At the beginning of the year, XYZ Corporation's liabilities were $180,000. During the year, assets increased by $45,000, and at the end of the year, assets equaled $420,000. Liabilities increased by $60,000 during the year. Calculate the amount of equity at the beginning of the year. A. $195,000 B. $240,000 C. $285,000 D. $375,000 E. $180,000

At the beginning of the year, XYZ Corporation's liabilities were $180,000. During the year, assets increased by $45,000, and at the end of the year, assets equaled $420,000. Liabilities increased by $60,000 during the year. Calculate the amount of equity at the beginning of the year. A. $195,000 B. $240,000 C. $285,000 D. $375,000 E. $180,000

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 12P: The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of...

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The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of 36.5 days (based on a 365-day year), total current assets of $810,000, and cash and marketable securities of $120,000. What were Kretovich’s annual sales?
Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectively
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Denna Company’s working capital accounts at the beginning of the year follow: Cash $ 69,000 Marketable securities $ 25,900 Accounts receivable, net $ 347,600 Inventory $ 457,400 Prepaid expenses $ 7,800 Accounts payable $ 198,200 Notes due within one year $ 98,000 Accrued liabilities $ 59,100 During the year, Denna Company completed the following transactions: Paid a cash dividend previously declared, $29,000. Issued additional shares of common stock for cash, $198,000. Sold inventory costing $69,200 for $99,000, on account. Wrote off uncollectible accounts in the amount of $9,600, reducing the accounts receivable balance accordingly. Declared a cash dividend, $29,000. Paid accounts payable, $98,400. Borrowed cash on a short-term note with the bank, $58,500. Sold inventory costing $19,800 for $13,200 cash. Purchased inventory on account, $49,250. Paid off all short-term notes due, $156,500. Purchased equipment for cash, $74,200. Sold marketable securities…
Denna Company’s working capital accounts at the beginning of the year follow: Cash $ 69,000 Marketable securities $ 25,900 Accounts receivable, net $ 347,600 Inventory $ 457,400 Prepaid expenses $ 7,800 Accounts payable $ 198,200 Notes due within one year $ 98,000 Accrued liabilities $ 59,100 During the year, Denna Company completed the following transactions: Paid a cash dividend previously declared, $29,000. Issued additional shares of common stock for cash, $198,000. Sold inventory costing $69,200 for $99,000, on account. Wrote off uncollectible accounts in the amount of $9,600, reducing the accounts receivable balance accordingly. Declared a cash dividend, $29,000. Paid accounts payable, $98,400. Borrowed cash on a short-term note with the bank, $58,500. Sold inventory costing $19,800 for $13,200 cash. Purchased inventory on account, $49,250. Paid off all short-term notes due, $156,500. Purchased equipment for cash, $74,200. Sold marketable securities…
Denna Company’s working capital accounts at the beginning of the year follow: Cash $ 64,000 Marketable securities $ 27,400 Accounts receivable, net $ 335,600 Inventory $ 444,400 Prepaid expenses $ 6,800 Accounts payable $ 189,200 Notes due within one year $ 88,000 Accrued liabilities $ 54,600 During the year, Denna Company completed the following transactions: Ex. Paid a cash dividend previously declared, $24,000. Issued additional shares of common stock for cash, $188,000. Sold inventory costing $65,200 for $94,000, on account. Wrote off uncollectible accounts in the amount of $7,600, reducing the accounts receivable balance accordingly. Declared a cash dividend, $24,000. Paid accounts payable, $90,400. Borrowed cash on a short-term note with the bank, $51,000. Sold inventory costing $21,300 for $14,200 cash. Purchased inventory on account, $45,500. Paid off all short-term notes due, $139,000. Purchased equipment for cash, $70,200. Sold…
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