2019 2020 2019 2020 Cash $1,200 $2,400 Accounts payable $4,400 $1,000 Accounts receivable $9,200 $1,100 Wages payable $4,000 $2,800 nventory $5,500 $7,500 Utilities payable $800 $1,000 Prepaid rent $3,200 $6,000 Note payable $27,000 $30,000 Equipment $56,000 $56,000 Interest payable $2,200 $4,600 Accum. depreciation ($41,000) ($43,000) Common stock $2,000 $2,000 .and $10,000 $12,400 Retained earnings $3.700 $1,000 $44,100 $42,400 $44,100 $42,400 How much inventory was purchased during 2020 if $82,000 was paid to suppliers? $80,600 $80,000 $76,600 $78,600

2019 2020 2019 2020 Cash $1,200 $2,400 Accounts payable $4,400 $1,000 Accounts receivable $9,200 $1,100 Wages payable $4,000 $2,800 nventory $5,500 $7,500 Utilities payable $800 $1,000 Prepaid rent $3,200 $6,000 Note payable $27,000 $30,000 Equipment $56,000 $56,000 Interest payable $2,200 $4,600 Accum. depreciation ($41,000) ($43,000) Common stock $2,000 $2,000 .and $10,000 $12,400 Retained earnings $3.700 $1,000 $44,100 $42,400 $44,100 $42,400 How much inventory was purchased during 2020 if $82,000 was paid to suppliers? $80,600 $80,000 $76,600 $78,600

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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2020 2019 Account Description Debit Debit Cash 43,700 18,200 Accounts Receivable 24,500 13,377 Allowance for doubtful accounts (900) (427) Inventory 44,200 35,000 Prepaid expenses 15,100 12,900 Supplies 1,000 750 Investments 132,200 157,000 Property, plant, and equipment: Land 125,000 175,000 Buildings 350,000 350,000 Less: Accumulated depreciation - buildings (105,000) (87,500) Equipment 525,000 400,000 Less: Accumulated depreciation - equipment (130,000) (112,000) Patents 45,000 50,000 Accounts Payable (20,000) (32,000) Income Tax Payable (6,000) (4,000) Salaries and Wages Payable (8,100) (5,800) Dividend Payable (16,500) (14,400) Short term Notes Payable (10,000)…
2019 2020 2019 2020 Cash $2,800 $4,700 Accounts payable $4,800 $5,900 Accounts receivable $2,500 $2,900 Utilities payable $2,000 $2,300 Inventory $5,600 $8,100 Salaries payable $200 $1,900 Prepaid insurance $1,500 $2,000 Notes payable $29,000 $29,000 Equipment $45,000 $45,000 Interest payable $1,900 $2,600 Accum. depreciation ($15,500) ($16,200) Common stock $12,000 $13,000 Land $16,000 $15,000 Retained earnings $8,000 $6,800 $57,900 $61,500 $57,900 $61,500 What was the company's inventory turnover ratio in 2020 if inventory purchases were $90,000? 10.8 O 12.8 13.1 13.5 None of the above
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Given this information: 2019 2020 2019 2020 Cash $3,000 $4,20O Accounts payable $8,500 $5,100 Accounts receivable $15,000 $14,000 Utilities payable $7,000 $4,000 Inventory $6,000 $7,000 Salaries payable $1,400 $800 Prepaid rent $4,000 $1,000 Notes payable $32,000 $34,000 Equipment $22,000 $26,000 Interest payable $1,200 $1,350 Accumulated depreciation ($4,000) ($5,200) Common stock $20,000 $20,000 Land $28,000 $21,000 Retained earnings $3,900 $2,750 $74,000 $68,000 $74,000 $68,000 How much cash was collected during 2020 if total sales were $160,000? $159,000 $161,200 $158,800 $161,000 None of the above
2019 2020 2019 2020 Cash $2,000 $1,600 Accounts payable $4,000 $3,500 Accounts receivable $4,200 $4,500 Utilities payable $800 $1,500 Inventory $2,600 $4,000 Salaries payable $2,200 $2,600 Prepaid rent $800 $500 Notes payable $10,000 $9,000 Equipment $24,000 $24,000 Interest payable $600 $900 Accum. depreciation ($2,200) ($2,800) Common stock $18,000 $18,000 Land $10,000 $6,500 Retained earnings $5,800 $2,800 $41,400 $38,300 $41,400 $38,300 How much land was purchased during 2020 if one plot that had been purchased in a prior year for $10,000 was sold during 2020 for $8,000? $4,500 O $18,500 $8,500 $14,500 None of the above
