As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash $10,000 Accounts receivable 9,000 Supplies 6,000 Equipment 5,000 Accounts payable 11,000 A. Armani, Capital, Dec. 31, 2018 16,000 A. Armani, Capital, Dec. 31, 2019 19,000 A. Armani, Withdrawals. $13,000 Consulting revenue. 33,000 Rental revenue . 22,000 Salaries expense 20,000 Rent expense. 12,000 Selling and administrative expenses 8,000 Required

As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash $10,000 Accounts receivable 9,000 Supplies 6,000 Equipment 5,000 Accounts payable 11,000 A. Armani, Capital, Dec. 31, 2018 16,000 A. Armani, Capital, Dec. 31, 2019 19,000 A. Armani, Withdrawals. $13,000 Consulting revenue. 33,000 Rental revenue . 22,000 Salaries expense 20,000 Rent expense. 12,000 Selling and administrative expenses 8,000 Required

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information has been extracted from the financial statements and notes of Spring Ltd. 2020 2019 Cash and Cash Equivalents 60,600 59,700 Account Receivable(net) 130,800 128,900 Account Payable 54,700 52,900 Revenue 780,000 750,000 Cost of Goods Sold 450,500 445,500 Profit 65,500 58,500 Inventory 234,700 215,300 Total assets 580,000 590,000 Current Liabilities 250,900 265,700 Total liabilities 300,000 330,000 Short-term investments 67,400 75,900 Based on the above information calculate the following ratios: 1) Return on assets for 2020. 2) Profit Margin ratio for 2020. 3) Debt to assets ratio for 2020. 4) Acid-test ratio for 2020. 5) Inventory Turnover ratio for 2020.
The following are taken from the financial statements of Curry Company as of December 2021. Assets: Cash 341,600 Account Receivable 200,000 Inventory 308,400 Property, Plant, Equipment 500,000 Liabilities: Notes payable 280,000 Accounts Payable 781,700 Bonds payable 2,000,000 6. What is the company's current ratio? a. 0.80 b. 0.51 c. 0.21 d. 3.03 7. What is the company's quick ratio? a. 0.51 b. 0.80 c. 1.93 d. 0.32
Windsor Inc., a greeting card company, had the following statements prepared as of December 31, 2020. WINDSOR INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $7,100 Accounts receivable 62,400 51,000 Short-term debt investments (available-for-sale) 34,700 18,100 Inventory 40,400 60,300 Prepaid rent 4,900 4,000 Equipment 154,100 130,600 Accumulated depreciation—equipment (34,900 ) (24,800 ) Copyrights 46,400 49,800 Total assets $314,100 $296,100 Accounts payable $46,500 $40,200 Income taxes payable 4,000 6,000 Salaries and wages payable 8,100 4,100 Short-term loans payable 7,900 10,100 Long-term loans payable 59,600 68,400 Common stock, $10 par 100,000 100,000 Contributed…
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets Current liabilities Cash $ 7,800 $ 12,250 Accounts payable $ 46,400 $ 52,750 Accounts receivable 15,800 31,000 Notes payable 20,600 26,500 Inventory 53,400 64,250 Total $ 77,000 $ 107,500 Total $ 67,000 $ 79,250 Long-term debt $ 46,000 $ 40,000 Owners’ equity Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 237,000 330,750 Net plant and equipment $ 323,000 $ 392,500 Total $ 287,000 $ 380,750 Total assets $ 400,000 $ 500,000 Total liabilities and owners’ equity $ 400,000 $ 500,000 For each account on this company’s balance sheet, show the change in the account during 2021 and note whether…
The following information is extracted from Sosana Hotel’s management report for themonth of January 2022.RMBeginning cash balance 8,200Budgeted revenue 13,000Purchase of inventory by cash 4,500Cash repayment of bank loan 5,800Additional information, 70% of Sosana Hotel’s revenue is received in cash and theremaining 30% on credit. All credit sales are expected to be collected in the followingmonth. Assume that there were no credit sales and credit purchases in December 2021.Based on the given information, prepare a cash budget for the month ended 31st January2022 to calculate ending cash balance
