At the end of a recent year, National Cleaning Service, a full-service house and office cleaning service, had total assets of $5180 and equity of $3650. How much were National Cleaning Service's liabilities?
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At the end of a recent year, National Cleaning Service, a full-service house and office cleaning service, had total assets of $5180 and equity of $3650. How much were National Cleaning Service's liabilities?
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- Last year, an investor in rental property had gross income of $160,000 with the following expenses: maintenance $22,000, insurance $5000, management$10,000, utilities $16,000, and debt service (interest) $19,000. Income taxes totaled $8000. What was the net operating income for the year?Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165 $4,528 Short-term investments, at cost 2,958 8,408 Accounts and notes receivable, net 9,404 8,624 Inventories 1,771 787 Prepaid expenses and other current assets 590 291 Short-term obligations (liabilities) 315 3,342 Accounts payable and other current liabilities 7,453 6,813 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4The Butler-Huron Company’s balance sheet and income statement for last year are as follows: Balance Sheet (in Millions of Dollars) Assets Liabilities and Equity Cash and marketable securities $139 Accounts payable*** $1,077 Accounts receivable* 976 Accrued liabilities Inventories** 1,920 (salaries and benefits) 636 Other current assets 39 Other current liabilities 501 Total current assets $3,074 Total current liabilities $2,214 Plant and equipment (net) 3,503 Long-term debt and other Other assets 6,625 liabilities 2,510 Total assets $6,625 Common stock 151 Retained earnings 1,750 Total stockholders’ equity $1,901 Total liabilities and equity $6,625 *Assume that all sales are credit sales and that average accounts receivable are the same as ending accounts receivable. **Assume that average inventory over the year was the same as ending inventory. ***Assume that average…
- The Owner's Capital has a beginning balance of P626,000. The owner gave P130,000 additional contribution during the year. Based on the Statement of Comprehensive Income, net income for the year was P355,000. How much should be reported as total assets in the statement of financial position? Accounts Payable Accounts Receivable Accrued Expenses Accumulated Depreciation Cash Inventory Investments Your answer 57,000 Mortgage Payable 65,000 Notes Payable 37,000 Notes Receivable 110,000 Owner, Capital 91,000 Prepaid Expenses 89,000 Property, Plant and Equipment 143,000 Unearned Revenue 400,000 130,000 283,000 ? 64,000 850,000 18,000Micro, Inc., started the year with net fixed assets of $76,175. At the end of the year, there was $97,925 in the same account, and the company's income statement showed depreciation expense of $13,395 for the year. What was the company's net capital spending for the year? a. $83,990 b. $35,685 c. $21,750 d. $43,580 e. $41,170Sherwood, Inc., the parent company of Frito-Lay snack foods and Sherwood beverages, had the following current assets and current liabilities at the end of two recent years: Line Item Description Current Year(in millions) Previous Year(in millions) Cash and cash equivalents $4,611 $4,986 Short-term investments, at cost 3,275 9,259 Accounts and notes receivable, net 10,411 9,497 Inventories 1,445 963 Prepaid expenses and other current assets 481 356 Short-term obligations 385 4,089 Accounts payable 9,245 9,101 a. Determine the (1) current ratio and (2) quick ratio for both years. Round your answers to one decimal place. Line Item Description Current Year Previous Year 1. Current ratio ? ? 2. Quick ratio ? ? slightly over this time period. Both the current and quick ratios have fill in the blank 2 of 4 . Sherwood is a fill in the blank 3 of 4 company with fill in the blank 4 of 4 resources…
- The net income of Edwards Corporation amounted to $65,000 for this year. The beginning balance of owner's equity was $20,000 and the ending balance was $80,000. The company received $15,000 additional contributions during the year. What was the amount of the owner's withdrawals during the year?Sherwood, Inc., the parent company of Frito-Lay snack foods and Sherwood beverages, had the following current assets and current liabilities at the end of two recent years: Current Year(in millions) Previous Year(in millions) Cash and cash equivalents $3,155 $3,047 Short-term investments, at cost 2,241 5,659 Accounts and notes receivable, net 7,123 5,803 Inventories 1,445 1,926 Prepaid expenses and other current assets 481 712 Short-term obligations 385 4,089 Accounts payable 9,245 9,101 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Current Year Previous Year 1. Current ratio 2. Quick ratioThe Butler-Huron Company’s balance sheet and income statement for last year are as follows:Balance Sheet (in Millions of Dollars) Assets Liabilities and Equity Cash and marketable securities $142 Accounts payable*** $808Accounts receivable* 941 Accrued liabilities Inventories** 1,607 (salaries and benefits) 508Other current assets 35 Other current liabilities 534Total current assets $2,725 Total current liabilities $1,850Plant and equipment (net) 3,029 Long-term debt and other Other assets 5,796 liabilities 2,228Total assets $5,796…
- Shep Company's records show the following information for the current year. Beginning of year End of year Total assets $ 51, 600 $ 82,000 Total liabilities $ 22, 800 $ 35, 800 Determine net income (loss) for each of the following separate situations. Note: For all requirements, losses should be entered with a minus sign. Additional owner investments of $3,800 were contributed, and withdrawals of $7,800 were made during the current year. Additional owner investments of $15, 200 were contributed, and no withdrawals were made during the current year. No additional owner investments were contributed, and withdrawals of $12, 800 were made during the current year.Bay Plumbing's balance sheet shows operating current assets of $6,300. Its current liabilities consist of $810 of accounts payable, $800 of 8% short-term interest-bearing notes, and $3,200 of accrued wages. What is its net operating working capital?At the beginning of the year, the AAA of Rose, Inc. shows a balance of $682,000. During the year, the following items occur. Compute the end-of-year AAA balance. Operating income $452,000 Interest income 6,550 Dividend income 14,050 Municipal bond interest income 12,000 Short-term capital loss from sale of building 7,400 Section 179 expense 6,500 Charitable contributions 19,000 Cash distributions 57,000 Depreciation recapture 3,500 a.$1,185,150. b.$1,191,150. c.$1,242,150. d.$1,064,700. 10- Misha receives a proportionate current (nonliquidating) distribution when the basis of his partnership interest is $60,000. The distribution consists of $80,000 cash and inventory (adjusted basis to the partnership of $10,000, fair market value of $20,000). How much gain or loss does Misha recognize, and what is his basis in the distributed inventory and in the partnership interest following the distribution? a.$0 gain or loss; $20,000 basis in inventory; $50,000 basis in…
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