Following is thebalance sheet of X, Y and Z sharing profits and losses in the ratio 3 : 3 : 2.BALANCE SHEETas at 31.3.2015Liabilities$Assets$Creditors30,000Cash20,000Bills payable40,000Debtors50,000Capitals :Stock25,000X 50,000Y 30,000Buildings75,00020.0001,00,0001,70,0001,70,000On 1st April, 2015, the partners decided to share future profits in the ratio5:3:2 and following revaluations were to be made :-(i) Building was to be appreciated by 20%(ii) 10% of debtors were bad.(iii) A provision for discount on creditors was to be made @ 2%.Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of there-constituted firm.

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Answered: Following is the balance sheet of X, Y…

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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The balance sheet for Fanning Corporation follows: $ 246,000 764,000 Current assets Long-term assets (net) Total assets $1,010,000 $ 149,000 452,000 601,000 409,000 Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity $1,010,000 Required Compute the following. (Round "Ratios" to 1 decimal place.) Working capital Current ratio Debt-to-assets ratio % Debt-to-equity ratio < Prev 5 of 6 MacE
The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities $100Fixed assets $280Sales $1,200Net income $358Inventory $180Current ratio 3.2Average collection period 45 daysAverage common equity $500Find Fisher's accounts receivable.(a) $147.95 (b) $127.65(c) $225.78 (d) $290.45
On January 1, 2017, Polk Co. and Strass Co. had condensed balance sheets as follows:POLK STRASSCurrent assets 70,000 20,000Noncurrent assets 90,000 40,000Total assets 160,000 60,000Current liabilities 30,000 10,000Long Term debt 50,000 -Stockholders' equity 80,000 50,000Total Liabilities and SHE 160,000 60,000On January 2, 2017, Polk borrowed P 60,000 and used the proceeds to purchase 80% of the outstanding commonshares of Strass. This debt is payable in 10 equal annual principal payments, plus interest, beginning December30, 2017. The excess of cost over the investment over Strass’ book value of acquired net assets should beallocated 60% to inventory and 40% to goodwill. On Polk’s January 2, 2017, consolidated balance sheet, Current assets should be Noncurrent assets should be Current liabilities should be Noncurrent liabilities should be Stockholders’ equity should
Balance Sheet of A, B and C, who are sharing profits and losses in the ratio of 2:2:1, was as follows on 31st March, 2015, the date of dissolution : BALANCE SHEET OF A, B AND C as on March 31,2015 Liabilities 2$ Assets $ 1,20,000 Cash 1,000 Sundry Creditors Bank Loan (with a charge on Stock) 50,000 Stock 60,000 Capitals : Other Assets 1,09,000 30,000 30,000 Goodwill 20,000 Capital : A B C 20,000 2,20,000 2,20,000 Stock realised $ 52,000 and other assets were sold for $ 90,000. Expenses on realisation amounted to $ 3,000. Assuming that all the partners are insolvent, prepare necessary ledger accounts to close the books of the firm.
The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities $100Fixed assets $280Sales $1,200Net income $358Inventory $180Current ratio 3.2Average collection period 45 daysAverage common equity $500 Calculate the amount of the long-term debt.(a) $134 (b) $500(c) $74 (d) $208
All the figures are in millions. Please calculate: debt ratio and times interest earned ratio Please written down the formulas used and use excel. BKW Current Asset Current Liabilities Total Liabilities Total Assets 2016 344,168 145,498 678,726 2,517,211 2017 356,979 160,215 752,063 2,719,903 2018 368,473 177,655 804,059 2,875,137 2019 495,024 261,798 925,626 3,092,984 2020 637,416 232,882 1,428,922 3,832,933 2021 579,863 268,282 1,546,085 4,025,832 BKW Net Cash Provided by operating activities Operating Income Before Tax Finance Costs Cash and cash eqiv & Accounts receivables 2016 148,507 121,756 - 14,080 19,641 + 133,225 2017 115,422 256,583 - 12,436 19,641 + 133,225 2018 170,948 244,453 - 14,456 21,167 + 122,216 2019 123,080 314,475 - 23,883 74,881 + 133,319 2020 75,259 417,117 -…
Using a BalanceSheetMOON CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 18,000 Liabilities:Accounts Receivable . . . 26,000 Notes PayableLand . . . . . . . . . . . . . . . . 37,200 (due in 60 days) . . . . . . . . . . . . . $ 12,400Building. . . . . . . . . . . . . . 38,000 Accounts Payable . . . . . . . . . . . . . 9,600Office Equipment . . . . . . 1,200 Total liabilities . . . . . . . . . . . . . . $ 22,000Stockholders’ equity:Capital Stock . . . . . . . . . $60,000Retained Earnings. . . . . 38,400 98,400Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400STAR CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 4,800 Liabilities:Accounts Receivable . . . 9,600 Notes PayableLand . . . . . . . . . . . . . . . . 96,000 (due in 60 days) . . . . . . . . . . . . . $ 22,400Building. . . . . . . . . . . .…
The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities $100Fixed assets $280Sales $1,200Net income $358Inventory $180Current ratio 3.2Average collection period 45 daysAverage common equity $500 Calculate the amount of current assets.(a) $223 (b) $248(c) $280 (d) $428
Use the following information to answer questions 1 - 8 Consider the following abbreviated financial statements for Xinghua: XINGHUA 2014 and 2015 Partial Balance Sheets Assets Liabilities and Owners Equity 2014 2015 2014 2015 Current assets $ 924 $ 1,002 Current liabilities $ 370 $ 428 Net fixed assets 3,917 4,556 Long-term debt 2, 006 2, 142 Equity 2,465 2,988 XINGHUA 2015 Income Statement Sales $ 11,295 Costs 5,535 Depreciation 1,020 Interest paid 180 The tax rate is 35%. Long term debt trades at 128% of par. The firm has 500 shares outstanding. Free Cash Flow to the Firm and the Free Cash Flow to Equity are both expected to grow at 2% forever. The weighted average cost of capital is 16%. The cost of equity is 24%.1. What is the change in net working capital for 2015? $ 2. What is the change in gross fixed assets, i. e. capital expenditures, for 2015? $_ What is the Net Income for 2015? $ 3. 4. What is the Free Cash Flow to the Firm for 2015? $ What is the Value of the Firm…

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