Changes in Current Operating Assets and Liabilities-Indirect Method Victor Corporation's comparative balance sheet for current assets and liabilities was as folle Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $27,100 $26,900 Inventory 77,900 78,600 Accounts payable 18,600 17,200 Dividends payable 21,000 20,000 Adjust net income of $89,400 for changes in operating assets and liabilities to arrive at net

Changes in Current Operating Assets and Liabilities-Indirect Method Victor Corporation's comparative balance sheet for current assets and liabilities was as folle Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $27,100 $26,900 Inventory 77,900 78,600 Accounts payable 18,600 17,200 Dividends payable 21,000 20,000 Adjust net income of $89,400 for changes in operating assets and liabilities to arrive at net

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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Subject: acounting
Changes in Current Operating Assets and Liabilities-Indirect Method Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $22,700 $21,500 Inventory 73,700 74,400 Accounts payable 19,800 18,300 Dividends payable 30,000 28,000 Adjust net income of $125,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 450,600 298,350 152,250 99,300 4,500 Cost of goods sold Gross profit Operating expenses Interest expense. Income before taxes Income tax expense Net income $ 10,000 Accounts payable Accrued wages payable 9,200 31,400 Income taxes payable 30,150 Long-term note payable, secured by mortgage on plant assets 3,050 Common stock 152,300 Retained earnings $ 236,100 Total liabilities and equity CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity 48,450 19,518 $ 28,932 $ 17,500 3,800 4,700 69,400 88,000 52,700 $ 236,100 Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total…
Changes in current operating assets and liabilities-indirect method Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $21,000 $20,400 Inventory 72,300 73,000 Accounts payable 18,800 17,700 Dividends payable 20,000 19,000 Adjust net income of $84,100 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. 86,900 X
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows: Current Year Previous Year Current assets $299,520 $182,520 Property, plant, and equipment 542,880 484,380 Intangible assets 93,600 35,100 Current liabilities 215,280 112,320 Long-term liabilities 365,040 287,820 Common stock 93,600 98,280 Retained earnings 262,080 203,580 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Alvaraz Company Comparative Balance Sheet For the Years Ended December 31 Current Current Previous Previous уear year year year Amount Percent Amount Percent Current assets $299,520 % $182,520 % Property, plant, and equipment 542,880 % 484,380 Intangible assets 93,600 % 35,100 % Total assets $936,000 % $702,000 % Current…
The comparative temporary investments and inventory balances of a company follow. Current Year Previous Year Accounts payable $70,725 $61,500 Long-term debt 45,900 51,000 Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis? Amount of Change Increase/Decrease Percentage Accounts payable $ % Long-term debt $ %
Identifying and Computing Net Operating Assets (NOA) and Net Nonoperating Obligations (NNO)Following are the balance sheets and statement of earnings for Home Depot Inc. for fiscal year ended February 3, 2019, which the company labels fiscal year 2018. THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Assets Current assets Cash and cash equivalents $1,778 $3,595 Receivables, net 1,936 1,952 Merchandise inventories 13,925 12,748 Other current assets 890 638 Total current assets 18,529 18,933 Net property and equipment 22,375 22,075 Goodwill 2,252 2,275 Other assets 847 1,246 Total assets $44,003 $44,529 THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Liabilities and Stockholders’ Equity Current liabilities Short-term debt $1,339 $1,559 Accounts payable 7,755 7,244 Accrued salaries and…
Changes in Current Operating Assets and Liabilities—Indirect Method Blue Circle Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $29,600 $29,300 Inventory 63,600 64,300 Accounts payable 12,100 10,600 Dividends payable 20,000 21,000 Adjust net income of $96,600 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.$fill in the blank
Changes in Current Operating Assets and Liabilities Jasneet Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $20,200 $22,900 Inventory 13,000 10,700 Accounts payable 10,900 9,400 Dividends payable 25,100 30,700 Adjust net income of $185,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
The comparative balance sheets and an income sutement for Gibson Corporation follow: Balance Sheets As of December 31 Year 2 Year 1 Assets Cash Accounts receivable Merchandise inventory Prepaid rent Equipment Accumulated depreciation Land $ 60,675 27,614 156,047 2,485 249,480 (136,850) 191,680 $ 551, 131 34:53 $ 40,460 20, 250 171,650 4,970 285, 880 (230, 850) 76, 780 $ 369, 140 Total assets Liabilities Accounts payable (inventory) Salaries payab le Stockholders' equity Common stock, $50 par value Retained earnings Total Liabitities and equity $ 65,942 28, 968 74,800 24, 830 246, 500 209, 721 $ 551,131 198, 500 71,010 $ 369, 140 Income Statenent For the Year. Ended Decenber 31. Year 2 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Rent expense Salaries expense Other uperating enpenses $1,499,000 (796,6691 702,331 (22, 400) .(25,740) (258, 200) (257,260). S 338.711 Net income
Question 1 The following are financial statements of Crane Company. Crane CompanyIncome StatementFor the Year Ended December 31, 2022 Net sales $2,192,500 Cost of goods sold 1,010,500 Selling and administrative expenses 900,500 Interest expense 78,000 Income tax expense 62,500 Net income $ 141,000 Crane CompanyBalance SheetDecember 31, 2022 Assets Current assets Cash $ 55,100 Debt investments 89,000 Accounts receivable (net) 168,400 Inventory 236,500 Total current assets 549,000 Plant assets (net) 572,500 Total assets $ 1,121,500 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 152,000 Income taxes payable 31,000 Total current liabilities 183,000 Bonds payable 220,740 Total liabilities 403,740 Stockholders’ equity Common stock 345,000 Retained earnings 372,760…
Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $278,110 $150,990 Property, plant, and equipment 575,400 517,680 Intangible assets 105,490 50,330 Current liabilities 182,210 100,660 Long-term liabilities 412,370 309,170 Common stock 95,900 93,470 Retained earnings 268,520 215,700 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan CompanyComparative Balance Sheet For the Years Ended December 31 Current assets $278,110 fill in the blank 1% $150,990 fill in the blank 2% Property, plant, and equipment 575,400 fill in the blank 3% 517,680 fill in the blank 4% Intangible assets 105,490…