AВEF12Current YearPrior YearCash$7,440$8,0004Accounts receivable54,00018,000Equipment, net44,00040,00091,680$197,1206.Land66,000$132,0007Total assets8.Required:10 Express the items in common-size percents.9.1112 (Use cells A2 to C7 from the given information to complete this question.)1314Current YearPrior Year15Cash16 Accounts receivable17 Equipment, net18Land19Total assets20212223Students: The scratchpad area is for you to do any additional work you need to solve this q24 Nothing in this area will be graded, but it will be submitted with your assignment.

Answered: A В Current Year Prior Year Cash $7,440…

A В Current Year Prior Year Cash $7,440 $8,000 Accounts receivable 54,000 18,000 Equipment, net 44,000 40,000 Land 91,680 $197,120 66,000 $132,000 Total assets

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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K L C D E Statement of Financial Postionas at December 31 (in millions of Canadian dollars) A В G H J P Q R V Y AA AB AC AD AE AF AG AH Statement ofComprhensive Income for Year Ended Dec. 31 (in millions of Canadian dollars) 20x3 20x2 20x1 20x3 20x2 20x1 7 Cash and cash equivalents 293 398 762 Totalnet sales 4360 4346 2715 Accounts receivable e Inventory O Prepaid Expenses Total Operating expenses Operating costs Distribution costs 572 522 309 493 699 312 1682 1754 942 85 27 17 403 402 318 1400 Royalty costs Depreciation Totaloperating costs (COGS) Profit from mining operations Other expenses General and Administrative 1443 1646 265 291 232 2 Property, plant and equipment 3 Mineral property costs 4 Total Assets 5 Liabilities 6 Accounts payable and accrued liabilities 7 Taxes payable 8 Total Current Liabilities 9 Long-term debt 0 Deferred income taxes E1 Asset retirement obligations 2 Totalliabiltiies Shareholders Equity 4 Share capital -5 Retained Earnings -6 Total shareholder's equity…
Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number is to be input is on the journal entries worksheet. Please note: not every yellow cell requires input (it could be left blank if appropriate). After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages. DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excel functions (such as making a cell equal another from the journal entry page, summing numbers together, or using the plus or minus symbols to help you…
Cash $59,000 $23,500 Accounts receivable 43,000 25,500 Inventory 50,000 29,500 Prepaid expenses 18,500 34,000 Long-term investments 0 42,000 Equipment 97,500 45,500 Accumulated depreciation—equipment (45,000) (27,500) Total assets $223,000 $172,500 Liabilities and Stockholder's Equity Accounts payable $42,000 $19,500 Bonds payable 48,500 70,000 Common stock 65,000 35,500 Retained earnings 67,500 47,500 Total liabilities and stockholders' equity $223,000 $172,500 Additional information: 1. Net income for the year ending December 31, 2022 was $47,500. 2. Cash dividends of $27,500 were declared and paid during the year. 3. Long-term investments that had a cost of $42,000 were sold for $26,500.…
E Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Cash and cash equivalents $330 $360 Accounts receivable (net) 470 400 Inventory 460 390 120 160 Prepaid expenses Total current assets 1.380 1.310 investments 10 10 Property, plant, and equipment 420 380 Intangibles and other assets 530 510 Total assets $2.340 $2.210 Current liabilities $900 $790 410 380 Long term liabilities. Stockholder's equity common 1.030 1,040 Total liabilities and stockholder's equity $2.340 $2.210 Income Statement Murawski Company Income Statement For the Years Ended December 31 2022 2021 $3.460 Sales Revenue Costs and expenses Cost of goods sold 890 Selling and Administrative expens 7.310 interest expense 20 Total costs and expenses 3,240 income before income taxes 220 income tax expense 60 Net Income $134 C 22 V 2022 $3,800 955 7,400 25 3,380 420 126 5294 2021 W Calculate the 2021 Inventory Turnover ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example…
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