Diet Company showed the following balances at the end of its first year: Cash 7,000 Prepaid Insurance 700 Accounts Receivable 3,500 Accounts Payable 2,800 Notes Payable 4,200 Diet Capital 1,400 Diet, Drawing 700 Revenues 21,000 Expenses 17,500 Answer the following questions. • What is the total Assets of Diet Company? • What is the total Owner's Equity of Diet Company? What is the total Liabilities of Diet Company?

Diet Company showed the following balances at the end of its first year: Cash 7,000 Prepaid Insurance 700 Accounts Receivable 3,500 Accounts Payable 2,800 Notes Payable 4,200 Diet Capital 1,400 Diet, Drawing 700 Revenues 21,000 Expenses 17,500 Answer the following questions. • What is the total Assets of Diet Company? • What is the total Owner's Equity of Diet Company? What is the total Liabilities of Diet Company?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 6MCQ

See similar textbooks

Similar questions

Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable Accounts receivable Accrued liabilities Cash $25,348 72,217 6,515 18,453 36,540 82,322 107,903 73,662 29,474 659,319 1,775 31,321 Intangible assets Inventory Long-term investments Long-term liabilities Notes payable (short-term) Property, plant, and equipment Prepaid expenses Temporary investments Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)? Oa. 0.8 Ob. 3.4 Oc. 16.5 Od. 2
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $32,441 Accounts receivable 62,838 Accrued liabilities 6,445 Cash 23,006 Intangible assets 41,037 Inventory 84,374 Long-term investments 95,861 Long-term liabilities 72,719 Marketable securities 34,097 Notes payable (short-term) 29,992 Property, plant, and equipment 694,005 Prepaid expenses 1,051 Based on the data for Harding Company, what is the amount of quick assets?
Refer to the 10-K for Abercrombie & Fitch. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in thousands. a. Cash b. Short-term investments (or marketable securities) c. Accounts receivable d. Inventory e. Other current assets f. Accounts payable g. Other current liabilities h. Cash flow from operations A A AA A A 好 2. The company projects the following to occur in the next fiscal year: • Accounts payable will decrease by 25%. • Other current liabilities are expected to increase by 33%. • Cash flow from operations is expected to decrease by 32%. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances for the following accounts and cash flow from operations.
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $27,995 Accounts receivable 67,443 Accrued liabilities 6,489 Cash 18,231 Intangible assets 40,910 Inventory 73,225 Long-term investments 110,039 Long-term liabilities 76,849 Marketable securities 33,317 Notes payable (short-term) 26,370 Property, plant, and equipment 606,242 Prepaid expenses 1,687 Based on the data for Harding Company, what is the amount of working capital?
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $37,895 Accounts receivable 69,212 Accrued liabilities 6,543 Cash 17,127 Intangible assets 36,451 Inventory 78,770 Long-term investments 99,442 Long-term liabilities 72,027 Marketable securities 39,229 Notes payable (short-term) 24,334 Property, plant, and equipment 693,814 Prepaid expenses 1,182 Based on the data for Harding Company, what is the quick ratio, rounded to one decimal point? a.3 b.15.1 c.0.8 d.1.8
The following information applies to the questions displayed below.] Simon Company's yearend balance sheets follow. Current 2 31 Assets Cash Accounts receivable , Merchandise inventory Prepaid expenses ? assets , Total assets Liabilities and Equity Bccounts payable Long-term payable secured by mortgages on plast assets Common stock, $ 10 par value earnings Total Isabilities and equity $ 31,224 89,900 115,000 10,055 277, 807 $523.985 $ 37,266 62,200 50,400 84,000 57,000 4,141 259,433 223,893 $ 451,712 372, 701 $ 131,777$ 77,103 $ 99,494 162,500 130.215 $523.986 104, 5 83,190 162,500 162,500 107.176 77.322 $ , 712 372, 70
The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…
Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $26,136 Accounts receivable 71,999 Accrued liabilities 6,575 Cash 16,008 Intangible assets 40,514 Inventory 77,552 Long-term investments 102,623 Long-term liabilities 70,943 Notes payable (short-term) 25,456 Property, plant, and equipment 674,580 Prepaid expenses 2,265 Temporary investments 32,175 Based on the data for Harding Company, what is the amount of quick assets? a.$120,182 b.$48,183 c.$800,315 d.$1,618,032
The followimg assets were among those that appeared on Baird’s Co.’s books at the end of the year:Demand bank deposits P650,000Net Long-Term Receivables 400,000Patents and Trademarks 150,000 In preparing constant peso financial statements, how much should Baird classify as monetary assets?a.1,200,000b.1,050,000c.800,000d.650,000
The following accounts are extracted from the books of X Inc. on December 31, 2020: Account Receivable Se0.000 Aocounts Payable e 75,000 Accumulated Dpreciation: Land Improvement 160.000 Allowance for Doubtful Accounts 26,000 Aeerued Liahilities 204.000 Bonds Payable 373,000 Hond Sinking Fund 220,000 Cash 140,000 lavestment in Stock 132.000 Common Stock 414,000 Goodwill laventory 322,000 Land 260,000 Land held for spelation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Promium on Common Stock 276,000 Prepaid Insuranee (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Securities, originally purchased at S70,000, are raded at a fair Valae of S88,000 Treasury Stock Uncamed Service Revenue ?? Based on the data above, current assets were: * $582,000 $600,000 $626,000 None of the above
The following information is prepared by the accountant of Burma Limited as at 31 December 20235 Statement of financial position as at 31 December: ASSETS Non-current assets Property, plant and equipment Current assets Inventory Trade receivables Cash and cash equivalents Total assets Equity and liabilities Equity Capital-opening balance Profit for the year Drawings Non-current liabilities Mortgage loan Long-term loan Current liabilities Trade payables Bank overdraft 2023 R 400 000 400 000 340 000 60 000 240 000 40 000 740 000 740 000 340 000 320 000 58 000 (38 000) 320 000 200 000 120 000 80 000 80 000 2022 R 200 000 200 000 480 000 160 000 120 000 200 000 680 000 680 000 320 000 200 000 140 000 (20 000) 340 000 190 000 150 000 20 000 20 000 2021 R 440 000 440 000 200 000 120 000 80 000 640 000 640 000 200 000 130 000 110 000 (40 000) 290 000 210 000 80 000 150 000 75 000 75 000
Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $36,068 Accounts receivable 67,962 Accrued liabilities 6,331 Cash 21,747 Intangible assets 38,687 Inventory 88,371 Long-term investments 111,372 Long-term liabilities 75,442 Notes payable (short-term) 25,371 Property, plant, and equipment 645,701 Prepaid expenses 2,435 Temporary investments 31,403 Based on the data for Harding Company, what is the amount of working capital? a.$1,007,678 b.$643,266 c.$144,148 d.$211,918