These items were taken from the financial statemBuildingsAccounts receivablePrepaid insuranceCashEquipmentLandInsurance expenseDepreciation expenseInterest expense(a)$116,380Common stock (22,000 shares)Retained earnings (1/1/22)3,520 Accumulated depreciation-buildingsAccounts payableNotes payable17,16012,98090,98667,1007705,3902,420panyAccumulated depreciation-equipmentInterest payableService revenue$66,00044,00050,3809,350102,96020,5863,96019,470Prepare a classified balance sheet. Assume that $17,930 of the note payable will be paid in 2022. (List Current Assets in order ofliquidity. List Property, Plant, and Equipment in order of Land, Buildings and Equipment.)ORIOLE COMPANYBalance Sheet

The balance sheet is one of the important financial statements of the business. It represents the…

Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense $116,380 Common stock (22,000 shares) Retained earnings (1/1/22) Accumulated depreciation-buildings 17,160 A 3,520 12,980 90,986 Notes payable 67,100 770 5,390 Accounts payable 2,420 Accumulated depreciation-equipment Interest payable Service revenue $66,000 44,000 50,380 9,350 102,960. 20,586 3,960 19,470

Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense $116,380 Common stock (22,000 shares) Retained earnings (1/1/22) Accumulated depreciation-buildings 17,160 A 3,520 12,980 90,986 Notes payable 67,100 770 5,390 Accounts payable 2,420 Accumulated depreciation-equipment Interest payable Service revenue $66,000 44,000 50,380 9,350 102,960. 20,586 3,960 19,470

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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Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: $104,000 0 34,500 490,000 Notes payable Stockholders' equity: Common stock 590,000 590,000 Retained earnings 1,815,500 1,754,200 Total liabilities and stockholders' equity $3,034,000 $2,948,000 Earnings per share for the year ended December 31, 2024, are $1.25. The closing stock price on December 31, 2 Required: Calculate the following profitability ratios for 2024. (Use 365 days a year. Round your final answers to 1 decima Profitability Ratios 1. Gross profit ratio 2. Return on assets 3. Profit margin 4. Asset turnover 5. Return on equity 6. Price-earnings ratio 38.6% 42.3 % 14.4 % 2.9 times 53.2 % 17.1 1,095,000 (398,000) $3,034,000 1,095,000 (199,000) $2,948,000 $80,000 3,900 29,900 490,000
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.
X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150.000 180,000 600,000 80.000 300,000 Cash Drawings Operating Expenses Goodwill 90,000 000 080 Service Revenne Owner's capital Unearmed Service Reventie S00,000 720.000 50,000
Cash GRS Ltd. Statement of Financial Position As at December 31, 2023 Accounts receivable Inventory Property, plant, and equipment (net) Land Accounts payable Common shares Retained earnings $673,400 543,900 2,408,700 2,050,000 2,456,000 $8,132,000 $259,000 2,524,000 5,349,000 $8,132,000 From GRS's income statement, cost of goods sold for 2023 was $1,825,000. Accounts payable on December 31, 2022 was $151,000. Calculate the current ratio, acid-test ratio, and days payables outstanding. (Round current ratio and acid-test ratio to 2 decimal places, e.g. 7.25. Round days payable outstanding to 0 decimal places, e.g. 53. Use 365 days for calculation.)
Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Retained earnings, January 1 $3,704,000 $3,264,000 Net income $ 600,000 $ 550,000 Dividends: On preferred stock (10,000) (10,000) On common stock (100,000) (100,000) Increase in retained earnings $ 490,000 $ 440,000 Retained earnings, December 31 $4,194,000 $3,704,000 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales $ 10,850,000 $10,000,000 Cost of goods sold (6,000,000) (5,450,000) $ 4,850,000 $ (2,170,000) Gross profit $ 4,550,000 Selling expenses $ (2,000,000) Administrative expenses (1,627,500) (1,500,000) Total operating expenses $(3,797,500) $ (3,500,000) Operating income $ 1,052,500 $ 1,050,000 Other revenue and expense:…
Date Accounts Debit Credit Cash 145,000 a. Accounts Receivable 145,000 b. Selling and Administrative Expenses 32,000 Cash 32,000 Accounts Payable 39,000 C. Cash 39,000 d. Raw Materials Inventory 28,200 Accounts Payable 28,200 Work-in-Process Inventory Manufacturing Overhead 8,850 e. 1,200 Raw Materials Inventory 10,050 Work-in-Process Inventory Manufacturing Overhead f. 20,600 18,400 Wages Payable 39,000 Wages Payable 38,700 g. Cash 38,700 h. Manufacturing Overhead 2,500 Accumulated Depreciation 2,500 Work-in-Process Inventory 16,480 i. Manufacturing Overhead 16,480 j. Finished Goods Inventory 47,430 Work-in-Process Inventory 47,430 k. Accounts Receivable 104,000 Sales Revenue 104,000 k. Cost of Goods Sold 47,430 Finished Goods Inventory 47,430 L. Cost of Goods Sold 5,620 Manufacturing Overhead 5,620
Account Title Balance ($) Accounts Payable 11,700Accounts Receivable 69,000Accumulated Depreciation - Building 44,200Building 439,500Cash 28,000Depreciation Expense - Building 8,750Insurance Expense 2,500Miscellaneous Expense 6,200Prepaid Insurance 2,500Repairs Expense 3,000Rent Expense 48,000Rent Revenue 12,000Salaries Expense 522,100Salaries…