2019 2020 2019 2020 Cash $2,200 $1,000 Accounts payable $3,100 $2,800 Accounts receivable $4,600 $8,200 Utilities payable $1,100 $1,800 Inventory $3,100 $7,200 Wages payable $500 $1,600 Prepaid insurance $800 $1,600 Notes payable $14,000 $16,000 Equipment $36,000 $36,000 Interest payable $2,000 $3,200 Accum. depreciation ($14,000) ($15,200) Common stock $9,000 $9,000 Land $7,600 $10,200 Retained earnings $10,600 $14,600 $40,300 $49,000 $40,300 $49,000 How much were fınancing cash flows during 2020 if net income was $87,000? $2,000 $89,000 ($81,000) O ($83,000) None of the above
Balance Sheet for Bearcat Hathaway, 2022 2021 2022 Cash Accounts. Receivable $5,268,485 $10,268,485 Inventory $529,062 $696,685 Current Assets $8,371,777 $13,279,842 Less $2,574,230 $2,314,672 Gross Fixed Assets $16,251,665 $20,567,330 Accum.Depreciation Total Assets $7,460,897 $10,117,819 Accounts Payable Notes. Payable Current Liabilities Calculate the net working capital in 2022. Long Termi Debt Total Liabilities, None of these options are correct $10,572,740 $5,664,675 $8,854,338 $3,946,273 Total $17,162,545 $23,729,353 Liabilities and Equity Capital Surplus Retained. Earnings 2021 2022 $1,673,992 $2,438,271 Common Net Fixed Assets $8,790,768 $10,449,511 Stock ($0.50 $1,300,000 $1,600,000 par) $1,033,110 $1,987,233 $2,707,102 $4,425,504 $9,242,830 $11,468,302 $11,949,932 $15,893,806 $1,148,120 $1,800,969 $2,764,493 $4,434,578 $17,162,545 $23,729,353
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Question 1 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. a) What is the implied per annual simple interest rate for her purchasing (expressed as a percentage and rounded to three decimal places)? Select one: a. 0.076 b. 0.032 c. 0.031 d. 0.088 Question 2 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. b) What is her selling price (rounded to four decimal places)? Select one: a. 98740.2903 b. 98634.0935 c. 98846.7161 d. 99317.7280 Question 3 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest…
2018 2019 2020 Income before depreciation, amortization, interest, and taxes $1,598 $2,832 $3,618 Interest expense 165 318 419 Cash 51 105 239 Current liabilities (does not include any debt) 547 799 1,192 Bank loan payable (all long-term) 1,800 4,270 4,200 Shareholders' equity 4,593 6,030 6,835 (a) Calculate the debt to equity, net debt as a percentage of total capitalization, and interest coverage ratios. (Round answers to 1 decimal place, e.g. 18.4 or 15.3%.) Net debt as a percentage of total capitalization Debt to equity ratio Interest coverage 2018 51.1 33.81 % 9.68 2019 84.1 45.67 8.9 2020 78.9 44.09 % 8.63
2019 2020 2019 2020 Cash $2,200 $1,000 Accounts payable $3,100 $2,800 Accounts receivable $4,600 $8,200 Utilities payable $1,100 $1,800 Inventory $3,100 $7,200 Wages payable $500 $1,600 Prepaid insurance $800 $1,600 Notes payable $14,000 $16,000 Equipment $36,000 $36,000 Interest payable $2,000 $3,200 Accum. depreciation ($14,000) ($15,200) Common stock $9,000 $9,000 Land $7,600 $10,200 Retained earnings $10,600 $14,600 $40,300 $49,000 $40,300 $49,000 How much was cost of goods sold in 2020 if $51,000 was paid to suppliers? $50,700 $46,600 O $55,100 $46,900 None of the above
2019 2020 2019 2020 Cash $2,200 $1,000 Accounts payable $3,100 $2,800 Accounts receivable $4,600 $8,200 Utilities payable $1,100 $1,800 Inventory $3,100 $7,200 Wages payable $500 $1,600 Prepaid insurance $800 $1,600 Notes payable $14,000 $16,000 Equipment $36,000 $36,000 Interest payable $2,000 $3,200 Accum. depreciation ($14,000) ($15,200) Common stock $9,000 $9,000 Land $7,600 $10,200 Retained earnings $10,600 $14,600 $40,300 $49,000 $40,300 $49,000 How much were investing cash flows if a plot of land that had been purchased in a prior year was sold during 2020 for $2,00O, which was a $1,500 loss? O $2,000 O ($3,600) O ($6,100) O ($4,100) O None of the above