ACCT 406 Wk2 Q8

onsider the following: Santos Tier I Center Balance Sheet December 31, 20-- Assets Liabilities Current assets: ​ ​ Current liabilities: ​ ​ Cash $13,125 ​ Accounts payable $10,500 ​ Accounts receivable 18,450 ​ Sales tax payable 825 ​ Merch. inventory 55,950 ​ Wages payable       300 ​ Supplies 2,250 ​ Total current liab. ​ $ 11,625 Prepaid insurance     1,575 ​ Noncurrent liab.: ​ ​ Total current assets ​ $ 91,350 Mortgage payable ​   13,650 Equipment: ​ ​ Total liabilities ​ $ 25,275 Furniture and fixtures $21,000 ​ Stockholders' Equity Less accum. depr.    (6,000) ​ Common stock ​ 40,000 Total equipment ​    15,000 Retained earnings ​    41,075 ​ ​ ​ Total liabilities and ​ ​ Total assets ​ $106,350 stockholders' equity ​ $106,350     Additional information:      Total stockholders'…

Calculate the profit margin (net income or net profit/total sales)for Rock Castle construction for this fiscal year. What’s the percentage

Balance Sheet June 30th, Year 5 Assets Cash 10,000 Accounts receivables 34,000 Inventory Prepaid Insurance Capital Assets Accumulated depreciation (40,000) Total Assets 268,000 60,000 4,000 200,000 Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Notes Payables 19,000 4,000 The following are all transactions that happened during Year 6: Made all sales on account of $252,800 Collected accounts receivable of $250,320 Purchased merchandise on account of $134,000 1,000 80,000 100,000 Common Shares Retained Earnings Total Liabilities and Equity 268,000 64,000 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 Accrued wages expense (and wages payable) of $1,500 at June 30th, Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of…

Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below: Item Amount $ 90,000 decrease $ 120,000 increase $ 3,000 decrease $ 65,000 decrease $ Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities Income taxes payable Sale of equipment Sale of long-term investments 8,000 increase $ 12,000 increase 7,000 gain $ 10,000 loss Required: For each item, indicate whether the dollar amount should be added to or deducted from net income under the indirect method when computing the net cash provided by operating activities for the year.

Accounts payable $43,000 Inventory $117,000 Accounts receivable 40,000 Land 45,000 Building 67,000 Mortgage payable (long-term) 78,000 Cash 26,000 Office supplies 2,000 Common stock 111,000 Retained earnings ? Salaries payable 7,000 Berkly Wholesalers Balance Sheet December 31, 2018 Assets Current Assets 2$ Accounts receivable Office supplies Total Current Assets Noncurrent Assets Land Total Noncurrent Assets Total Assets $ Liabilities & Stockholders' Equity Current Liabilities 2$ Salaries payable Total Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Common stock Total Stockholders' Equity Total Liabilities & Stockholders' Equity $

Particulars Debit Credit CASH 100,000   INVENTORY 124,500   ACCOUNTS RECEIVABLES 12,000   SHORT TERM INVESTMENT 25,000   FURNITURE 100,000   BUILDING 500,000   UNEARNED REVENUE   27,000 ACCOUNTS PAYABLE   9,000 ACC.DEP.PLANT-FURNITURE   5,000 ACC.DEP.BUILDING   6,000 EQUITY   200,000 CONSULTANCY REVENUE   650,000 REPAIR EXPENSE 2,000   RENT EXPENSE 3,500   INSURANCE EXPSNES 1,000   OTHER GENERAL EXPNSE 1,200   UTILITY EXPENSE 6,000   SALARIES EXPENSE 10,000   INTEREST EXPENSE 800   DEPRECIATION EXPENSE 11,000   SALARIES PAYABLE   2,000 TOTAL 897,000 897000 Required Income Statement Statement of Owner’s Equity Balance Sheet

Balance Sheet June 30th, Year 5 Assets Cash 10,000 Accounts receivables 34,000 Inventory 60,000 Prepaid Insurance 4,000 Capital Assets 200,000 Accumulated depreciation (40,000) Total Assets 268,000 Liabilities and Equity Accounts Payable 19,000 Wages Payable 4,000 Income Tax Payable 1,000 Notes Payables 80,000 Common Shares 100,000 Collected accounts receivable of $261,800 Purchased merchandise on account of $159,700 Retained Earnings 64,000 Total Liabilities and Equity 268,000 The following are all transactions that happened during Year 6: Made sales on account of $250,000 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 Accrued wages expense (and wages payable) of $1,500 at June 30th, Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of…

