**Condensed Financial Data for Phoenix Corporation**The following financial data provides a snapshot of Phoenix Corporation's performance over the years 20X2 and 20X1:- **Accounts Receivable:** - 20X2: $267,500 - 20X1: $230,000- **Inventory:** - 20X2: $312,500 - 20X1: $257,500- **Total Current Assets:** - 20X2: $670,000 - 20X1: $565,000- **Intangible Assets:** - 20X2: $50,000 - 20X1: $60,000- **Total Assets:** - 20X2: $825,000 - 20X1: $695,000- **Current Liabilities:** - 20X2: $252,500 - 20X1: $200,000- **Long-term Liabilities:** - 20X2: $77,500 - 20X1: $75,000- **Sales:** - 20X2: $1,640,000- **Cost of Goods Sold:** - 20X2: $982,500- **Interest Expense:** - 20X2: $10,000- **Income Tax Expense:** - 20X2: $77,500- **Net Income:** - 20X2: $127,500- **Cash Flow from Operations:** - 20X2: $71,000- **Cash Flow from Investing Activities:** - 20X2: ($6,000)- **Cash Flow from Financing Activities:** - 20X2: ($62,500)- **Tax Rate:** - 30%**Calculation Note:**If the intangible assets in 20X2 are $50,000, the long-term debt to tangible assets ratio for 20X2 is calculated as follows:- **Tangible Assets** = Total Assets - Intangible Assets- **Long-term Debt to Tangible Assets Ratio** = Long-term Liabilities / Tangible AssetsThis detailed financial overview helps gauge Phoenix Corporation's financial health

solution given information for year 20X2 intangible asset =50000 total assets…

Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $267,500 312,500 670,000 50,000 825,000 252,500 77,500 1,640,000 982,500 10,000 77,500 127,500 71,000 (6,000) (62,500) Accounts receivable $230,000 257,500 Inventory Total current assets 565,000 Intangible assets Total assets 60,000 695,000 200,000 75,000 Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Income tax expense Net income Cash flow from operations Cash flow from investing activities Cash flow from financing activities Tax rate 30% If the intangible assets in 20X2 are $50,000, then the long-term debt to tangible assets for 20X2 is:

Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $267,500 312,500 670,000 50,000 825,000 252,500 77,500 1,640,000 982,500 10,000 77,500 127,500 71,000 (6,000) (62,500) Accounts receivable $230,000 257,500 Inventory Total current assets 565,000 Intangible assets Total assets 60,000 695,000 200,000 75,000 Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Income tax expense Net income Cash flow from operations Cash flow from investing activities Cash flow from financing activities Tax rate 30% If the intangible assets in 20X2 are $50,000, then the long-term debt to tangible assets for 20X2 is:

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

Comparative data from the statement of financial position of Munchies Ltd. are shown below. Current assets Property, plant, and equipment Goodwill Total assets Current assets Property, plant, and equipment Total assets 2021 $1,519,000 2021 3,114.000 $4.730,000 % %6 97,000 2020 $1,164.000 2,827,000 107,000 $4,098,000 Using horizontal analysis, calculate the percentage of the base-year amount, using 2019 as the base year. (Round answers to 1 decimal place, e.g. 52.7%) 2020 2019 % $1,227,000 2.871,000 -0- $4,098,000 2019
Consider the following statement of comprehensive Income for the Dartmoor Corporation: DARTMOOR CORPORATION Statement of Comprehensive Income Taxable income Taxes (34%) Net income Dividends Addition to retained earnings Current assets Cash The statement of financial position for the Dartmoor Corporation follows. Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets $2,500 7,862 EFN Assets DARTMOOR CORPORATION Statement of Financial Position $ 2,950 4,100 6,400 $13,458 $41,300 $54,750 31,300 $15,700 5,338 $10,362 Prepare a pro forma statement of financial position, assuming a 15% Increase in sales, no new external debt or equity financing, and a constant payout ratio. (Do not round Intermediate calculations. Round the final answers to 2 decimal places. Omit $ sign In your response.) Current liabilities Accounts payable Notes payable Total Long-term…
Total Assets value a Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs Taxable income Taxes (22%) Net income Dividends Addition to retained earnings $2,600 5,200 $45,000 35,000 $10,000 2,200 $ 7,800 The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank - be certain to enter "O" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g., 32.16.)
Please help
Harding Co Line Item Description Amount Accounts payable $40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Prepaid expenses 2,000 Property, plant, and equipment 625,000 Based on the data for Harding Co, what is the quick ratio?
Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc.Balance Sheet BeginningBalance EndingBalance Assets Cash $ 129,000 $ 137,000 Accounts receivable 336,000 477,000 Inventory 580,000 488,000 Plant and equipment, net 875,000 858,000 Investment in Buisson, S.A. 406,000 431,000 Land (undeveloped) 252,000 251,000 Total assets $ 2,578,000 $ 2,642,000 Liabilities and Stockholders' Equity Accounts payable $ 387,000 $ 331,000 Long-term debt 1,039,000 1,039,000 Stockholders' equity 1,152,000 1,272,000 Total liabilities and stockholders' equity $ 2,578,000 $ 2,642,000 Joel de Paris, Inc.Income Statement Sales $ 4,850,000 Operating expenses 4,122,500 Net operating income 727,500 Interest and taxes: Interest expense $ 121,000 Tax expense 208,000 329,000 Net income…
Data extracts from Dormer's accounts are shown below Ye-Dec-21 Ye-Dec-20 Land & Buildings 279,000 228,000 Plant 75,000 72,000 Inventory Receivables Cash at Bank Total Assets Share Capital Reserves Long term loans Payables Taxation Interest Total Liabilities & Equity Operating Profits Interest Taxation 65,000 53,000 52,000 63,000 64,000 14,000 535,000 430,000 165,000 115,000 195,000 84,000 110,000 158,000 51,000 62,000 8,000 5,000 6,000 6,000 535,000 430,000 37,000 -5,000 -11,000 21,000 Profit for the Year Notes for the year to 31-Dec-21: Annual depreciation charges were £30,000. Plant (cost £15,000/depreciation £8,000) was sold for £4,000. Buildings costing £80,000 were sold for £110,000. A warehouse had been revalued by £60,000. Buildings/warehouses are not depreciated. Required: a) Prepare a statement of cashflows for Ye-Dec-21. b) Reconcile the annual movement in non-current assets. c) For Ye-Dec-21 calculate: Gearing, Current, and Quick Asset ratios
S
The financial statements of Persimmon Company include the following items: 20X9 20X8 Cash $51,500 $44,000 Short-term Investments 33,000 16,000 Net Accounts Receivable 100,000 105,000 Merchandise Inventory 165,000 148,000 Total Assets 535,000 551,000 Total Current Liabilities 275,000 294,000 Long-term Note Payable 57,000 56,000 What is working capital for 20X9? Group of answer choices A $203,000 B $90,500 C $74,500 D $41,500
The following summarized balance sheets were prepared for the Gold Company and Mythic Corporation. Gold Mythic Current Assets 350,000 185,000 Land 80,000 25,000 Building, net 250,000 325,000 Goodwill 195,000 100,000 Total Assets 875,000 635,000 Accounts Payable 115,000 85,000 Bonds Payable 170,000 150,000 Common stocks,P10 par 150,000 75,000 APIC…