The current sections of Headlands Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Headlands Corp.'s net income for 2022 was $330,200. Depreciation expense was $54,600. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $80,600 110,500 101,400 22,100 $314,600 $7,800 114,400 $122,200 2021 $ 115,700 89,700 80,600 24,700 $310,700 $20,800 93,600 $ 114,400 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The balance sheet and income statement for J. P. RObard Manufatcuring Company are as follows: Item Cash J.P. Robard Manufacturing Company Balance Sheet as at 31 December 2021 ($ in thousands) 500 Account receivable Inventory Total current assets Net fixed assets Total assets Accounts payable Accrued expenses Short-term notes payable Total curernt liabilities Long-term debt Total common equity Total liabilities and equity 2,000 1,000 3,500 4,500 8,000 1,100 600 300 2,000 2,000 4.000 8,000
Wildhorse Inc, a greeting card company, had the following statements prepared as of December 31, 2020. WILDHORSE INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6.000 $6,900 Accounts receivable 62,500 50,900 Short-term debt investments (available-for-sale) 35,200 17.900 Inventory 40,300 59,500 Prepaid rent 4,900 4,100 Equipment 153,100 129,600 Accumulated depreciation-equipment (35.200 ) 45.600 (24,700 ) Copyrights 50,500 Total assets $312.400 $294,700 Accounts payable $45,500 $40,000 Income taxes payable 4,000 6,100 Salaries and wages payable 8,000 3,900 Short-term loans payable 8,000 9.900 Long-term loans payable 59.400 68.800 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 57,500 36,000 Total liabilities & stockholders' equity $312,400 $294,700 WILDHORSE INC. INCOMESTATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $337,300 Cost of goods sold 174,000 Gross profit 163,300…
Orange Inc. had the following financial data related to the year ended December 31, 2021. Balance Sheet information As at December 31 2021 2020 Cash $270,040 $138,880 Accounts receivable 136,360 58,800 Inventory 155,250 143,420 Equipment 351,000 (2) 291,000 Accumulated depreciation (65.000) (62.400) S847.650 $569,700 Accounts Payable s106,393 S 80,760 Income Taxes Payable 11,450 10,400 Dividends Payable 33,607 10,000 Bonds Payable 100,000 132,000 Common Shares 282,000 198,000 Retained Earnings 314.200 138.540 S847,650 $569,700 Income Statement For Year ended December 31 Sales $479,892 Cost of goods sold $161,644 Amortization expense 58,800 Other expenses 17,374 Income tax expense 10,185 Interest expense 5,822 Loss on sale of equipment 16,800 (270,625) Net Income $209,267
The following information relating to Mahira LLC, for the year ended 31st December 2020 is provided to you and you are requested to calculate purchases for the year ending 2020under CPP method. Details OMR Net monetary assets on 1st January 2020 5,000 Net monetary assets as on 31st December 2020 35,000 Transactions for the year are as given below Cash Sales 40,000 Credit Sales 50,000 Credit Purchases 35,000 Wages 10,000 Other operating expenses 5,000 Interest paid 10,000 General Price Index on 1st January 2020 = 100 General Price Index on 31st December 2020 = 150 Average Index for the year 2020 = 125
Tyeso Company has the following accounts in its liabilities section of the Balance Sheet as of December 31, 2020: Credit Balance in customers' accounts P120,000 Accounts Payable, net of debit balance from a supplier's account of P64,000 211,000 Stock dividends Payable 23,000 Note Payable, due 12/31/21 400,000 Note Payable, due 5/30/22 200,000 How much of the above amounts shall be reported as current liabilities as of December 31, 2020? a. P795,000 b. P667,000 c. P731,000 d. P818,000
On January 1, 2021, Displays Incorporated had the following account balances: Debit 41,000 38,000 44,000 77,000 246,000 Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (5%, due next year) Common stock Retained earnings Totals $ Credit $ 56,000 39,000 205,000 146,000 $ 446,000 $ 446,000 From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $349,000. b. Sold inventory on account for $665,000. The cost of the inventory sold was $329,000. c. Received $594,000 from customers on accounts receivable. d. Paid freight on inventory received, $43,000. e. Paid $339,000 to inventory suppliers on accounts payable of $347,000. The difference reflects purchase discounts of $8,000. f. Paid rent for the current year, $61,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $169,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on…