29. The following information is provided for Sacks Company before closing entries.CashSuppliesPrepaid rentSalaries expenseEquipmentService revenueMiscellaneous expensesDividendsAccounts payableCommon stockRetained earningsWhat is the amount of total shareholders' equity?A) $5,000.B) $78,500.C) $68,500.D) $83,500.$12,0004,5002,0004,50065,00030,00020,0003,0005,00068,0008,000

Shareholders' equity is the owners' capital. It includes the common stock, preferred stock and…

Answered: 29. The following information is…

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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Accounting
The following items are reported on a company's balance sheet: Cash $161,300 Marketable securities 126,000 Accounts receivable (net) 72,700 Inventory 144,000 Accounts payable 360,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio fill in the blank 1 b. Quick ratio fill in the blank 2
Below are incomplete financial statements for Bulldog, Inc.Required: Calculate the missing amounts.
Complete the following balance sheet based on the information provided ASSETS LIABILITIES & SHAREHOLDERS' EQUITY %$4 Question 2 Accounts payable Cash $63,000 Common stock Accounts receivable %$4 Retained earnings %24 Inventory %24 Plant and equipment, net $56,000 Total liabilities and s135,000 $135,000 Total assets shareholders' equity The values of selected ratios are as follows: Quick ratio 1.40 Average collection period Debt ratio 38 days 0.38 (Asset) Turnover ratio [Answer: Cash = 37,386, AR = 34,434, Inventory = 7,180, AP = 51,300, RE = 20,700] 2.45 %3D %3D %3D %3D
45) Based on the following information from a business's financial statements, what amount of accounts receivable change was attributed to sales Sales Ending account receivable a. $37.00 b. $40.00 c. $44.40 d. $48.00 Year 1 ($) 4,440 500 Year 2 ($) 4,795 600
Presented below are selected account balances for Skysong Co. as of December 31, 20X1. Inventory 12/31/X1 Common Stock Retained Earnings Dividends Sales Returns and Allowances $60,380 73,910 44,880 18,039 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $224,260 16,250 37,419 29,860 11,879 Sales Discounts 15,240 Sales Revenue 417,310 Prepare closing entries for Skysong Co. on December 31, 20X1.
ĮThe following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 Retained Earnings Totals During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash $ 23,000 Accounts receivable, net 200,000 Merchandise inventory 340,000 Prepaid expenses 8,000 Total current assets 571,000 Property and equipment, net 910,000 Total assets $ 1,481,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $240,000 Bonds payable, 8% 310,000 Total liabilities 550,000 Stockholders' equity: Common stock, $10 par value $ 160,000 Retained earnings 771,000 Total stockholders' equity 931,000 Total liabilities and stockholders' equity $ 1,481,000 Castile Products, Incorporated Income Statement For the Year Ended December 31 Sales $ 3,325,000 Cost of goods sold 1,067,500 Gross margin 2,257,500 Selling and administrative expenses 610,000 Net operating income 1,647,500 Interest expense 24,800 Net income before taxes 1,622,700 Income taxes (30%) 486,810 Net income $ 1,135,890 Account…
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: Beginning balances: Inventory $200,000 Accounts receivable 300,000 Ending balances: Inventory 250,000 Accounts receivable 400,000 Cash 100,000 Marketable securities (short-term) 200,000 Prepaid expenses 50,000 Accounts payable 175,000 Taxes payable 85,000 Wages payable 90,000 Short-term loans payable 50,000 During the year, Arnn had net sales of $2.45 million. The cost of goods sold was $1.3 million. Required: When required, round your answers to two decimal places. Assume 365 days per year. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. times 4. Compute the accounts receivable turnover in days. days 5. Compute the inventory turnover ratio. times 6. Compute the inventory turnover in days. days
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The following items are reported on a company's balance sheet: Cash $256,300 Marketable securities 106,900 Accounts receivable 225,600 Inventory 207,500 Accounts payable 304,300 Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place. a. Current ratio fill in the blank 1 b. Quick ratio
The following information was extracted from the Coach Trading as at 31 December 2022. Coach Trading Statement of Financial Position as at 31 December 2022 RM Non-Current Assets 572,000 Current Assets Closing inventory 189,000 Account receivable 177,700 Cash in bank 98,300 Prepaid expense 5,000 470,000 1,042,000 Owner’s Equity Capital 500,000 Add: Net profit 344,100 844,100 Current Liabilities Account payable 189,900 Accrued expense 8,000 197,900 1,042,000 Additional information: - 1. Net sales and cost of goods sales for the year ended 31 December 2022 were RM988,900 and RM400,000 respectively. 2. The amount of inventories as at 1 January 2022 was RM210,000. Based on the information given above, compute and comment the following ratios: a) Current Asset Ratio b) Inventory Turnover Ratio c) Account Receivables Collection Period d) Net Profit Margin Do not give answer in image

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