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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Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total Equity $440,000 133,000 307,000 What is the company's debt ratio as of December 31? (Round your percentage answer to two decimal places.) OA. 30.23% OB. 43.32% O C. 100.00% O D. 69.77%
Bruno Inc.'s Financial Statement for years 2014-2015. Compute for the Bruno Inc. Year 2015 Debt to Equity Ratio. (Answer Format: 12.23%, if computed answer is 12.343% answer should be 12.34%, if computed answer is 12.347% answer should be 12.35%) INCOME STATEMENTS 2014 2015 BALANCE SHEETS Assets Cash 2014 2015 Net sales $ 4,760 $ 5,000 S 60 50 COGS (excl. depr.) 3,560 3,800 ST Investments 40 . Depreciation 170 200 Accounts receivable 380 500 480 500 Inventories 820 1,000 Other operating expenses EBIT S 550 S 500 Total CA $ 1,300 $ 1,550 Interest expense 100 120 Net PP&E 1,700 2,000 Pre-tax earnings S 450 S 380 $ 3,000 $ 3,550 Taxes (40%) 180 152 NI before pref. div. $ 270 228 Preferred div. 8 8 S 190 $ 200 Net income $ 262 220 280 300 130 280 Other Data $ 600 S 780 Common dividends $48 $50 1,000 1,200 Addition to RE $214 $170 $ 1,600 $ 1,980 Tax rate 40% 40% 100 100 Shares of common stock 50 50 500 500 Earnings per share $5.24 $4.40 800 970 Dividends per share $0.96 $1.00 $ 1,300 S…
The following are the Balance Sheets of XYZ Company Ltd. (Rs.in lakhs) 1.1.2020 Rs. 31.12.2020 Rs. Assets : Net Fixed Assets 900 1,000 Cash 50 50 Marketable Securities 100 - Debtors 100 400 Stock of Goods 600 800 Total 1,750 2,250 Liabilities : Equity Shares 500 500 Reserves 400 600 Long-term Debt 100 100 Creditors 200 250 Payables 450 650 Provisions 100 150 Total 1,750 2,250 From the above data, prepare a Comparative Balance Sheet with comments.?
Selected balance sheet and income statement information for Home Depot follows. $ millions Operating assets Jan. 31, 2016 Feb. 01, 2015 $40,333 $38,223 Nonoperating assets 2,216 1,723 Total assets 42,549 39,946 Operating liabilities 14,918 13,427 Nonoperating liabilities 21,315 17,197 Total liabilities 36,233 30,624 Total stockholders' equity 6.316 9.322 Sales 88,519 Net operating profit before tax (NOPBT) 11,774 Non-operating expense before tax 753 Tax expense 4,012 Net income 7,009 Compute the return on equity for the year ended January 31, 2016. You want your all-equity (no debt) firm to provide a return on equity of 13.5%. If total assets are $375,000, how much must be generated in net income to make this target? a. $41,234 b. $43,405 c. $45,689 d. $48,094 e. $50,625 For the FY 2016, Alpha Company had net sales of $950,000 and a net income of $65,000, paid income taxes of $30,000, and had before-tax interest expense of $15,000. Use this information to determine the: 1. Times…
Q7. Calculate debt and equity ratios using the following information- Accounts payable- $10,000 Accounts Receivable- $15,000 Buildings- $42,000 Cash-$4,000 Current Notes payable- $7,000 Office supplies $3,000 Long term notes payable- $40,000 Prepaid insurance- $2,000 Unearned revenue liability- $1,000 Wages payable- $3,000 Retained earnings- $10,000 Company issued 500 common shares @ $2 and 400 Preference shares @$3 during the year.. B W
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Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $2,876 $4,843 Investments 9,758 14,637 Accounts receivable 5,562 5,112 Inventories 3,473 3,463 Tax assets 697 1,335 Prepaid expenses and other current assets 1,234 1,454 Total current assets 23,600 30,844 Property, plant, and equipment, net 4,841 4,699 Goodwill 41,500 40,530 Other intangible assets, net 26,899 28,101 Long-term tax assets 1,383 774 Other assets 1,559 1,737 Total assets $99,782 $106,685 Current liabilities Short-term borrowings $993 $2,434 Accounts payable 1,709 1,610 Accrued compensation 1,712 1,611 Accrued income taxes 566 935 Deferred tax liabilities - 119…
Calculate the firm's : 1) Current ratio 2) Quick Ratio 3) Days sales outstanding. Assume a 365 day per year for this calculation. 4) Total Assets turnover
Please calculate the Dividends per Share and Earnings per Share for each year for Brown Company. Use the image below.
Motorola Credit Corporation's annual report (dollars in millions) 3311 Net revenue (sales) Net earnings 170 Total assets 2,245 Total liabilities 1,929 Total stockholders' equity 316 a. Find the total debt to total assets ratio. (Round your answer to the nearest hundredth percent.) Total debt to total assets b. Find the return on equity ratio. (Round your answer to the nearest hundredth percent.) Return on equity c. Find the asset turnover ratio. (Round your answer to the nearest cent.) Asset turnover d. Find the profit margin ratio on net sales. (Round your answer to the nearest hundredth percent.) Profit margin

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