Gordon Company was recently formed with a $5,000 investment in the company by shareholders. The company then borrowed $2,000 from a bank, purchased $1,000 of supplies on account, and also purchased $5,000 of equipment by paying $2,000 in cash and signing a note for the balance. Based on these transactions, the company's total assets are: A. $7,000 B. $9,000 C. $11,000 D. $12,000
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- Use the information below for Harding Company to answer the questions that follow. Harding Company Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 5. Based on the data for Harding Company, what is the amount of quick assets? a. $205,000 b. $203,000 c. $131,000 d. $66,000 ANSWER: 6. Based on the data for Harding Company, what is the amount of working capital?…Profile Co has the following assets and liabilities: Assets: Cash $100 , account receivable,$150 ; Inventory,$240 ,land $200, plant net of accumulated amortization $300 : liabilities short term bank loan, $60 : accounts payable long term loan mortage loan ,$160 ,profolio co long term assets total wasKraco Corporation reported net income of $450,000, including the effects of depreciation expense of $60,000, and amortization expense on a patent of $10,000. Also, cash of $50,000 was borrowed on a 5-year note payable. Based on this data, total cash inflow from operating activities using the indirect method was: O a. $520,000 O b. $470,000 OC. $440,000 O d. $570,000
- Alliance Corporation holds cash of $8,000 and owes $27,000 on accounts payable. Alliancehas accounts receivable of $47,000, inventory of $20,000, and land that cost $60,000. Howmuch are Alliance’s total assets and liabilities?Total Assets Liabilitiesa. $75,000 $87,000b. $135,000 $27,000c. $135,000 $47,000d. $115,000 $47,000Sterling had assets and liabilities as follows: Cash $25,000Accounts Receivable $40,000Inventory $62,500Building (net of accum. deprec.) $90,000Goodwill $65,000Accounts Payable $55,500Accrued Expenses $12,500Bond Payable (Due in 15 yrs) $90,000 Calculate working capital, and current and quick ratiosUse the information below for Harding Company to answer the questions that follow. Harding Company Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 Based on the data for Harding Company, what is the amount of working capital? Group of answer choices $203,000 $168,000 $238,000 $128,000
- Use the information below for Privett Company to answer the questions that follow. Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point?Use the information below for Privett Company to answer the questions that follow. Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the amount of working capital? Group of answer choicesCalculate the net working capital of the company Using the following information. Cash $2,000 Account receivables $3,500 Intangible assets $9,000 Cash eQuivalent $6,000 Marketable securities $5,000 Notes payable (3%, due in 3 months) $4,000 Prepaid expenses $12,000 Current po1tion of long-te1m loans $7,000 Accrned expenses $6,770 Short term loans $4550 Answer choices: Net working capital $ 9, Net working capital $15, Net working capital $ 11, Net working capital $ 6,
- Earth’s Best Company has sales of $200,000, a net income of $15,000, and the following balance sheet: Cash $ 10,000 Receivables 50,000 Inventories 150,000 Net fixed assets 90,000 Total assets $300,000 ____________________________ Accounts payable 30,000 Other current liabilities 20,000 Long-term debt 50,000 Common equity 200,000 Total liabilities and equity $300,000 The company’s new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2.5, without affecting either sales or net income. If inventories are sold off and not replaced so as to reduce the current ratio to 2.5, if the funds generated are used to reduce common equity (stock can be repurchased at book value), and if no other changes occur, by how much will the ROE change? Now suppose we wanted to take this problem and modify it for use on an exam—that is, to create a new problem that you have not seen to test your knowledge of…Data pertaining to the current position of Lucky Industries are as follows:Cash $ 800,000,Marketable securities 550,000 , Account receivable 450,000, notes receivable 400,000,Inventories 700,000, Prepaid expenses 300,000, Accounts payable 1,200,000, Notes payable (short-term) 700,000Accrued expenses 100,000Required:1. Compute (a) the working capital and (b) the quick ratio from the above data. 2. Compute the working capital and the quick ratio after each of the following transactions, and record the results in the appropriate columns. Consider each transaction separately and assume that only that transaction affects the data given above. Only that ratio be calculated in each case (transaction) which changes due to that transaction> a. Sold marketable securities at no gain or loss, $500,000.b. Paid accounts payable, $287,500.c. Purchased goods on account, $400,000.d. Paid notes payable, $125,000.e. Declared a common stock dividend on common stock, $150,000.f. Received cash on…Use the information provided for Privett Company to answer the question that follow. Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Temporary investments 36,000 Based on the data for Privett Company, what is the amount of quick assets?