ACC201 Week 1 Homework Questions 5

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Please answer Requirement 4,5,6,7,8,9,10 Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $50,900; total assets, $199,400; common stock, $81,000; and retained earnings, $48,724.) CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity Assets Cash $ 16,000 Accounts payable 8,200 Accrued wages payable 30, 600 Income taxes payable 40,150 Long-term note payable, secured by mortgage on plant assets 3,050 Common stock 153, 300 Retained earnings 6 251,300 Total liabilities and equity : 18,500 4,400 3,000 63,400 81,000 81,000 6 251, 300 Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total asseta CABOT CORPORATION Income Statement Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense For Current Year Ended Decenber 31 $…

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 As of December 31   Year 7 Year 6 Current Assets     Cash and cash equivalents $    634,527 $   335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009       Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430       Current Liabilities     Short-term borrowings $   306,376 $    170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…

Selected financial data for Wilmington Corporation is presented below.   WILMINGTON CORPORATION Balance Sheet As of December 31   Year 7 Year 6 Current Assets     Cash and cash equivalents $    634,527 $   335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009       Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430       Current Liabilities     Short-term borrowings $   306,376 $    170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…

Selected financial data for Wilmington Corporation is presented below.   WILMINGTON CORPORATION Balance Sheet As of December 31   Year 7 Year 6 Current Assets     Cash and cash equivalents $    634,527 $   335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009       Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430       Current Liabilities     Short-term borrowings $   306,376 $    170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…

General accounting question

uploaded pictures for problem 17-4B. I am trying to figure out the                                            7. Number of days'   sales in inventory 8. Ratio of Fixed Assets to long-term Liabilities 9. Ratio of Liabilities to Stockholders Equity

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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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…

Current Position Analysis The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years:   Current Year   Previous Year Current assets:             Cash $446,900     $372,400     Marketable securities 517,400     419,000     Accounts and notes receivable (net) 211,700     139,600     Inventories 1,071,800     807,000     Prepaid expenses 552,200     516,000       Total current assets $2,800,000     $2,254,000   Current liabilities:             Accounts and notes payable           (short-term) $324,800     $343,000     Accrued liabilities 235,200     147,000       Total current liabilities $560,000     $490,000     a.  Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.       Current Year     Previous Year 1.  Working capital $fill in the blank 1 $fill in the blank 2 2.  Current ratio fill in the blank 3 fill in the blank…

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

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Financial accounting question

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Financial accounting questions

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The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020:     OutstandingBalance   Percentage Estimatedto be Uncollectible 0 – 30 days outstanding   $156,000   0.5% 31 – 60 days outstanding   65,400   2.5% 61 – 90 days outstanding   40,000   4.0% 91 – 120 days outstanding   20,800   6.5% Over 120 days outstanding   5,100   10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit             (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…