Answered: A firm has £520 in inventory, £1,860 in…

A firm has £520 in inventory, £1,860 in non-current assets, £190 in trade receivables, £210 in trade payables, and £70 in cash. What is the amount of the current assets?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 20MCQ

See similar textbooks

Related questions

Q: How do we report the $1000000 in the financial statement?

A: Contingent Liability - A contingent liability is a potential obligation arising from past events.…

Q: Smith Enterprises reports the following information: Net income Depreciation expense Increase in…

A: Statement of Cash Flow -Statement of cash flow includes inflow and outflow of cash during the…

Q: * ?Goods were sold for 500,000 dinars in cash. Which account is credited Cash Purchases Capital…

A: The sale of goods means to sell off the products by the company in the market in order to earn…

Q: Rhoont 26. Vvnat is uhe amount of collecion from customers assuming all sales were made on credit?…

A: answer are as follows as per the guidelines we can provide the ans for one question. please post…

Q: Click in the account title sections of the journal entry and select the correct account titles to be…

A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: An analyst has calculated a ratio using as the numerator the sum of operating cash fl ow, interest,…

A: This ratio is interest coverage ratio It is the profitability and debt ratio which helps to identify…

Q: A company had EBIT of $723, EBT of $221, Depreciation of $550, Net Income of $146 and taxes of $75.…

A: Operating cash flows is one of the important section of cash flows statement being prepared in…

Q: Which of the following is an example of an operating cash flow? * O Dividends paid O Proceeds from…

A: The answer is option (c.) [ i.e payment of wages] Refer step 2 for explanation

Q: A firm has EBIT OF $500,000 and depreciation expense of $24,000. Fixed charges total $44,000.…

A: The cash coverage ratio is the ratio that tells about the availability of cash with the firm to bear…

Q: 16. The Scott Sun & Shade Company had the following financial data at December 31, 2025: Cash and…

A: Cash ratio is calculated by cash & cash equivalents by current liabilities. Current liabilities…

Q: 523.99 deprecitation 4580.77 accounts receivable -543.32 inventory 592.81

A: A company's primary business operations are directly linked to its cash inflows and outflows, which…

Q: On January 31, 2019, YZ Company engaged in the following transactions: * Obtained a P500,000,…

A: Amount received from loan = Loan amount - discount = P500000 - (500000 * 12% * 6/12) = P470,000

Q: Billingham Packaging is considering expanding its production capacity by purchasing a new machine,…

A: Free cash flow:Free cash flows represent the surplus cash generated by a business after accounting…

Q: The ________ is a measure of a company's ability to pay its current liabilities from cash and cash…

A: Cash conversion cycle is a working capital metric which expresses how many days it takes a company…

Q: Cutler Company has a cash account with a balance of $250,000 with Wright Bank and a cash account…

A: International Financial Reporting Standards (IFRS): IFRS is a set of accounting standards which are…

Q: Zoogle has the following selected data ($ in millions):Net sales…

A: Return on Assets = Net Income / Average assets Average assets = (Beginning Assets + Ending Assets)…

Q: Find out the company's cash ratio which has cash of P7500, cash equivalents of P26,250, accounts…

A: Cash ratio is an liquidity ratio, where it can be found out by adding cash available with…

Q: Goods were sold for 500,000 dinars in cash. Which account is debited Capital Purchases Cash Sales O

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Which of the following would result when a company lends cash to a customer in exchange for a ten…

A: A current assets is an asset for which the organisation expects to receive economic benefit within…

Q: In its income statement for the year ended December 31, 2020, Angel Company reported revenue of…

A: Cash basis of accounting - As per this concept, financial events are recorded in the books for which…

Q: How can you tell by looking at a company's Statement of Cash Flows if they are using up its current…

A: In a cash flow statement, cash flows from operating activities are those activities which are done…

Q: How much cash is received from sales to customers for year 2021? Assume all the sales were made on…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: 1. What is the firm's net income in the current year? 2. What is the firm's dividend payment in the…

A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Which of the following options indicate how quickly accounts receivables are converted into cash?…

A: Accounts receivables are those customer accounts to whom business has made credit sales. Every…

Q: Consider the following information from the Income Statement of Production Ltd. on 31st December…

A: CASH FLOW STATEMENTCash flow statement is additional information to user of financial statement.…

Q: 1. How much is the total Cash in its Balance sheet? 2. How much is the total inventory balance in…

A: A business summary called a statement of income, which is also referred to as a profit and loss…

Q: Analyze this transaction as an asset, liability, paid in capital or retained earnings(plus or a…

A: A transaction generally tends to have an impact on two or more accounts. In the given transaction,…

Q: FMT Trading Inc. has the following financial data: Annual sales 10,000,000 Cost of goods sold…

