Financial Accounting Elston Enterprises Inc. compiled the following financial information as of December31, 2017:Financial ItemSalesCommon StockAmount ($)EquipmentExpensesCashDividendsInventoryAccounts Payable$200,000$50,000$60,000$180,000$45,000$12,000$8,000$25,000$20,000Accounts ReceivableRetained Earnings (1/1/17) $90,000Determine Elston Enterprises Inc.'s total assets on December 31, 2017.

Step 1: Define Total AssetsTotal assets refer to the sum of all resources owned by a company that…

Answered: Elston Enterprises Inc. compiled the…

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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Selected information from the comparative financial statements of AppleVerse Company for the year ended December 31 appears below: 2018 2017 Php Php Accounts receivable (net) 175,000 200,000 Inventory 130,000 150,000 Total assets 1,100,000 800,000 Current liabilities 140,000 110,000 Long-term debt 410,000 300,000 Net credit sales 800,000 700,000 Cost of goods sold 600,000 530.000 Interest expense 40.000 25,000 Income tax expense 60.000 29,000 Net income 150.000 85,000 Net cash provided by operating 220,000 135,000 activities Compute for the Receivables Turnover for 2018. O 2.13 O 4.27 O 5.95 O 3.23
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
The following data are available for XYZ Corporation for years 2014 and 2013. XYZ Corporation Statement of Financial Position As of December 31 Change Peso % 2013 2014 Assets Cash and equivalents Receivables Inventories Prepayments and others Total Current Assets 14,000 28,800 54,000 4,800 101,600 16,000 55,600 85,600 _7,400 164,600 2,000 26,800 ? 93.06% ? 2,600 54.17% 62.01% Property, Plant & Equipment - net of depreciation Total Assets 43,200 73,400 238,000 143.05% 30,200 131.800 Liabilities and Equity Notes payable to banks Accounts payable Accrued liabilities Income taxes payable Total current liabilities Share capital Retained earnings Total equity Total liabilities and equity 10,000 31,600 4,200 _ 5,800 51,600 44,600 35.600 80,200 131,800 54,000 55,400 6,800 7,000 123,200 44,600 70,200 44,000 23,800 2,600 .? ? 440.00% 61.90% 0.00% 34,600 34,600 43,14% 114,800 238.000 XYZ Corporation Income Statement Years ended December 31 (P thousands) Change Peso 2013 2014 266,400 191,400…
The following is a summary of information presented on the financial statements of a company on December 31, 2018 Account 2018 2017 Current Assets $ 86,000.00 $ 70,000.00 Accounts Receivable $ 61,000.00 $ 69,000.00 Merchandise Inventory $ 63,000.00 $ 56,000.00 Current Liabilities $ 56,000.00 $ 49,000.00 Long-term Liabilities $ 40,000.00 $ 53,000.00 Common Stock $ 71,000.00 $ 57,000.00 Retained Earnings $ 69,000.00 $ 49,000.00 With respect to Long-term Liabilities, a horizontal analysis reveals ________. A long-term liabilities decreased by 24.56% B long-term liabilities decreased by 24.53% C long-term liabilities decreased by $14,000 D long-term liabilities decreased by $7,000
Based on the financial statements below, what is the current ratio and quick ratio?
Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $3,040 $1,908 Accounts receivable, net 3,370 3,180 Inventories 2,774 3,016 Other current assets 1,956 1,628 Total current assets $11,140 $9,732 Current liabilities $4,882 $5,875 Calculate the current ratio and working capital for 3M for 2019 and 2020.
Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $3,200 $1,881 Accounts receivable, net 3,500 3,175 Inventories 2,702 3,044 Other current assets 1,896 1,582 Total current assets $11,298 $9,682 Current liabilities $4,791 $5,869 1.Calculate the current ratio and working capital for 3M for 2019 and 2020. 2.Suppose that at the end of 2020, 3M management used $198 million cash to pay off $198 million of accounts payable. How would its current ratio and working capital have changed?
On June 30, 2021, Streeter Company reported the following account balances: Receivables Inventory Buildings (net) Equipment (net) Total assets $ 88,200 Current liabilities 75,250 Long-term liabilities 87,500 Common stock 29,400 Retained earnings $ 280,350 Total liabilities and equities $ (16,100) (74,250) (90,000) (100,000) $ (280,350) On June 30, 2021, Princeton Company paid $315,200 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $19,900 in legal fees. Princeton also agreed to pay $66,400 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $23,700. In determining its offer, Princeton noted the following pertaining to Streeter: • It holds a building with a fair value $44,900 more than its book value. • It has developed a customer list appraised…
The comparative statement of financial position for Cullumber Corporation shows the following noncash current asset and liability accounts at March 31: 2018 2017 Accounts receivable $61,000 $43,000 Inventory 70,000 64,000 Accounts payable 35,000 43,000 Dividends payable 1,400 2,300 Cullumber’s income statement reported the following selected information for the year ended March 31, 2018: net income was $280,000, depreciation expense was $60,000, and a loss on the disposal of land was $18,000. Cullumber uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CULLUMBER CORPORATIONStatement of Cash Flows (Partial)-Indirect Method Operating activities…
A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
Given the data in the following table, the entry for Inventories on the 2023 common-sized balance sheet was %.
Using these data from the comparative balance sheet of Sheridan Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2017Dec. 31, 2016AmountPercentageAmountPercentageAccounts receivable$ 540,000 Enter percentages % $ 363,000 Enter percentages %Inventory$ 783,000 Enter percentages % $ 642,000 Enter percentages %Total assets$3,120,000 Enter percentages % $2,704,000 Enter percentages %

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