A firm has the following assets and liabilities:Cash$10,500Accounts receivable$35,000Allowance for doubtful accounts$ 2,000Accounts payable$8,000After preparing s classified balance sheet, what should the firm's totalassets and liabilities be?A. Total assets of $45,500, and total liabilities of $10,000B. Total assets of $45,500, and total liabilities of $8,000C. Total assets of $43,500, and total liabilities of $8,000D. Total assets of $43,500, and total liabilities of $10,000

Step 1: Calculate Total AssetsAssets include cash, accounts receivable, and the adjustment for…

Answered: A firm has the following assets and…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4TP: You are considering two possible companies for investment purposes. The following data is available...

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A firm's balance sheet has the following data:
9. AllStarBank has the following balance sheet (in millions): Assets $ 30 90 50 Total assets $170 Cash Loans Securities Liabilities and Equity $110 40 Equity 20 Total liabilities and equity $170 Deposits Borrowed funds AllStarBank's largest customer decides to exercise a $15 million loan co ment. How will the new balance sheet appear if AllStar uses the fol liquidity risk strategies? a. Stored liquidity management. b. Purchased liquidity management. mi
The firm's current ratio and acid test ratio are closest to what values
Sharpshooter Productions needs help checking the accuracy of their balance sheet. The firm reports the following: Entry Cash and marketable securities Accounts payable Common stock Retained Earnings Accounts Receivable Value Entry Value $201,250.00 Goodwill and other assets $89,330.00 $82,800.00 Net fixed assets $458,110.00 $100,000.00 Notes payable $66,075.00 $532,460.00 Long-term debt ????? $276,870.00 Inventory $123,225.00 What is the long-term debt for Sharpshooter for the financials to be correct? Submit Answer format: Currency: Round to: 2 decimal places. Show Hint
Cotuit Company has a current ratio of 5.9 and an acid-test ratio of 5.4. The company's current assets consist of cash, marketable securities, accounts receivable, and inventories. Inventory equals $14,000. Cotuit Company's current liabilities must be _. a. $12,400 b. $60,000 c. $28,000 d. $216,000. Need help to get solution for this financial accounting problem
Refer to the 10-K for Abercrombie & Fitch. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in thousands. a. Cash b. Short-term investments (or marketable securities) c. Accounts receivable d. Inventory e. Other current assets f. Accounts payable g. Other current liabilities h. Cash flow from operations A A AA A A 好 2. The company projects the following to occur in the next fiscal year: • Accounts payable will decrease by 25%. • Other current liabilities are expected to increase by 33%. • Cash flow from operations is expected to decrease by 32%. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances for the following accounts and cash flow from operations.
Cotuit Company has a current ratio of 5.9 and an acid-test ratio of 5.4. The company's current assets consist of cash, marketable securities, accounts receivable, and inventories. Inventory equals $14,000. Cotuit Company's current liabilities must be _. a. $12,400 b. $60,000 c. $28,000 d. $216,000. Need help
The firm's current ration and acid- test ratio??
Analysis of Financial StatementsThere was a bit of concern about one of Big Rock’s newer entities – Big Rock PavingCompany. Management wants you to review the two financial statements below and giveyour analysis of the company’s performance.Big Rock Paving CompanyAssetsLiabilitiesCurrent Assets: Current Liabilities:Cash 500,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 500,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,200,000Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets 1,600,000 Retained Earnings 100,000Total Assets 2,900,000 Total Owners’ Equity 800,000Total Liabilities and Owners’Equity2,900,000Big Rock Paving CompanyIncome Statement for Year Ending December 31, 2021Sales 3,400,000Less: Cost of Goods Sold 2,700,000Less: Administrative Expenses 700,000Less Depreciation 682,000Earnings Before…
Jordan Inc has the following balance sheet and income statement data: Cash Receivables Inventories Total CA Net fixed assets Total assets Sales Net income c. 29.86% d. 25.04% $14,000 70,000 280,000 $364,000 126,000 $490,000 $280,000 21,000 e. 24.08% Accounts payable Other current liabilities Total CL The new CFO thinks that inventories are excessive and could be lowered sufficiently to cause the current ratio to equal the industry average, 2.15, without affecting either sales or net income. Assuming that inventories are sold off and not replaced to get the current ratio to the target level, and that the funds generated are used to buy back common stock at book value, by how much would the ROE change? Do not round your intermediate calculations. a. 29.38% b. 19.50% Long-term debt Common equity Total liab. and equity $42,000 28,000 $70,000 140,000 280,000 $490,000
Is the organization profitable? Why or why not? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S EQUITY…

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