For Items 9-10Following are selected financial and operating data taken from the financial statements of AlamonaCorporation:CashNotes and Accounts Receivable, netMerchandise InventoryMarketable Securities short-termLand and Buildings (net)Bonds Payable long-termAccounts Payable - tradeNotes Payable - short-termAs of December 312023202280,000640,000400,0001,200,000720,000 1,200,000240,00080,0002,720,0002,880,0002,160,0002,240,000560,000880,000160,000320,000Sales (20% cash, 80% credit sales)Cost of Goods SoldFor the Year-Ended December 31202318,400,0008,000,000202219,200,00011,200,000Compute for the following ratio:9. Current ratio as of December 31, 2023a. 0.5:1b. 2.0:1c. 2.6:1d. 3.2:110. Quick (acid test) ratio as of December 31, 2023a. 2.0 to 1b. 0.5 to 1c. 1 to 1d. 0.7 to 1Page 4 of 4

Detailed explanation:Sales, cost of goods sold, land, building and bonds payable long term are not…

Answered: For Items 9-10 Following are selected…

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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Font Paragraph Styles The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The December 31, 2021, balance sheet revealed the following: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio $1,000,000 $3,500,000 2.20 1.20 1.5 Required: Determine the following 2021 balance sheet items: 1. Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities
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
Consider the following financial data for Terry Enterprises: Balance Sheet as of December 31, 2018 Cash $ 86,000 Accounts payable $ 15,500 Accts. receivable 91,500 Notes payable 93,500 Inventories 65,500 Accruals 19,500 Total current assets $ 243,000 Total current liabilities $ 128,500 Long-term debt 162,500 Net plant & equip. 419,500 Common equity 371,500 Total assets $ 662,500 Total liab. & equity $ 662,500 Statement of Earnings for 2018 Industry Average Ratios Net sales $ 642,500 Current ratio 2.2× Cost of goods sold 482,000 Quick ratio 1.7× Gross profit $ 160,500 Days sales outstanding 44 days Operating expenses 119,500 Inventory turnover 6.7× EBIT $ 41,000 Total asset turnover 0.6× Interest expense 14,500 Net profit margin 7.2% Pre-tax earnings $ 26,500…
The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $95,217 Accounts Payable $213,873 Accounts Receivable 11,259 Wages Payable 1,458 151,704 34,271 Inventory Prepaid Rent Notes Payable 5,574 Paid-In Capital 288,638 Equipment 337,420 Retained Earnings 62,934 Total Assets $601,174 Total Equities $601,174 The following summary transactions occurred during 2021: • paid $80,810 to suppliers for merchandise previously purchased on account • paid $22,120 for advertising • sold merchandise for $442,246 on account and $271,054 for cash; the merchandise cost $413,714 agreed to a five-year rental lease for $10,000 and paid $2,000 in advance • received $209,880 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? OA: $681,906|| B: $797,830| C: $933,461 D: $1,092,149 OE: $1,277,815 OF: $1,495,043
An extract from a computer company's 2021 financial statements follows: Balance sheet As of December 31, 2021 As of December 31, 2020 Total assets 57,699 54,013 Total liabilities 37,682 37,919 Total stockholders' equity 20,017 16,096 What was the company's debt-to- equity ratio for 2021? OA. 2.5 OB. 1.6 O C. 0.9 O D. 1.9
Given the data in the following table, the entry for Inventories on the 2023 common-sized balance sheet was %.
Given the data in the following table, accounts receivable in 2023 was…
Liberty Corporation reported the following financial statements: Which measure expresses Liberty’s times-interest-earned ratio? (amounts rounded) a. 54.7% b. 19 times c, 34.5% d. 32 times
Subject: acounting
Ratio Analysis Presented below are summary financial data from Pompeo’s annual report: Amounts in millions Balance sheet Cash and cash equivalents $2,712 Marketable securities 27,128 Accounts receivable (net) 14,051 Total current assets 58,632 Total assets 184,617 Current liabilities 66,017 Long-term debt 12,738 Shareholders’ equity 119,487 Income Statement Interest expense 539 Net income before taxes 24,512 Calculate the following ratios: (round to two decimal places) a. Times-interest-earned ratio b. Quick ratio c. Current ratio
The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $96,928 Accounts Payable $205,898 Accounts Receivable 11,528 Wages Payable 1,138 Inventory 151,823 Notes Payable 33,991 Prepaid Rent 6,392 Paid-In Capital 313,317 Retained Earnings Total Equities Equipment 348,579 60,906 Total Assets $615,250 $615,250 The following summary transactions occurred during 2021: • borrowed $4,183 from the bank • purchased $268,201 of merchandise on account and $132,099 for cash • sold merchandise for $448,384 on account and $252,216 for cash; the merchandise cost $399,342 • paid $5,921 for land and equipment • received $8,583 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? O A: $73,440O B: $106,488 Oc: $154,407 OD: $223,890 OE: $324,640 F: $470,729 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? O A: $386,717 O B:…
Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income Assets Cash $ 9,400 (6,400) 3,000 (2,200) (240) (224) $ 336 Bonds payable Common stock Retained earnings Comparative Balance Sheets. Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities December 31 2024 $ 640 640 840 2,400 $ 4,520 $ 1,340 1,600 640 940 $ 4,520 2023 $ 540 440 640 2,500 $4,120 $ 1,090 1,600 640 790 $ 4,220 Required: Calculate the following ratios for 2024 Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.

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