ACC201 Week 1 Homework Questions 6

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Need help with doing the statement entries on accounting paper.

Prior Year Current Year Accounts payable 3,153.00 5,915.00 Accounts receivable 6,935.00 9,046.00 Accruals 5,794.00 6,085.00 Additional paid in capital 19,655.00 13,876.00 Cash. ??? ??? Common Stock 2,850 2,850 COGS 22,169.00 18,794.00 Current portion long-term debt 500 500 Depreciation expense 1,016.00 1,037.00 Interest expense 1,276.00 1,138.00 Inventories 3,041.00 6,672.00 Long-term debt 16,904.00 22,546.00 Net fixed assets 75,987.00 73,861.00 Notes payable 4,002.00 6,534.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,536.00 34,724.00 Sales 46,360 45,799.00 Taxes 350 920 Category ww What is the firm's total change in cash from the prior year to the current year?

Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION     Balance Sheet       Dec. 31, Year 7 Dec. 31, Year 6 Current Assets     Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities     Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…

Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION     Balance Sheet       Dec. 31, Year 7 Dec. 31, Year 6 Current Assets     Cash and cash equivalents $576,843 $305,088 Marketable securities 166,106 187,064 Accounts receivable (net) 258,387 289,100 Inventories 424,493 391,135 Prepaid expenses 55,369 25,509 Other current assets 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,516,471 $2,333,346 Current Liabilities     Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 254,111 286,257 Accrued liabilities 273,658 166,983 Income taxes payable 97,735 178,911 Total Current Liabilities 1,086,880 970,570 Long-term debt 500,000 300,000 Deferred income taxes 215,017 262,404 Total Liabilities 1,801,897 1,532,974 Common stock $425,250…

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1 Required Information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Assets Cash Req 1 For both the current year and one year ago, compute the following ratios 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. Accounts receivable, net Merchandise inventory Prepaid…

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Liabilities and Equity 1 bed At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Accounts payable Current Year $ 34,011 102,598 126,469 11,176 313,972 Check my work 1 Year Ago 2 Years Aç $ 41,379 $ 43,543 $ 588,226 $ 145,004 Long-term notes payable Common stock, $10 par value Retained earnings 112,798 162,500 167,924 $ 86,555 120,130 163,500 136,906 Total liabilities and equity $ 588,226 $ 507,091 70,993 93,812 10,542 290,365 $ 507,091 | 57,488 62,455 | 4,885 262,829 $ 431,200 $ 58,62€ 93,389 162,500 116,685 $ 431,200 For both the current year and one year ago, compute the following ratios: xercise 13-7 (Algo) Analyzing liquidity LO P3 -a) Compute the current ratio for each of the three years. -b) Did the current ratio improve or worsen over the three-year period? 2-a) Compute the acid-test ratio for each of the three years. -b) Did the acid-test ratio improve or worsen over the three-year period? Complete this…

Current Position Analysis The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8:   Dec. 31, 20Y9   Dec. 31, 20Y8 Cash $ 150,000     $ 100,000   Temporary investments 250,000     150,000   Accounts and notes receivable (net) 500,000     400,000   Inventories 850,000     610,000   Prepaid expenses 50,000     40,000     Total current assets $1,800,000     $1,300,000   Accounts payable $ 700,000     $ 460,000   Accrued liabilities 50,000     40,000     Total current liabilities $ 750,000     $ 500,000   a.  Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.     20Y9 20Y8 Working capital   $fill in the blank 1   $fill in the blank 2 Current ratio   fill in the blank 3   fill in the blank 4 Quick ratio   fill in the blank 5   fill in the blank 6

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable. Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago $ 29,682 52,463 $ 25,647 73,597 93,460 8,096 229,592 $430,392 $ 107,168 81,723 163,500 78,001 $430,392 Exercise 13-7 (Algo) Analyzing liquidity LO P3 Required 1A Required 1B (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? 69,327 7,558 211,998 $ 371,028 Complete this question by entering…

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