An analysis of the Marketable Securities control account of Fancher Products, Inc., shows the following entries during the year. Balance, Jan. 1 $ 290,000 Debit entries 125,000 Credit entries (140,000) $ 275,000 Balance, Dec. 31 In addition, the company's income statement includes a $25,000 loss on sales of marketable securities. None of the company's marketable securities is considered a cash equivalent. Compute the amounts that should appear in the statement of cash flows as: a. Purchases of marketable securities. b. Proceeds from sales of marketable securities.
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ACCT 102
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- The accounts and balances shown below were taken from Unique Low Company's accounting records on December 31, 2021: Cash Marketable securities Accounts receivable (net) Inventory Accounts Payable 1.59 4.89 1.52 None of the above Php250,000 Determine the current ratio. Round to two decimal places. 3.16 100,000 165,000 180,000 220,000At the end of the reporting period, Michael Scott Company reports the following selected accounts and balances: Cash, $50,000 · Accounts Receivable, $42,000 Inventory, $28,000 Allowance for Doubtful Accounts, $12,000 Equipment (net of A/D), $100,000 Accounts Payable, $20,000 • Common Stock, $55,000 Premium on Bonds Payable, $16,000 Using the above information, answer the following questions: A) What is the company's current ratio? (Select] B) What is the company's quick (acid-test) ratio [Select)SolidCo’s balance sheet for the most recent year end is below. Current Assets Cash: 3,000Marketable securities: 600Accounts receivable: 6,000Less allowance for bad debt: –300Inventory: 1,200Total Current Assets: 10,500 Current Liabilities Accounts payable: 4,000Current portion of notes payable: 1,300Other current accrued expenses: 2,000Total Current Liabilities: 7,300 The quick ratio for this company is closest to:
- Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $576,843 $305,088 Marketable securities 166,106 187,064 Accounts receivable (net) 258,387 289,100 Inventories 424,493 391,135 Prepaid expenses 55,369 25,509 Other current assets 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,516,471 $2,333,346 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 254,111 286,257 Accrued liabilities 273,658 166,983 Income taxes payable 97,735 178,911 Total Current Liabilities 1,086,880 970,570 Long-term debt 500,000 300,000 Deferred income taxes 215,017 262,404 Total Liabilities 1,801,897 1,532,974 Common stock $425,250…Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…
- Denna Company's working capltal accounts at the beginning of the year follow Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Accounts payable Notes due within one year Accrued liabilities $ 85,eee $ 25,600 S 386,000 $ 499, 000 S 18, See $ 227,000 $ 130,eee $ 73,500 During the year, Denna Company completed the following transactions: x. Paid a cash dividend previously declared, $45,000. a. Issued additional shares of common stock for cash. $230,000. b Sold inventory costing $82.000 for $115,000, on account c. Wrote off uncollectible accounts in the amount of $16,000, reducing the accounts recelvabie balance accordingly d. Declared a cash dividend, $45.000. e Paid accounts payable, $124,000. f Borrowed cash on a short-term note with the bank, $82,500 g. Sold inventory costing $19,500 for $13,000 cash. h. Purchased Inventory on account. $61.250. 1. Pald off all short-term notes due, $212,500. J. Purchased equipment for cash, $87,000. k. Sold marketable…Will Inc. provided the following information at year-end: Cash and cash equivalents..... Accounts receivable, net of P 1000,000 allowance. .P 500,000 2,000,000 Inventory.. Property, plant and equipment, net. Accounts payable. Wages payable. Share capital.. Share premium. • The only asset not listed is its short-term investments of P 500,000. • The only liabilities not listed are a P 3,000,000 notes payable due in 2 years and the 6,000,000 12,000,000 4,400,000 1,500,000 6,000,000 4,000,000 related accrued interest of P 100,000 due in 4 months. How much is the current liabilities as of December 31, 2021?Puget Sound Co. sold marketable securities costing $80,000for $92,000 cash. In the company’s income statement andstatement of cash flows, respectively, this will appear as:a. A $12,000 gain and a $92,000 cash receipt.b. A $92,000 gain and an $8,000 cash receipt.c. A $12,000 gain and an $80,000 cash receipt.d. A $92,000 sale and a $92,000 cash receipt.
- The net changes in the balance sheet accounts of Amy Corporation for the year 2021 are shown below. Account Debit Credit Cash $ 103,530 Short-term investments $143,990 Accounts receivable 93,058 Allowance for doubtful accounts 15,827 Inventory 88,298 Prepaid expenses 27,132 Investment in subsidiary (equity method) 29,750 Plant and equipment 249,900 Accumulated depreciation 154,700 Accounts payable 96,033 Accrued liabilities 25,585 Deferred tax liability 18,445 8% serial bonds 83,300 Common stock, $10 par 107,100 Additional paid-in capital 178,500 Retained earnings—Appropriation for bonded indebtedness 71,400 Retained earnings—Unappropriated 45,220 $765,884 $765,884 An analysis of the Retained Earnings—Unappropriated account follows: Retained earnings unappropriated, December 31, 2020 $1,547,000 Add: Net income…San Antonio Corporation’s current assets and current liabilities section of the statement of financial position as of December 31, 20x1 appear as follows: Current assets Cash Accounts receivable P5,340,000 P2,400,000 Less: Allowance for doubtful accounts 420,000 4,920,000 Inventories 10,260,000 Prepaid expenses 540,000 Total current assets P18,120,000 Current liabilities Accounts payable P3,660,000 Notes payable 4,020,000 Total current liabilities P7,680,000 The following errors in the corporation’s accounting have been discovered: January 20x2 cash disbursements entered as of December 20x1 included payment of accounts payable amounting to P2,340,000, on which a cash discount of 2%…Analysis of BEIJING Company accounts disclosed changes in the following balances for 2021: Cash, P598,000 increase Accounts receivable, P1,125,000 decrease Inventory, P1,000,000 increase Equipment (net), P710,000 increase Accounts payable, P395.000 decrease BEIJING sold 115,000 shares of its P5 par ordinary shares at P8 each and received cash in full. Dividends of P195,000 were paid in cash during the year, Lastly, equipment of P319,000 was donated by a shareholder during the year. How much is the profit/(loss) of BEIJING Company for the year? (Note: If your answer is a profit, indicate a positive amount. If your answer is a loss, indicate a negative amount)