View History Bookmarks Profiles Tab Window Helpn 1 - Proctoring Enable X +tproctorio.com/secured#lockdownng Enabled: Chapter 3 Required Homewor...aCash and cash equivalentsAccounts receivable (net)InventoryProperty, plant, and equipment (net)Accounts payableSalaries payablePaid-in capital1. Total current assets2. Short-term investments3. Retained earningsApple Inc. is an American multinational technology company that specializes in consumer electronics, software and online services.December 31, 2024, fiscal year-end account balance information for Aple Inc is showed below:Required:Please determine the following at December 31, 2024:3$4$ 5,80028,00068,000160,00047,00019,000140,000The only asset not listed by Apple is short-term investments. The only liabilities not listed are $38,000 notes payable due in two yearsand related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.6:1.%5SavedPrevBORESCENG Search or type URL^1 of 5MacBook Pro&Next >✰✰✰✰✰✰✰se66OCHelp+50%Save & ExitSat ESubr

The balance sheet represents the financial position of the business with assets, liabilities and…

Apple Inc. is an American multinational technology company that specializes in consumer electronics, software December 31, 2024, fiscal year-end account balance information for Aple Inc is showed below: Cash and cash equivalents. Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable Salaries payable Paid-in capital $ 5,800 28,000 68,000 160,000 47,000 19,000 140,000 The only asset not listed by Apple is short-term investments. The only liabilities not listed are $38,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.6:1. Required: Please determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments

Apple Inc. is an American multinational technology company that specializes in consumer electronics, software December 31, 2024, fiscal year-end account balance information for Aple Inc is showed below: Cash and cash equivalents. Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable Salaries payable Paid-in capital $ 5,800 28,000 68,000 160,000 47,000 19,000 140,000 The only asset not listed by Apple is short-term investments. The only liabilities not listed are $38,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.6:1. Required: Please determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments

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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The account balances for the non-cash current assets and current liabilities of Kid - game Software Inc. are as follows: December 31 2023 2022 Accounts receivable $ 117,000 $92,500 Inventory 83,200 105,000 Prepaid expenses 49,400 42,500 Totals $ 249,600 $240,000 Accounts payable $ 75,000 $57,500 Salaries payable 22,500 32,500 Interest payable 42, 500 35,000 Totals $ 140,000 $125,000 During 2023, Kid - game Software Inc. reported depreciation expense of $47,000. All purchases and sales are on account. Profit for 2023 was $243,000. Required: 1. Prepare the operating activities section of the statement of cash flows using the indirect method. (List any deduction in cash and cash outflows as negative amounts.)
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Chelsea Ltd and Liverpool Ltd both began their operations on 1 January 2022. Summary financial information for both companies at the end of 2022 is presented below. Statement of Profit or loss for the year ended 31 December 2022 Chelsea Ltd Revenues Less: Cost of sales Gross Profit Other expenses Depreciation expense Profit Cash at bank Receivables Inventories Property plant and equipment Current liabilities Non-current liabilities Equity Required a. iii. iv. $1,000,000 552,000 448,000 132,000 40,000 $276,000 v. vi. vii. Statement of Financial Position as at 31 December 2022 Liverpool Ltd $1,000,000 600,000 400,000 132,000 80,000 $188,000 Chelsea Ltd Calculate and interpret the following ratios for each company L return on assets il. return on ordinary equity profit margin current ratio $80,000 200,000 208,000 220,000 120,000 180,000 408,000 receivables turnover inventory turnover debt ratio. Liverpool Ltd $80,000 200,000 160.000 180,000 120,000 180,000 320,000 b. How could management…
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The account balances for the non-cash current assets and current liabilities of Kid-game Software Inc. are as follows: December 31 2023 2022 Accounts receivable $ 117,000 $ 92,500 Inventory 83,200 105,000 Prepaid expenses 49,400 42,500 Totals $ 249,600 $ 240,000 Accounts payable $ 75,000 $ 57,500 Salaries payable 22,500 32,500 Interest payable 42,500 35,000 Totals $ 140,000 $ 125,000 During 2023, Kid-game Software Inc. reported depreciation expense of $47,000. All purchases and sales are on account. Profit for 2023 was $243,000. Required: 1. Prepare the operating activities section of the statement of cash flows using the indirect method. (List any deduction in cash and cash outflows as negative amounts.)
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