit Operating expenses 150,150 98,800 4,000 47,350 19,074 Interest expense Income before taxes Income taxes 28,276 Net incone CABOT CORPORATION Balance Sheet December 31, 2016 Liabilities and Equity...
5. The balance sheet for the Novi Corporation is shown below. Sales for the year were...
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Bethesda Mining Company reports the following balance sheet information for 2018 and 2019. Assets Current assets...
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Consider the following company's balance sheet and income statement. Balance Sheet Liabilities and Equity Assets Cash...
Consider the following company's balance sheet and income statement. Balance Sheet Liabilities and Equity Assets Cash Accounts receivable Inventory Total current assets Fixed assets $ 12,000 Accounts payable 67,000 Notes payable $ 38,000 20,000 48,000 127,000 Total current liabilities 58,000 20,000 125,000 $203,000 76,000 Long-term debt Equity $203,000 Total liabilities and equity Total assets Income Statement Sales (all on credit) Cost of goods sold Gross margin Selling and administrative expenses Depreciation EBIT Interest expense Earnings before tax Taxes Net income...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown
below.
HALLBROOK INDUSTRIES, INC.
Balance Sheet
December 31, 2021
($ in thousands)
Assets
Cash
$
290
Short-term investments
240
Accounts receivable
290
Inventory
380
Property, plant, and equipment (net)
1,900
Total assets
$
3,100
Liabilities and Shareholders’
Equity
Current liabilities
$
490
Long-term liabilities
440
Paid-in capital
1,200
Retained earnings
970
Total liabilities and shareholders’ equity
$
3,100
The company’s 2021 income statement reported the following amounts
($ in thousands):...
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,990,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity Cash Accounts receivable Inventory Plant and equipment $74,000 Accounts payable % 305,000 153,000 147,000 100,000 150,000 229,000 1,084,000 287,000 310,000 413,000 Accrued taxes Bonds payable (long-term) Common stock Paid-in capital Retained earnings Total assets $ 1,084,000 Total liabilities and equity Compute the following ratios: (Use a 360-day year....
The balance sheet for Stud Clothiers is shown next Sales for the year were $3,460,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance sheet 2ex1 Assets Liabilities and Equity Cash $ 54,000 Accounts payable $ 287,000 Accounts receivable 348,000 Accrued taxes 93,000 Inventory 272,000 Bonds payable (long-term) 131,000 Plant and equipment 464,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 377,000 Total liabilities and Total assets $1,138,000 equity $1,138,000 Compute the following ratios: (Use a 360-day year....
Check my The balance sheet for Stud Clothiers is shown next Sales for the year were $3,570,000, with 75 percent of sales sold on credit Assets Cash Accounts receivable Inventory Plant and equipment STUD CLOTHIERS Balance Sheet zexi Liabilities and Equity $ 20,000 Accounts payable 35e,eee Accrued taxes 260,000 Bonds payable (long-term) 350,000 Common stock Paid-in capital Retained earnings $ 980,000 Total liabilities and equity 245,000 100,00 126,000 100,000 150.000 250,000 980,000 Total assets $ Compute the following ratios: (Use...
Compute the following ratios: (Use a 360-day year. Do
not round intermediate calculations. Round your answers to 2
decimal places. Input your debt-to-total assets answer as a percent
rounded to 2 decimal places.)
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,190,000, with 75 perc STUD CLOTHIERS Balance Sheet 20X1 Liabilities and Equity %24 Assets Accounts payable Cash 279,000 24,000 Accounts receivable Inventory Plant and equipment 283,000 266,000 450,000 Accrued taxes 107,000 130,000 Bonds...
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit selected balance sheet amounts at December 31, 2015, were inventory, $54,900, total assets, $209,400; common stock, $88,000; and retained earnings. $35,774,) CABOT CORPORATION Income Statenent or Year Ended December 31, 2016 $448,600 298,450 Sales Cost of goods sold Gross profit Operating expenses 150,150 98,800 4,000 47,350 19,074 Interest expense Income before taxes Income taxes 28,276 Net incone CABOT CORPORATION Balance Sheet December 31, 2016 Liabilities and Equity...
5. The balance sheet for the Novi Corporation is shown below. Sales for the year were $3,040,000, with 75 percent of sales sold on credit. Novi Corporation Balance Sheet 200X Assets Liabilities & Shareholder's Equity Cash................... $50,000 Account payable....... $220,000 Account receivable ....280,000 Accrued taxes............ 80,000 Inventory....................240,000 Bond payable...........118,000 Plant and Equipment..380,000 Common Stock..........100,000 Paid-in Capital ...........150,000 Retained earning........282,000 Total Assets.............$950,000 Total Liabilities and ----- Stockholder's equity. $950,000 Compute the following ratios: a) Current ratio. 1.90 b) Quick ratio. c)...
Bethesda Mining Company reports the following balance sheet information for 2018 and 2019. Assets Current assets Cash Accounts receivable Inventory BETHESDA MINING COMPANY Balance Sheets as of December 31, 2018 and 2019 2018 2019 2018 2019 Liabilities and Owners' Equity Current liabilities $ 21,182 $ 24,141 Accounts payable $ 180,108 $ 190,767 51,036 59,935 Notes payable 83,179 98,175 120,589 142,718 Total $263,287 $ 288,942 $ 192,807 $ 226,794 Long-term debt $305,000 $ 340,000 Owners' equity Common stock and paid-in $...
Consider the following company's balance sheet and income statement. Balance Sheet Liabilities and Equity Assets Cash Accounts receivable Inventory Total current assets Fixed assets $ 12,000 Accounts payable 67,000 Notes payable $ 38,000 20,000 48,000 127,000 Total current liabilities 58,000 20,000 125,000 $203,000 76,000 Long-term debt Equity $203,000 Total liabilities and equity Total assets Income Statement Sales (all on credit) Cost of goods sold Gross margin Selling and administrative expenses Depreciation EBIT Interest expense Earnings before tax Taxes Net income...
The 2021 balance sheet for Hallbrook Industries, Inc., is shown
below.
HALLBROOK INDUSTRIES, INC.
Balance Sheet
December 31, 2021
($ in thousands)
Assets
Cash
$
290
Short-term investments
240
Accounts receivable
290
Inventory
380
Property, plant, and equipment (net)
1,900
Total assets
$
3,100
Liabilities and Shareholders’
Equity
Current liabilities
$
490
Long-term liabilities
440
Paid-in capital
1,200
Retained earnings
970
Total liabilities and shareholders’ equity
$
3,100
The company’s 2021 income statement reported the following amounts
($ in thousands):...
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