2:25 O 令l 30% The following accounts are extracted from the books of X Inc. on December 31, 202O: Account Receivable S60,000 Accounts Payable 75,000 Accumulated Depreciation: Land Improvement 160,000 Allowance for Doubtful Accounts 26,000 Accrued Liabilities 204,000 Bonds Payable 373,000 Bond Sinking Fund 220,000 Cash 140,000 Investment in Stock 132,000 Common Stock 414,000 Goodwill ?? Inventory 322,000 Land 260,000 Land held for speculation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Premium on Common Stock 276,000 Prepaid Insurance (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Sccurities, originally purchased at $70,000, are traded at a fair value of S88,000 Treasury Stock ??

2:25 O 令l 30% The following accounts are extracted from the books of X Inc. on December 31, 202O: Account Receivable S60,000 Accounts Payable 75,000 Accumulated Depreciation: Land Improvement 160,000 Allowance for Doubtful Accounts 26,000 Accrued Liabilities 204,000 Bonds Payable 373,000 Bond Sinking Fund 220,000 Cash 140,000 Investment in Stock 132,000 Common Stock 414,000 Goodwill ?? Inventory 322,000 Land 260,000 Land held for speculation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Premium on Common Stock 276,000 Prepaid Insurance (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Sccurities, originally purchased at $70,000, are traded at a fair value of S88,000 Treasury Stock ??

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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q. 13 A company has $628 in inventory, $1,921 in net fixed assets, $300 in accounts receivable, $141 in cash, and $354 in accounts payable. What are the company’s total current assets? $769 $1,069 $2,990 $1,123 $1,423
K 11 Mars Corporation reported the following information for the year ended March 31, 2021 Administrative expenses $ 15,000 Cost of goods sold 60,000 Dividends paid by Mars to its shareholders 18,000 Dividends received by Mars from investments 10,000 Error calculating cost of goods sold in 2019 (increase income) 13,000 Interest earned on available-for-sale debt securities 6,000 Unrealized gain on hedging transactions 8,000 Loss on sale of debt securities 14,000 Net Sales 150,000 Retained earnings April 1, 2020 100,000 Selling expenses 12,000 Ignoring income taxes and earnings per share, prepare an Income Statement (multi-step), Statement of Comprehensive Income…
Assets Cash $ 15,050 Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable 8,260 13,400 11,100 165,500 (12,000) $201,310 $ 8,180 3,880 4,350 Common stock Retained earnings 21,480 113,900 49,520 $ 201,310 Total liabilities and stockholders' equity The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $14,400. Required Compute each of the following: Note: Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45. a. Current ratio per share b. Earnings per share c. Quick (acid-test) ratio d. Return on investment + % % e. Return on equity f. Debt to equity ratio
Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Retained earnings, January 1 $3,704,000 $3,264,000 Net income $ 600,000 $ 550,000 Dividends: On preferred stock (10,000) (10,000) On common stock (100,000) (100,000) Increase in retained earnings $ 490,000 $ 440,000 Retained earnings, December 31 $4,194,000 $3,704,000 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales $ 10,850,000 $10,000,000 Cost of goods sold (6,000,000) (5,450,000) $ 4,850,000 $ (2,170,000) Gross profit $ 4,550,000 Selling expenses $ (2,000,000) Administrative expenses (1,627,500) (1,500,000) Total operating expenses $(3,797,500) $ (3,500,000) Operating income $ 1,052,500 $ 1,050,000 Other revenue and expense:…
P14
Accounts payable $509,000Notes payable $244,000Current liabilities $753,000Long-term debt $1,246,000Common equity $4,751,000Total liabilities and equity $6,750,000 What percentage of the firm's assets does the firm finance using debt (liabilities)? b. If Campbell were to purchase a new warehouse for $1.4 million and finance it entirely with long-term debt, what would be the firm's new debt ratio?
AQUIL and BADIR formed a partnership on January 2, 2022 by contributing their respective assets and equities subject to adjustments. On that date, the following were provided: Cash Accounts Receivable Inventories Land Building Equipment Intangible assets Accounts Payable Other Liabilities Capital AQUIL BADIR 28,000 62,000 200,000 600,000 120,000 200,000 600,000 500,000 50,000 35,000 2,000 3,000 180,000 250,000 200,000 350,000 OZU,UUU 800,000
Q4 Corporation financial statements at December 31 (in millions) ASSETS Cash LIABILITIES Accounts payable Notes payable Accrued wages Accrued taxes Total current liabilities 20X9 S10 5. 3. 2. 20X8 20X9 $5 10 15 20X8 $ 8 5. 2. 3. $ 4 Accounts receivable Inventory 12 Total current assets Long-term debt Common stock Retained carnings Total Net fixed assets 40 40 20 10 20 10 15 20 Total Sales $95, Cost of goods sold $50, Selling, general, and administrative expenses S15. Depreciation $3,Interest $2, Taxes $10 (a) Prepare a flow of funds statement for 20X9 for the Corporation (b) Prepare a cash flow statement using the indircct method for Corporation.
2021 2$ Cash Available-for-sale debt securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation 94,025 23,000 95,000 180,000 2,850 1,280,000 (625,000) $1,049,875 2020 31,955 100,000 81,750 158,500 3,500 1,140,000 (587,000) $ 928,705 $ 163,670 32,000 90,000 Total assets Accounts payable Salaries payable Notes payable (current) Bonds payable Common stock Retained earnings 2$ 89,840 26,000 38,500 215,000 300,000 380,535 300,000 343,035 $ 928,705 ces Total liabilities and shareholders' equity $1,049,875 Additional information for 2021: (1) Sold available-for-sale debt securities costing $77,000 for $83,000. (2) Equipment costing $20,000 with a book value of $6,500 was sold for $8,250. (3) Issued 6% bonds payable at face value, $215,000. (4) Purchased new equipment for $160,000 cash. (5) Paid cash dividends of $27,500. (6) Net income was $65,000. Required: Prepare a statement of cash flows for 2021 in good form…
ACCT 102
1741 @ O * Umniah I. أنت كل الوسائط ۲۰۲۰/۱۲/۲۷، 1:۲۹ م Jadara Company compiled the following financial information as of December 31, 2014: Revenues 140,000 Equipment 80,000 Accounts receivable 14,000 Note Payable 8,000 Expenses 125,000 Account Payable 10,000 Share capital 65,000 Dividends 10,000 Jadara's Total liabilities on December 31, 2014, are Jigu