ABC Company's balance sheets for 2019 are given below: January 1, 2019 December 31, 2019 ASSETS: Cash 12,300 18,700 Accounts receivable 31,900 46,300 Inventory 58,200 69,200 Land 82,900 92,400 LIABILITIES + EQUITY: Accounts payable 35,400 43,200 Notes payable 64,900 ? Common stock 39,700 48,100 Retained earnings 45,300 ? ABC Company's 2019 income statement is given below: Sales revenue 400,000 Cost of goods sold 285,000 Salaries expense ? Interest expense 20,000 Income tax expense 19,000 Net income ? ABC Company paid dividends of $28,400 during 2019 and reported a times interest earned ratio of 4.20 for 2019. Calculate ABC Company's debt-to-equity ratio at December 31, 2019.
ABC Company's balance sheets for 2019 are given below: January 1, 2019 December 31, 2019 ASSETS:...
Oakley Company Comparative Balance Sheets December 31 Assets 2020 Cash $81,800 Accounts receivable 92,400 Inventory 126,800 Investments 85,700 Equipment 258,000 Accumulated depreciation-equipment (49,900) $594,800 2019 $47,700 57,700 101,100 86,000 208,000 (40,000 $460,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $57,000 12,000 101,000 245.000 179,800 $594,800 $49.000 18,700 71,000 201,000 120,800 $460,500 Oakley Company Income Statement For the Year Ended December 31, 2020 Sales revenue Gain on disposal of plant assets $301,800 8,700...
WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) Current assets Other assets Total assets Current liabilities Long-term liabilities Stockholders' equity Total liabilities and stockholders' equity 2020 $ 821 2,432 $3,253 $ 596 1,631 1,026 $3,253 2019 $1,061 1,939 $3,000 $ 849 1,106 1,045 $3,000 2018 $ 923 1,738 $2,661 $ 751 973 937 $2,661 WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions) 2020 2019 Income...
The current sections of Sheridan Company's balance sheets at December 31, 2019 and 2020, are presented here. Sheridan's net income for 2020 was $152,700. Depreciation expense was $24,300. 2019 2018 Current assets Cash Accounts receivable Inventory $107,100 $95,300 109,200 78,300 157,800 171,100 26,100 25,300 $400,200 $370,000 Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable $15,300 $9,900 84,700 95,300 $100,000 $105,200 Total current liabilities Prepare the net cash provided by operating activities section of the company's statement...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 Inventory 74,000 Accounts payable 50,000 Salaries payable 9,000 Investments 68,000 Accounts receivable 69,000 Land 58,000 Notes payable 195,000 Unearned revenue 17,000 Common stock 100,000 Retained earnings December 31, 2019 56,000 28,000 4,000 75,000 35,000 88,000 120,000 25,000 190,000 63,000 23,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue Cost of goods sold Salaries expense Net income $420,000 300,000...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...