Problem 3-8 Financial Statements (LO1)Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement forOmega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should goin the balance sheet or income statement and whether it is an asset or liability.BALANCE SHEET$ 35PayablesLess accumulated depreciationInventories$50120Receivables35Total current assetsTotal current liabilitiesInterest expense$ 25Long-term debtProperty, plant, and equipment$350520Total liabilitiesNet fixed assetsShareholders' equity$90Total liabilities andTotal assetsshareholders' equityINCOME STATEMENTNet sales$700Cost of goods soldSelling, general, and administrative expenses58038ЕBITDebt due for repayment$ 25Cash15Taxable incomeТахes$ 15Depreciation12Net income Prepare the balance sheet and income statement by rearranging the above items. (Be sure to list the assets and liabilities in order oftheir liquidity. Enter all amounts as positive values.)BALANCE SHEETAssetsLiabilities and Shareholders' EquityTotal current assets$0 Total current liabilitiesTotal liabilitiesNet fixed assets$Total assets0 Total liabilities and shareholders' equityINCOME STATEMENT$$$%24%24%24

the balance sheet is a financial statement that shows the business portion like current debt, total…

Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET $ 35 Payables Less accumulated depreciation Total current assets Inventories $50 120 Receivables 35 Total current liabilities $25 Long-term debt Property, plant, and equipment Net fixed assets Interest expense Total liabilities Shareholders' equity $350 520 $90 Total liabilities and Total assets shareholders' equity INCOME STATEMENT Net sales $700 Cost of goods sold Selling, general, and administrative expenses 580 38 ЕBIT Debt due for repayment $ 25 Cash 15 Taxable income Taxes $ 15 Depreciation Net income 12

Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET $ 35 Payables Less accumulated depreciation Total current assets Inventories $50 120 Receivables 35 Total current liabilities $25 Long-term debt Property, plant, and equipment Net fixed assets Interest expense Total liabilities Shareholders' equity $350 520 $90 Total liabilities and Total assets shareholders' equity INCOME STATEMENT Net sales $700 Cost of goods sold Selling, general, and administrative expenses 580 38 ЕBIT Debt due for repayment $ 25 Cash 15 Taxable income Taxes $ 15 Depreciation Net income 12

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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I don't understand how to go about doing these questions. Could you provide a narrative on how you get your answers please. With explanations. Thank you
Answer the following question with the help of the data given below. Accounts Balance Accounts Balance Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Cost of Goods Sold Depreciation Expense Income Tax Expense Interest Expense Interest Payable Inventory 4,000 Long-term Debt 15,000 Patent 40,000 Prepaid Rent 17,000 Property, Plant & Equipment 124,000 Rent Expense 68,000 Research & Development Expense 10,000 Retained Earnings 1,000 Salary Expense 2,000 Salary Payable 500 Sales 6,000 50,000 12,000 3,000 200,000 36,000 7,000 33,000 48,000 1,500 175,000 Q 11: Gross Profit Q 12 : Total Operating Expenses Q 13: Total Current Assets Q 14: Total Current Liabilities Q 15 : Total Owner's Equity
34. After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the Debit and Credit columns show debits of $28,434 and credits of $38,313. This indicates that a.neither net income nor loss can be calculated because it is found on the income statement b.the amounts are out of balance and need to be corrected c.the company has a net loss of $9,879 for the period d.the company has a net income of $9,879 for the period
Which account amount is the most important (larger) in the assets side and in the liabilities side of the balance sheet? What do you think about that?
Is the organization profitable? Why or why not? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S EQUITY…
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Are the organization’s plant and equipment in need of replacement? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…
The current year financial statements for two competitors are presented below. Please analyze their financials. Note: if a ratio cannot be solved given the data provided, please leave it blank. There are a few ratios that cannot be solved given the information provided. Balance sheet: Cash Accounts receivable (net) Inventory Blue Water Prime Fish $ 42,800 $ 19,200 36,400 Property & equipment (net) Other assets Total assets Current liabilities Long-term debt (interest rate: 10%) Capital stock ($10 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity $ 432,600 Income statement: Sales revenue (1/3 on credit) $ 420,000 Cost of goods sold Net income Operating expenses Other data: Per share stock price at end of current year Average income tax rate (232,000) (164,600) 47,000 90,000 167,000 85,800 $ 432,600 $ 90,000 77,600 160,600 30,800 73,600 50,800 422,600 323,000 $ 852,000 $ 76,000 63,600 530,000 107,800 74,600 $ 852,000 $ 784,000 (401,800)…
How would I answer this formula?
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2018 Assets Cash $ 40,000 Accounts receivable 80,000 Inventories 55,000 Machinery (net) Franchise (net) 120,000 30,000 Total assets $325,000 Liabilities and Shareholders' Equity Accounts payable $ 50,000 5,000 Allowance for uncollectible accounts Note payable Bonds payable Shareholders' equity 55,000 110,000 105,000 Total liabilities and shareholders' equity $325,000 Additional information: 1. Cash includes a $20,000 restricted amount to be used for repayment of the bonds payable in 2022. 2. The cost of the machinery is $190,000. 3. Accounts receivable includes a $20,000 note receivable from a customer due in 2021. 4. The note payable includes accrued interest of $5,000. Principal and interest are both due on February 1, 2019. 5. The company began operations in 2013. Income less…
Jon Fulkerson, a credit analyst at the True Credit bank, has received a credit application from Seether, LLC, a private company. An abbreviated portion of the financial information provided by the company is shown below: Total assets EBIT Net working capital Book value of equity Accumulated retained earnings Total liabilities $78,000 9,400 5,700 33,000 17,500 72,000 What is the Z-score for this company? (Do not round intermediate calculations and round your answer to 3 decimal places, e.g., 32.161.) Z-score
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