Balance Sheet June 30th, Year 5 Assets Cash 10,000 Accounts receivables 34,000 Inventory Prepaid Insurance Capital Assets Accumulated depreciation (40,000) Total Assets 268,000 60,000 4,000 200,000 Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Notes Payables 19,000 4,000 1,000 80,000 100,000 The following are all transactions that happened during Year 6: Made all sales on account of $263,300 Common Shares Retained Earnings Total Liabilities and Equity 268,000 64,000 Collected accounts receivable of $261,520 Purchased merchandise on account of $134,000 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 Accrued wages expense (and wages payable) of $1,500 at June 30th, Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of…

X Company reports these account balances on March 31, 2021 Accounts Payable $7,000 Accounts Receivable 52,000 Accumulated Depreciation 5,000 Capital Stock 225,000 Cash 128,000 Equipment 194,000 Goodwill 20,000 Retained Eamings 125,000 Salaries Payable 32,000 Refer to the above data. In a trial balance prepared on March 31, 2021, the total credit column is: * $394,000 O $389,000 O $414,000 None of the above

Balance Sheet December 31 Assets Cash Inventory Equipment Accounts receivable Less: Accumulated depreciation $ 21,000 520,000 142,500 $ 624,000 78,000 546,000 Total assets $ 1,229,500 Liabilities and Equity Liabilities Accounts payable Loan payable Taxes payable (due March 15) $ 355,000 11,000 88,000 454,000 Equity Common stock Retained earnings $ 474,500 301,000 775,500 Total liabilities and equity $ 1,229,500 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $30 per unit and resold for $58 per unit. The inventory level of 4,750 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 6,500 units; February, 9,000 units; March, 11,000 units; and April, 10,000 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows: January, $233,100; February, $722,857; March, $519,245. c. Cash…

Hancock Company reported the following account balances at December 31, 2027: Sales $97,000 Dividends .... $11,000 Supplies .. $13,000 Accounts payable revenue ? Copyright... $42,000 Cash ... $20,000 Equipment. $14,000 Utilities payable $59,000 Building $27,000 Insurance expense $19,000 Repair expense $64,000 Retained earnings ... $31,000 Notes payable $39,000 Income tax expense $41,000 Patent $22,000 Inventory $87,000 (at Jan. 1, 2027)

Privett Company Accounts payable $25,346 Accounts receivable 66,175 Accrued liabilities 6,346 Cash 15,852 Intangible assets 44,537 Inventory 89,738 Long-term investments 100,624 Long-term liabilities 74,400 Marketable securities 30,349 Notes payable (short-term) 28,107 Property, plant, and equipment 693,406 Prepaid expenses 1,197 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.1.9 b.0.8 c.17.4 d.3.4

Balance Sheet Data Income Statement Data Cash $900,000 Accounts payable $1,080,000 Sales $18,000,000 Accounts receivable 1,800,000 Accruals 360,000 Cost of goods sold 10,800,000 Inventory 2,700,000 Notes payable 1,440,000 Gross profit 7,200,000  Current assets 5,400,000 Current liabilities 2,880,000 Operating expenses 4,500,000     Long-term debt 5,310,000 EBIT 2,700,000     Total liabilities 8,190,000 Interest expense 810,000     Common stock 1,102,500 EBT 1,890,000 Net fixed assets 7,200,000 Retained earnings 3,307,500 Taxes 472,500     Total equity 4,410,000 Net income $1,417,500 Total assets $12,600,000 Total debt and equity $12,600,000             Now, let’s see your notes with your ratios, and then we can talk about possible strategies that will improve the ratios. I’m going to check the box to the side of your calculated value if your calculation is correct and leave it unchecked if your calculation is incorrect. Pavo Media Systems Inc.…