A: Cash Conversion Cycle - Cash Conversion cycle is calculated by following formula - Average…

Q: uppose that a company's cash flow statement showed the following: o Net Income: $19,917.48 o…

Q: During an accounting period, a business sells goods on credit for a total selling price of £3,000.…

A: To calculate the cash inflow from sales, we need to determine the amount of cash received from…

Q: Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account.…

A: Operating activities: Operating activities refers to those activities which are performed by the…

Q: This is a new manufacturing corporation that issued $50000 common stock for cash on the first day.…

A: Financial statements are the statements which are prepared at the end of an accounting period. These…

Q: Q16. Use the following information to calculate the net liquid balance: Cash and equivalents $10…

A: 16) Cash and equivalents = $10 Notes payables = $25

Question

A firm has £520 in inventory, £1,860 in non-current assets, £190 in trade receivables, £210 in trade payables, and £70 in cash. What is the amount of the current assets?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Find out the company's cash ratio which has cash of P7500, cash equivalents of P26,250, accounts receivables of P4,300. Its total current liabilities are P45,000. What are cash equivalents? Exe2.1
A firm has $820 in inventory, $3,200 in fixed assets, $670 in accounts receivable, $390 in accounts payable, $500 in long-term debt, and $360 in cash. What is the amount of the net working capital?
You are given the following information. Revenue Current liabilities Days sales in receivable Inventory turnover ratio Current ratio RM1,200,000 RM 375,000 40 4.8 1.2 The current account consists of cash, inventories and accounts receivable. Calculate the cash amount.
A company has $523 in inventory, $1786 in net fixed assets, $210 in account receivable, $81 in cash, and $234 in accounts payable. What are the company's total current assets?
JPJ Corp has sales of $1.00 million, accounts receivable of $50,000, total assets of $5.00 million (of which $3.00 million are fixed assets), inventory of $150,000, and cost of goods sold of $600,000. What is JPJ's accounts receivable days? Fixed asset turnover? Total asset turnover? Inventory turnover? What is JPJ's accounts receivable days? JPJ's accounts receivable days are days. (Round to two decimal places)
* ?Goods were sold for 500,000 dinars in cash. Which account is debited Capital Purchases Cash Sales O
If cash is $5450, accounts receivable is $10059,notes payable is $5285, common stock is $1161 how much is retained earnings?
We are given the following information for Pettit Corporation. Sales (credit) Cash Inventory Current liabilities. Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $4,344,000 229,000 873,000 773,000 a. Accounts receivable b. Marketable securities c. Capital assets d. Long-term debt $ $ Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items: ta ta ta 1.45 times 2.80 times $ $ 50 % 8 times
The balance sheet of Koehn, Incorporated, has the following balances: Cash Accounts receivable Inventory Beginning balance $ 30,300 48,200 126,500 611,900 Ending balance 43,200 415,000 $ 32,800 51,600 129,200 574,300 53,600 304,200 Net fixed assets Accounts payable Long-term debt What is the amount of the change in net working capital?
Consider the following information from the Income Statement of Production Ltd. on 31st December 2022 (accounting year-end): Operating profit equals £30,000 and depreciation expense equals £2,000. In addition, consider the following information from the Statement of Financial Position of Production Ltd.: Trade Receivables Trade Payables 31st December 2021 31st December 2022 £ £ 2,500 9,000 32,000 12,000 Additional information: • Tax paid on cash during the current accounting year amounts to £12,500 • Gain on asset disposal equals £1,000. Considering all the previous information from Production Ltd., which of the following statements is true on 31st December 2022? O a. Production Ltd. shows a negative net cash flow from operating activities which equals -£8,000. O b. Production Ltd. shows a positive net cash flow from operating activities which equals £3,000. O c. The net cash flow from operating activities equals £0 O d. None of the answers is true.
A company has $635 in inventory, $1,930 in net fixed assets, $306 in accounts receivable, $145 in cash, and $362 in accounts payable. What are the company's total current assets?
JPJ Corp has sales of $1.27 million, accounts receivable of $52,000, total assets of $4.96 million (of which $2.77 million are fixed assets), inventory of $152,000, and cost of goods sold of $604,000. What is JPJ's accounts receivable days? Fixed asset turnover? Total asset turnover? Inventory turnover? What is JPJ's accounts receivable days? JPJ's accounts receivable days are enter your response here days. (Round to two decimal places.) Part 2 What is JPJ's fixed asset turnover? JPJ's fixed asset turnover is enter your response here . (Round to two decimal places.) Part 3 What is JPJ's total asset turnover? JPJ's total asset turnover is enter your response here . (Round to two decimal places.) Part 4 What is JPJ's inventory turnover? JPJ's inventory turnover is enter your response here .