Gundlach Brewing Company has the following account values as of February 1st, 2014. Gundlach Brewing Company had the following transactions took place during the month of February 1) Earned $40,000 in net income ($10,000 on credit and the rest in cash) 2) Paid $15,000 in dividends 3) Purchased $20,000 of equipment on account 4) Repaid $ 2,000 of outstanding long-term debt 5) Repurchased $3,000 of stock Construct a Balance Sheet as of March 1st, 2014

Gundlach Brewing Company has the following account values as of February 1st, 2014. Gundlach Brewing Company had the following transactions took place during the month of February 1) Earned $40,000 in net income ($10,000 on credit and the rest in cash) 2) Paid $15,000 in dividends 3) Purchased $20,000 of equipment on account 4) Repaid $ 2,000 of outstanding long-term debt 5) Repurchased $3,000 of stock Construct a Balance Sheet as of March 1st, 2014

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 94,000 Accounts receivable 44,000 Allowance for uncollectible accounts $ 9,400 Inventory 30,400 Building 90,400 Accumulated depreciation 14,000 Land 208,000 Accounts payable 40,000 Notes payable (8%, due in 3 years) 60,000 Common stock 104,000 Retained earnings 239,400 Totals $ 466,800 $ 466,800 The $30,400 beginning balance of inventory consists of 304 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $24,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,700 units of inventory on account for $407,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold…
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Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $22,000 Accounts payable $15,000 Investments (short-term) 3,000 Accrued liabilities payable 4,000 Accounts receivable 3,000 Notes payable (current) 7,000 Inventory 20,000 Notes payable (noncurrent) 87,000 Notes receivable (long-term) 1,000 Long-term lease liabilities 63,000 Equipment 50,000 Common stock 10,000 Factory building 90,000 Additional paid - in capital 117,000 Operating lease right - of - use assets 140,000 Retained earnings 31,000 Intangible assets 5,000 During the current year, the company had the following summarized activities: Purchased short-term investments for $ 10,000 cash. Lent $5,000 to a supplier, who signed a two-year note. Leased equipment that cost $18,000; paid $5,000 cash and signed a five-year right-of-use lease for the balance. Hired a new president at the end of the year. The contract was for $85,000 per year plus…
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On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 70,000 Accounts receivable 40,000 Allowance for uncollectible accounts $ 5,000 Inventory 30,000 Building 70,000 Accumulated depreciation 10,000 Land 200,000 Accounts payable 20,000 Notes payable (8%, due in 3 years) 36,000 Common stock 100,000 Retained earnings 239,000 Totals $ 410,000 $ 410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5.…
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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.