Problem 1 LAKELAND Company has Sales of $2,250,000. The cost of goods sold for the year were 65% of Sales and Company's year-end balance sheets is shown below : Assets LAKELAND Company Balance Sheet 2021 Cash Accounts receivable Marketable securities Inventories Plant and Equipment Total Assets (100%)... $1,000,000 For the year ended December 31, 2021, assume all sales are on credit, and 360 days per year. Required to Compute the following Ratio: 5% 27% 8% 25% 35% Required: 1. Current ratio. 2. Quick ratio. 3. Debt-to-total assets ratio. 4. Assets turnover. 5. Inventory turnover. Liabilities and Stockholders' Equity Accounts payable Accrued taxes = 23% 8% 12% 12% 20% 25% Bond payable (long term) Common Stock Paid- in- Capital Retained Earning Total Liabilities and SOE (100%)... $1,000,000 Problem 2 Assume that you need to borrow $180,000 from local bank to invested on the department store and consider a 2 years loan with Semiannual payment with the interest rate 8% per year. a. What is…

Please find the PROFIT MARGIN for our example company. 25%   72%   18%   150%   48%

At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 31,600 88,000 112,500 10,650 281,000 $ 36,250 $ 62,000 83,800 9,350 249,500 38,400 49,500 52,500 4,500 235,000 Total assets $523,750 $440,900 $ 379,900 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160, 500 107,400 81,600 160,500 87,000 $523,750 $440,900 $ 379,900 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales 1 Yr Ago $ 620,000 Current Yr $755,000 Cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses $445,450 234,050 11,300 9,550 $390,600 148,800 12,700 8,925 700,350 $ 54,650 561,025 $ 58,975 Net income Earnings per share %$4 3.40 2$ 3.67 For both the…

Net income of Fernandez Co The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings 2,850,000 Accounts Receivable 1,197,000 Dividends 50,000 Inventory 1,790,000 Sales 9,350,000 Estimated Returns Inventory 23,500 Cost of Goods Sold 5,840,000 Office Supplies 14,000 Sales Salaries Expense 820,000 Prepaid Insurance 8,500 Advertising Expense 350,000 Office Equipment 870,000 Depreciation Expense-Store Equipment 120,000 Accumulated Depreciation-Office Equipment 580,000 Miscellaneous Selling Expense 58,000 Store Equipment 2,600,000 office Salaries Expense 550,000 Accumulated Depreciation-Store Equipment 820,000 Rent Expense 104,000 Accounts Payable 336,000 Depreciation Expense-Office Equipment 60,000 Customer Refunds Payable 39,000 Insurance Expense 50,000 Salaries Payable 43,000 office Supplies Expense 26,000 Notes Payable (long-term) 200,000 Miscellaneous Administrative Expense 12,000…

Abbey's trial balance at 31-Dec-2021 is shown below Cost of Sales/Sales Office Costs Plant Cost/Depreciation Staff wages Cash at Bank Inventory £1NV Shares Retained earnings Receivables/Payables Totals £ - Dr 195,000 20,000 £-Cr 295,000 200,000 120,000 16,000 77,000 35,000 100,000 60,000 67,000 610,000 35,000 610,000 Notes 1) Office costs include prepaid expenditure of £5,000. 2) A 1:5 Bonus Issue occurred on 01-Jan-2021. 3) Plant (cost £80,000) was damaged on 30-Jun-21. Remaining life of this plant is 3 years, value-in-use £24,000, & scrap value £15,000. 4) Plant depreciation is 10% p.a. (straight line basis). 5) Company tax rates were 20%. 6) A dividend of 10p per share has been agreed. Required: For Y/e Dec-21, prepare the following: a) Financial Position Statement b) Income Statement c) Change in Equity Statement d) Calculate: Return on Capital Employed Profit Margin in Sales Dividend Cover Ratio

Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 17,000 Inventory 65,000 Other current assets 25,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 95,000 Long-term liabilities 55,000 Retained earnings Other current liabilities 18,000 Prepare a classified balance sheet for Werthman Company. Werthman Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: Cash 2$ 15,000 Accounts payable 2$ 21,000 Accounts receivable 17,000 Other current liabilities 18,000 Inventory 65,000 Total Current Liabilities 39,000 Other current assets 25,000 Noncurrent Liabilities: Total Current Assets 122,000 Long-term liabilities 55,000 Total Liabilities Noncurrent Assets: Stockholders' Equity Property plant and equipment 200,000 Common stock Other long-term assets 40,000 Total Noncurrent Assets 240,000 Total Stockholders' Equity Total Assets $ 0 Total Liabilities & Stockholders' Equity $