Horizon Enterprises had the following account balances at the end of the year: . Cash: $50,000 Accounts Receivable: $75,000 Inventory: $120,000 • Equipment (net): $200,000 . Accounts Payable: $40,000 Notes Payable: $60,000 Common Stock: $150,000 Retained Earnings: $195,000 Based on the given information, what is the total amount of Horizon Enterprises' total assets?

Horizon Enterprises had the following account balances at the end of the year: . Cash: $50,000 Accounts Receivable: $75,000 Inventory: $120,000 • Equipment (net): $200,000 . Accounts Payable: $40,000 Notes Payable: $60,000 Common Stock: $150,000 Retained Earnings: $195,000 Based on the given information, what is the total amount of Horizon Enterprises' total assets?

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...

See similar textbooks

Similar questions

Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
Consider the following company’s balance sheet and income statement. For this company, calculate the following: Current ratio. Number of days’ sales in receivables. Sales to total assets.
Prepare a balance sheet for Cornell Corp. based on the following information: cash = $120,000; accounts payable & accruals = $200,000; accounts receivable = $105,000; net fixed assets = $1,750,000; inventory = $290,000; notes payable = $160,000; Retained Earninigs = $660,000; Common Stock (par value+paid in Cap) = $400,000. Prepare the balance sheet. Calculate the long term debt of the firm. Calculate the NWC (Net Working Capital) and Debt to Equity (D/E) ratio.
Sanchez Company had the following year-end balances: Cash $325,000 Marketable Securities 175,000 Accounts Receivable, net 450,000 Inventory 225,000 Prepaid Expenses 110,000 Plant Assets, net 640,000 Accounts Payable 375,000 Long-term Notes Payable 365,000 Common Stock 645,000 Retained Earnings 540,000 Net income for the year was $305,000 a. Calculate the Current Ratio b. Calculate the Acid-Test Ratio c. Calculate the Debit to Equity Ratio d. Calculate the Debt Ratio
The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,460,000, with 75 percer credit. Cash Accounts receivable k Inventory Plant and equipment ht ences Total assets REVOLUTION CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity $ 54,000 348,000 Accounts payable Accrued taxes $ 287,000 93,000 272,000 Bonds payable (long-term) 131,000 464,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 377,000 $ 1,138,000 Total liabilities and equity $ 1,138,000 Compute the following ratios: Note: Use a 360-day year. Do not round intermediate calculations. Round your answers to 2 decimal places. I total assets answer as a percent rounded to 2 decimal places. a. Current ratio times b. Quick ratio times c. Debt-to-total-assets ratio % d. Asset turnover times e. Average collection period days
SolidCo’s balance sheet for the most recent year end is below. Current Assets Cash: 3,000Marketable securities: 600Accounts receivable: 6,000Less allowance for bad debt: –300Inventory: 1,200Total Current Assets: 10,500 Current Liabilities Accounts payable: 4,000Current portion of notes payable: 1,300Other current accrued expenses: 2,000Total Current Liabilities: 7,300 The quick ratio for this company is closest to:
Crafter Company has the following assets and liabilities: Assets Cash $28,000 Accounts receivable 15,000 Inventory 20,000 Equipment 50,000 Liabilities Current portion of long-term debt $10,000 Accounts payable 2,000 Long-term debt 25,000 Determine the quick ratio (rounded to one decimal point).
What is the average collection period in days on these financial accounting question?
.
At the end of the fiscal year, Big Box Depot had account receivables of $1.89 billion on net sales of $8.5 billion. At the same point in time, Lumber Jack Inc. had accounts receivable of $6.3 billion on net sales of $9.2 billion. Each company had cash on hand of $600,000. Calculate the accounts receivable turnover and days' sales outstanding (DSO) for each company. Based solely on these metrics, which company reported stronger financial metrics. Explain.
BBP, Inc., with sales of $600,000, has the following balance sheet: BBP, Incorporated Balance Sheet as of 12/31/X0 Assets Liabilities and Equity Cash $ 30,000 Accounts payable $ 18,000 Accounts receivable 90,000 Accruals 36,000 Inventory 108,000 Notes payable 70,000 Current assets 228,000 Current liabilities 124,000 Fixed assets 180,000 Common stock 120,000 Retained earnings 164,000 Total assets $ 408,000 Total liabilities and equity $ 408,000 The firm earns 15 percent on sales and distributes 25 percent of its earnings. Using the percent of sales, determine whether the firm will need external funds and forecast the new balance sheet for sales of $780,000 assuming that cash changes with sales and that the firm is not operating at capacity. Use newly issued short-term debt to cover any needs for additional finance. If the firm has excess funds, add them to cash. Round your answers to the nearest dollar. Enter your…