Current Year Prior Year Balance Sheet at December 31 $ 44, 580 28, 800 31,800 113, 200 (37, 200) $181, 180 $ 19, e00 31, 000 38, e00 104, 000 (31,000) $161, e00 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets $ 26, 200 Accounts Payable Salaries and Wages Payable Note Payable (1long-term) Common Stock Retained Earnings $ 23,000 1, e0e 50, e00 62, 000 25,000 780 38,000 83, 000 33, 200 $181, 180 $161, 000 Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses $102, 000 62, 000 27,800 Net Income $ 12, 200 Addltlonal Data: a. Bought equipment for cash, $9,200. b. Paid $12,000 on the long-term note payable. c. Issued new shares of stock for $21,000 cash. cl. Declared and paid a $4,000 cash dividend. e. Other expenses included depreciation, $6,200; salaries and wages, $10,200; taxes, $3,200; utilities, $8,200. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts r or other expenses, assume that these expenses were fully paid in cash.

Current Year Prior Year Balance Sheet at December 31 $ 44, 580 28, 800 31,800 113, 200 (37, 200) $181, 180 $ 19, e00 31, 000 38, e00 104, 000 (31,000) $161, e00 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets $ 26, 200 Accounts Payable Salaries and Wages Payable Note Payable (1long-term) Common Stock Retained Earnings $ 23,000 1, e0e 50, e00 62, 000 25,000 780 38,000 83, 000 33, 200 $181, 180 $161, 000 Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses $102, 000 62, 000 27,800 Net Income $ 12, 200 Addltlonal Data: a. Bought equipment for cash, $9,200. b. Paid $12,000 on the long-term note payable. c. Issued new shares of stock for $21,000 cash. cl. Declared and paid a $4,000 cash dividend. e. Other expenses included depreciation, $6,200; salaries and wages, $10,200; taxes, $3,200; utilities, $8,200. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts r or other expenses, assume that these expenses were fully paid in cash.

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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pays' cash on hand Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash (end of year) $25,538 $24,078 Short-term investments (end of year) 8,260 9,480 Operating expenses 60,135 63,465 Depreciation expense 13,050 12,000 Determine the days' cash on hand for 20Y8 and 20Y9. Assume 365 days in a year. Days' Cash on Hand 20Y8: 20Y9: days days
Current Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $655,500 $520,000 Marketable securities 759,000 585,000 Accounts and notes receivable (net) 310,500 195,000 Inventories 643,500 475,800 Prepaid expenses 331,500 304,200 Total current assets $2,700,000 $2,080,000 Current liabilities: Accounts and notes payable (short-term) $435,000 $455,000 Accrued liabilities 315,000 195,000 Total current liabilities $750,000 $650,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital $fill in the blank 1 $fill in the blank 2 2. Current ratio fill in the blank 3 fill in the blank 4 3.…
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Current Position Analysis The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $446,900 $372,400 Marketable securities 517,400 419,000 Accounts and notes receivable (net) 211,700 139,600 Inventories 1,071,800 807,000 Prepaid expenses 552,200 516,000 Total current assets $2,800,000 $2,254,000 Current liabilities: Accounts and notes payable (short-term) $324,800 $343,000 Accrued liabilities 235,200 147,000 Total current liabilities $560,000 $490,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital $fill in the blank 1 $fill in the blank 2 2. Current ratio fill in the blank 3 fill in the blank…