A partial balance sheet for Captain D's Sportswear is shown below.(dollars in thousands)Assets:Liabilities:Cash$ 68Accounts payable$246Accounts receivable (net)175Other liabilities87Investments59Total current liabilities333InventoryLong-term liabilitiesTotal liabilities202112Prepaid rentTotal current assets30445534Stockholders' equity:Property & Equipment, (net)264Common stock155Retained earningsTotal stockholders' equity198353Total assets$798Total liabilities and equity$798The current ratio is: (Round your answer to 2 decimal places.)

Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Answered: A partial balance sheet for Captain D's…

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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ased on these items, what is the total of the (a) liquid assets and (b) current liabilities? Checking account balance $ 935 Savings account balance $ 3,425 Retirement account balance 58,500 Current student loan payment due 370 Credit card balance 192 Investment account balance 9,500 Rare jewelry 600 Mortgage 185,500
Calculate Quick Ratio: AKA the Acid Test
The balance sheet for Gallinas Industries is as follows, Gallinas Industries Balance Sheet December 31 Assets Liabilities and Stockholders' Equity Cash $35,000 Accounts payable $101,920 Marketable securities 101,920 Notes payable 62,720 Accounts receivable 109,760 Accrued wages 62,720 Inventories 148,960 Total current liabilities $227,360 Total current assets $395,640 Long-term debt $203,840 Land and buildings (net) $145,635 Preferred stock $94,080 Machinery and equipment 242,725 Common stock (10,000 shares) 141,120 Total fixed assets (net) $388,360 Retained earnings 117,600 Total assets $784,000 Total liabilities and stockholders' equity $784,000 Additional information with respect to the firm is available: 1. Preferred stock can be liquidated at book value. 2. Accounts receivable and inventories can be liquidated at 85%of book value. 3. The firm…
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If a business has the following balances, what would be the amount of total liabilities?ASSETSCash $ 5000Accounts Receivable 2575Equipment 14000OWNER'S EQUITYAnne Miller, Capital 2600
Use the following information to answer the questions: Assets Liabilities and Equity Cash 13,000 Accounts payable 18,000 Marketable securities 2,000 Notes payable 6,000 Accounts receivable 3,000 Current liabilities 24,000 Inventory 27,000 Long-term debt 95,000 Current assets 45,000 Total liabilities 119,000 Machines 34,000 Paid-in capital 20,000 Real estate 80,000 Retained earnings 20,000 Fixed assets 114,000 Equity 40,000 Total assets 159,000 Total liab. & equity 159,000 What is the quick ratio (aka the acid test)?
The bookkeeper for Geronimo Company has prepared the following balance sheet at 31/12/2007 Balance sheet for (Geronimo Company) at 31/12/2007 liabilities and owner equity Assets ID ID Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital 155500 Total Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheet
Lightspeed Industries Balance Sheet As of January 24, 2023 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets 14,100 Accounts Payable 3,200 Debt 4,900 Other Liabilities 16,300 Total Liabilities 500 Paid-In Capital Retained Earnings Total Equity 39,000 Total Liabilities & Equity 1,900 3,600 2,000 7,500 7,200 24,300 31,500 39,000 Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question. Jan 25. Issue $80,000 in stock Jan 26. Borrow $65,000 from a bank Jan 27. Receive payment of $12,000 owed by a customer What is the final amount in Total Assets? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).
J. P. Robard Mfg., Inc. Balance Sheet ($000) Cash $470 Accounts receivable 2,100 Inventories 940 Current assets $3,510 Net fixed assets 4,590 Total assets $8,100 Accounts payable $1,120 Accrued expenses 580 Short-term notes payable 280 Current liabilities $1,980 Long-term debt 2,040 Owners' equity 4,080 Total liabilities and owners' equity $8,100 (Click on the icon in order to copy its contents into a spreadsheet.) J. P. Robard Mfg., Inc. Income Statement ($000) Net sales (all credit) $8,010 Cost of goods sold (3,300) Gross profit $4,710 Operating expenses (includes $500 depreciation) (3,090) Net operating income $1,620 Interest expense (360) Earnings before taxes $1,260 Income taxes (35%) (441) Net income $819
Alcoser Corporation's most recent balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $ 34 $ 29 Accounts receivable 32 36 Inventory 53 66 Property, plant, and equipment 554 480 Less accumulated depreciation 208 206 Total assets $ 465 $ 405 Liabilities and stockholders' equity: Accounts payable $ 41 $ 50 Accrued liabilities 17 16 Income taxes payable 28 30 Bonds payable 217 200 Common stock 75 70 Retained earnings 87 39 Total liabilities and stockholders' equity $ 465 $ 405 Net income for the year was $60. Cash dividends were $12. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was: Multiple Choice $74 $(74)…
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