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 O $14,500 O 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 O $14,500 O None of the above

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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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 $2,200 $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
Question 97 Using Financial Statements for 2020, times interest earned for the year 2020 is 15.37. TRUE OR FALSE?
Notes 2022 2021 ASSETS Cash on hand 1,404,561 2,529,876 Statutory deposits with Central Banks 7,508,221 7,045,773 Due from banks 9,178,784 12,425,341 Treasury Bills 8,400,605 4,934,664 Advances 4 56,829,415 55,515,628 Investment securities 5 19,953,780 19,259,501 Investment interest receivable 203,693 205,204 Investment in associated companies 6 62,603 55,961 Premises and equipment 7 3,255,758 3,218,670 Right-of-use assets 8 (a) 398,405 477,858 Intangible assets 9 1,143,560 1,171,222 Pension assets 10 (a) 1,200,717 1,415,216 Deferred tax assets 11 (a) 316,556 246,214 Taxation recoverable 49,290 72,817 Other assets 12 1,071,755 594,950 TOTAL ASSETS 110,977,703 109,168,895 LIABILITIES AND EQUITY LIABILITIES Due to banks 445,410 155,985 Customers’ current, savings and deposit accounts 13 87,586,189 86,609,634 Other fund raising instruments 14 4,461,931 4,618,554 Debt securities in issue 15 1,674,719 1,865,895 Lease liabilities 8 (b) 420,088 482,867 Pension liability 10 (a) 40 25,356…
Additional Funds Needed The Booth Company's sales are forecasted to double from $1,000 in 2019 to $2,000 in 2020. Here is the December 31, 2019, balance sheet: Cash Accounts receivable Inventories Net fixed assets $100 200 200 500 Accounts payable Notes payable Accruals Long-term debt Common stock Retained earnings Total liabilities and equity $ 50 150 50 400 100 250 $1,000 Total assets $1,000 Booth's fixed assets were used to only 50% of capacity during 2019, but its current assets were at their proper levels in relation to sales. All assets except fixed assets must increase at the same rate as sales, and fixed assets would also have to increase at the same rate if the current excess capacity did not exist. Booth's after-tax profit margin is forecasted to be 5% and its payout ratio to be 50%. What is Booth's additional funds needed (AFN) for the coming year? Round your answer to the nearest dollar. $ Check My Work
Dec 31' Dec 31' Period Ending 2019 2020 Current Assets Cash And Cash Equivalents 3,803,377.00 3,310'509.00 Short Term Investments 10.000 100,000 Net Receivables 2,595,746.00 2,812,421.00 Inventory 551'244.00 646'295.00 Prepayments 252'852.00 207'662.00 Total Current Assets 7,213'289.00 7,318'652.00 Current Liabilities Accounts Payable 1'038'953.00 999'675.00 Short/Current Long Term Debt 1'563'378.00 1'519'483.00 Accruala 1'664'679.00 1'546'993.00 Total Current Liabilities 4'267'010.00 4'066'151.00 What is the Current Ratio for 2020 Select one: O a. 1.3:1 O b. 2.5:1 O c. 1.5:1 O d. 1.8:1
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…
The following data are provided: December 31 2021 2020 Cash $ 1300000 $ 1005000 Accounts receivable (net) 1500000 1150000 Inventories 2600000 2100000 Plant assets (net) 6000000 6600000 Accounts payable 1150000 820000 Income taxes payable 220000 90000 Bonds payable 1400000 1400000 10% Preferred stock, $50 par 1800000 1800000 Common stock, $10 par 2300000 1700000 Paid-in capital in excess of par 1650000 1400000 Retained earnings 4100000 3400000 Net credit sales 12800000 Cost of goods sold 8500000 Operating expenses 2900000 Net income 1600000 Additional information:Depreciation included in cost of goods sold and operating expenses is $1200000. On May 1, 2021, 60000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021.At December 31, 2021,…
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