1. The following information was reported by Benedict Co. in their financial statements. Current Assets Php250,000 760,000 60,000 350,000 Non-current Assets Current Liabilities Non-current Liabilities How much is the book value of Benedict Co.? a) Php190,000 b) Php600,000 c) Php660,000 d) Phnl 010 000

1. The following information was reported by Benedict Co. in their financial statements. Current Assets Php250,000 760,000 60,000 350,000 Non-current Assets Current Liabilities Non-current Liabilities How much is the book value of Benedict Co.? a) Php190,000 b) Php600,000 c) Php660,000 d) Phnl 010 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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LOWE'S Balance Sheets (in millions) Fiscal 2013 Fiscal 2012 Amount Percent Amount Percent Assets Current Assets Cash S 391 1.2% $ 541 1.7% Short-term Investments 185 0.6 125 0.4 Inventory 9.127 27.9 8,600 26.3 Other Current Assets 593 1.8 S18 1.6 Property and Equipment, Net Other Assets 20.834 63.6 21.477 65.7 1.602 $32.732 1405 S32.666 100,0% 4.9 4.3 Total Assets 100.0% Liabilities and Stockholders' Equity Current Liabilities S 8.876 27.1% $ 7,708 23.6% Long-term Liabilities 12003 36.7 11.101 34.0 Total Liabilities 20.879 63.8 18.809 57.6 11.853 $32732 36.2 Stockholders' Equity Total Liabilities and Stockholders' Equity 13,857 42.4 J00.0% $32,666 100.0% LOWE'S Income Statements (in millions) Fiscal 2013 Fiscal 2012 Amount Percent Amount Percent Net Sales Revenue $53,417 100.0% $50,521 100.0% Cost of Sales 34,941 65.4 33,194 17,327 65.7 Gross Profit 18,476 34.6 34.3 14,327 26.8 27.3 Operating and Other Expenses Interest Expense Income Tax Expense 13,767 476 0.9 423 0.8 1.387 2.6 1,178…
BB Incorporated had the following balances of assets and liabilities in 2022: Beginning balances: Cash and cash equivalents P250,000 Accounts payable P120,000 Trade and other receivables 150,000 Notes payable 80,000 Inventories 210,000 Bonds payable 200,000 Prepaid expenses 50,000 Mortgage payable 240,000 Property, plant and equipment - net 350,000 Ending balances: Cash and cash equivalents P230,000 Accounts payable P100,000 Trade and other receivables 250,000 Notes payable 60,000 Inventories 300,000 Bonds payable 170,000 Prepaid expenses 40,000 Mortgage payable 240,000 Property, plant and equipment - net 300,000 How much is the net income in 2022?
We are given the following information for Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $2,068,000 150,000 923,000 763,000 a. Accounts receivable b. Marketable securities c. Capital assets. d. Long-term debt $ Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items: LA LA LA $ $ 1.00 times 2.60 times $ 40 % 4 times 517000
Q5. Shown below are selected financial data for Planet X, Inc. and Planet Y, Inc., at the end of the current year: Planet X, Inc. Planet Y, Inc. $ 700,000 550,000 30,000 80.000 150,000 100,000 Net credit sales Cost of goods sold Cash $ 800,000 600,000 80,000 Accounts receivable (net) 85,000 60,000 110,000 Inventory Current liabilities Instructions a. For each of the two companies, compute the following: 1. Current ratio 2. Quick ratio 3. Number of times inventory turned over during the year and the average number of days required to tum over inventory (round computation to the nearest day). 4. Number of times accounts receivable turned over during the year and the average number of days required to collect accounts receivable (round computation to the nearest day). b. From the viewpoint of a short-tem creditor, comment on the quality of each company's operations. To which company would you prefer to sell $40,000 in merchandise on a 30-day open account?
Statement of Financial Position as at 31 December 2008 RM 000 Current Liabilities: (15,000) Creditors Proposed Dividends Net Assets Fixed Assets: 17,300 70,500 5,000 (2,000) Fixtures and Fittings (NBV) Equipment Motor Vehicles 156,800 20,500 Intangible Assets Financed by: Capital Reserve 100,000 50,800 6,000 Current Assets: 28,000 Long Term Loan Cash at Bank Stock Debtors 9,000 23,500 156.800 At the end of the year, you have been informed of the following additional information: Palestinian Islamic bank has borrowed through short term financing facilities from a local bank on the 1st April 2008 to buy machinery equipment amounting to RM12,000,000. This amount has already been included as part of the debtors in the Statement of Financial Position. Part of the stocks in the above Statement is stock of goods for sales (Finish foods) valued at RM500,000 • One of the debtors in the above Statement is a non-trade debtor and the amount due is RM1,000,000. Required: Determine the zakatable…
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $36,767 Accounts receivable 74,993 Accrued liabilities 6,681 Cash 17,378 Intangible assets 41,965 Inventory 83,039 Long-term investments 90,147 Long-term liabilities 70,154 Marketable securities 39,256 Notes payable (short-term) 24,477 Property, plant, and equipment 689,894 Prepaid expenses 1,932 Based on the data for Harding Company, what is the amount of working capital?
22. McLaughlin Corporation's statement of financial position showed the following amounts: current liabilities, $75,000; total liabilities, $100,000; total assets, $200,000. What is the total debt to total assets ratio? a.1 b.2 c.0.50 d.0.875
XYZ Co its selected financial statements items are given as following. Total net sales equals to 550.000 TL, COGS equals to 300.000 TL, operating expenses equals to 100.000 TL, interest expenses equals to 50.000 TL, 4 - tax expenses 20.000 TL, total depreciation & amortization expenses equals to 40.000 TL. Calculate the EBITDA of the company for the year 2020. a) O 80.000 TL 01383 b) O 150.000 TL c) O 190.000 TL d) O 110.000 TL
Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…
The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…
mework i 0 ences Mc Graw Hill INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income Federal taxes (@ 21%) Net income Assets Current assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Fixed assets Property, plant, and equipment Intangible assets (goodwill) Other long-term assets Total assets a. Free cash flow b. Additional tax c. Free cash flow million million million $ 27,571 17,573 1,406 $ 8,592 521 2022 8,071 1,695 $ 6,376 BALANCE SHEET OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) 2021 $ 2,340 1,379 126 1,093 $ 4,938 $ 24,681 2,808 2,987 $ 35,414 $ 2,340 1,339 121 620 $ 4,420 Saved $ 22,839 2,657 3,103 Liabilities and Shareholders' Equity Current liabilities Debt due for repayment Long-term debt Other long-term liabilities Total liabilities Total shareholders' equity $ 33,019 Total liabilities and…
Seminole Corporation reported the following items at December 31, 2021, and 2020: (Click the icon to view the comparative financial information.) Read the requirements. Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2021. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2021. (Abbreviation used: Cash* = Cash and cash equivalents. Round your final answer to two decimal places.) Cash* + Short-term investments + Net current receivables + Total current liabilities = Quick (acid-test) ratio $ Seminole's quick (acid-test) ratio is considered fairly weak. (b) Select the formula and calculate Seminole's days' sales outstanding for 2021. (Round interim calculations to two decimal places, XX.XX. Round the days' sales outstanding up to the next whole day.) Accounts receivable turnover = + Days' sales outstanding Seminole's days'…