1he loilowing data represent the ratios for the BMA industry for 2014:4 timesSales to stockholders' equiryCurrent liabilitics to stockholders' equiryTotal liabilities to stockholders equityCurrent ratioNet sales to inventory50%80%2.28 timesP45,000P55,00040 daysBeginning inventoryEnding inventoryAverage collection periodFied assets to stockholders' equityAll sales are credit sales.70%Sales are equal to the costs of goods sold.From the preceding data, complete the following pro-forma balance sheet below.BMAPro-forma Balance Sheet, 2014Current liabilitiesCashAccounts receivableInventoryLong-term liabilitiesTotal liabilitiesStockholders' equityTotal current assetsFixed assetsTotal liabilitiesand stockholders'equityTotal assets4. The following data are from Hardwood, Inc.'s financial statements. The firm manufacturesdecorative material. Sales (all credit) totaled P 80 million for 2014.Given:Sales to total assets3.0 times40%Total debt to total assetsCurrent ratio2.0 timesInventory turnoverAverage collection periodFixed-asset turnover10.0 times18.0 days7.5 timesNote: 360 days is equal to 1 year and sales are equal to the costs of goods sold. You may use theing balance sheet account in looking for the values needed.CashCurrent debtAccounts receivableInventoryTotal current assetsLong-term debtTotal debtEquityFixed assetsTotal assetsTotal debr and stockholders' equity 2. A comparative balance sheet of the RXC Corporation is presented below:RDF CorporationComparative Balance Sheet20142013Assets40,000P 31,000Cash80,00060,000Accounts receivable (net)22,00017,000Prepaid insurance18,00040,000Land70,00060,000EquipmentAccumulated depreciation(20,000)(13,000)Total assetsP 210,000P195.000Liabilities and Stockholders' EquityP 12,000P 6,000Accounts payableBonds payable27,00019,000Common stock140,000115,000Retained earningsTotal liabilities and stockholders' equity31,00055,000P210.000P195.000Additional information:1. Net loss for 2014 was P20,000. Net sales for 2014 was P250,000.2. Cash dividends of P4,000 were declared and paid for in 2014.3. Land was sold for cash ar a loss of P10,000. This was the only land transaction during theyear.4. Equipment with a cost of P15,000 and accumulated depreciation of P10,000 was sold forP5,000 cash.5. Bonds worth P12,000 were retired during the year at carrying (book) value.6. Equipment was acquired for common stock. The fair market value of the stock at thetime of the exchange was P25,000.Prepare a statement of cash flows for the year ended 2014.

Working notes: (As per our guidelines we are supposed to answer only 1st question.) 1)Sales to…

3. The following data represent the ratios for the BMA industry for 2014: 4 times Sales to stockholders' equiry Current liabilities to stockholders' equity Total liabilicies to stockholders equity 50% 80% Current ratio 2.2 8 times P45,000 Net sales to inventory Beginning inventory Ending inventory Average collection period Fized assets to stockholders' equity All sales are credit sales. P55,000 40 days 70% Sales are equal to the costs of goods sold. From the preceding data, complete the following pro-forma balance sheet below,

3. The following data represent the ratios for the BMA industry for 2014: 4 times Sales to stockholders' equiry Current liabilities to stockholders' equity Total liabilicies to stockholders equity 50% 80% Current ratio 2.2 8 times P45,000 Net sales to inventory Beginning inventory Ending inventory Average collection period Fized assets to stockholders' equity All sales are credit sales. P55,000 40 days 70% Sales are equal to the costs of goods sold. From the preceding data, complete the following pro-forma balance sheet below,

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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