If total assets increased by $20,000 and stockholders' equity increased by $5,000 during a period of time, then total liabilities must have changed by what amount and direction during that same period?
Q: Big Company purchased Small Company for $1,450,000.Small Company had assets with a fair value of…
A: Step 1: DefinitionsGoodwill: Goodwill is an intangible asset that arises when a company acquires…
Q: Accounting problem with help
A: Step 1: Definition of Direct Materials Price VarianceThe Direct Materials Price Variance measures…
Q: What is the ROE
A: ROE = Net Income / Equity Net Income:Profit Margin = Net Income / SalesNet Income = Profit Margin…
Q: Please provide problem with correct answer accounting
A: Step 1: Definition of Futures ContractsA futures contract is an agreement to buy or sell a…
Q: Samantha's Boutique has annual net sales of $6.5 million and maintains a markup of 20% based on…
A: Step 1: Definition of Gross Profit and Net ProfitGross Profit is the revenue remaining after…
Q: Determine the expected net realizablev val of the accts receivable as of Dec 31 (after all the…
A: Calculations for Wild Trout GalleryAdjusting Entry Based on Analysis of ReceivablesEstimated…
Q: Suppose Isha Corporation reports beginning assets of $55,000, ending assets of $70,000, net sales of…
A: Concept of Net IncomeNet income represents the profit a company earns after deducting all expenses,…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Sales Revenue RecognitionSales revenue is the income earned from selling goods…
Q: The material quantity variance for May is
A: Explanation of Materials Quantity Variance:Materials Quantity Variance measures the difference…
Q: Provide correct option general accounting question
A: Step 1: Definition of Labor Efficiency VarianceLabor efficiency variance measures the difference…
Q: Please need help with this financial accounting question
A: Step 1: Define Non-Operating LiabilitiesNon-Operating Liabilities refer to liabilities that are not…
Q: What does the selling price per unit need to be on these general accounting question?
A: Step 1: Define Selling Price per UnitSelling Price per Unit is the amount a company charges…
Q: I need help
A: Step 1: Definition of Contribution Margin RatioThe contribution margin ratio is a measure of a…
Q: Samantha works as a sales assistant. She receives a weekly wage of $280 plus a commission of $0.12…
A: Step 1: Definition of Net EarningsNet earnings, also known as take-home pay, refer to the amount an…
Q: ??
A: Step 1: DefinitionsWork in Process (WIP) Inventory: WIP inventory refers to partially completed…
Q: What is the company's book value per share on these financial accounting question?
A: Step 1: Define Book Value per ShareBook Value per Share is a financial measure that indicates the…
Q: General accounting
A: Step 1: Define Accrued Interest PayableAccrued Interest Payable is the interest expense that has…
Q: Sarah's Bakery produces custom cakes for special occasions. The bakery sells each cake for $35, and…
A: Step 1: Definition of Target Profit Sales VolumeThe target profit sales volume is the number of…
Q: AsumaCompany's high and low level of activity last year was 56,000 units of product produced in May…
A: Step 1: DefinitionsHigh-Low Method: The high-low method is a simple way to estimate fixed and…
Q: What is the material price variance general accounting question
A: Step 1: Definition of Materials Price VarianceMaterials Price Variance measures the difference…
Q: What is the amount of interest expense on July 1?
A: Step 1: Understanding the Bond Interest CalculationWhen a company issues bonds, it promises to pay…
Q: MCQ
A: Explanation of Stock Price Per Share: The stock price per share represents the current market value…
Q: What was the average collection period?
A: Explanation of Net Sales:Net Sales refers to the total revenue a company generates from selling its…
Q: Solve this Accounting problem
A: Explanation of Fixed Costs:Fixed Costs are expenses that do not change regardless of the number of…
Q: What is the amount of purchased goodwill?
A: Explanation of Goodwill: Goodwill represents the premium paid when acquiring a business or interest…
Q: What was the inventory turnover for peak athletics for 2016 on these financial accounting question?
A: Step 1: Define Inventory TurnoverInventory Turnover is a financial ratio that measures how many…
Q: I need help with this problem and accounting
A: Step 1: Definition of Cash Flow Cycle (Cash Conversion Cycle)The Cash Flow Cycle, also known as the…
Q: !!???
A: Explanation of Cash Receipts:Cash Receipts refer to the actual cash inflows received by a business…
Q: How much is the predetermined overhead rate
A: Concept of Manufacturing Overhead:Manufacturing overhead refers to all indirect costs incurred…
Q: Determine the expected profit or loss
A: Explanation of Operating Capacity: Operating capacity refers to the current production level of a…
Q: please provide correct answer
A: Step 1: Definition of Equivalent Units of Production (EUP)Equivalent units of production (EUP) are…
Q: Get correct answer general accounting question
A: Step 1: Definition of Cash Amount in RegisterThe Cash Amount in Register at the end of the day is…
Q: Provide correct solution with accounting
A: Step 1: Definition of Gross Profit PercentageThe Gross Profit Percentage (also called Gross Profit…
Q: What division X's sales?
A: Step 1:Sales is the amount received from the sales of goods and services. Sales may be credit or…
Q: Please provide correct answer general accounting question
A: Step 1: Define Price-Earnings (P/E) RatioPrice-Earnings (P/E) Ratio: This ratio measures the…
Q: Ridgeline Plastics manufactures high-strength plastics for aerospace components. In 2021, the…
A: Approach to solving the question:Please see attached photos for detailed solutions. Thank…
Q: A company purchases under terms of 3/15, net 45, meaning they receive a 3% discount if they pay…
A: To calculate the effective annual cost of trade credit, we use the following formula:Effective…
Q: Need help with this question solution general accounting
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…
Q: Suggest Best answer
A: Let's break it down:Step 1: Understand the problemThe furniture store sells chairs for $250.00 each…
Q: Deluxe Auto Parts holds inventory all over the world. Assume that the records for one auto part show…
A: Step 1: Definition of Gross Profit MethodThe gross profit method is used to estimate inventory…
Q: Not use ai solution and accounting question
A: Step 1: Definition of Gross Profit Percentage and Return on Sales RatioGross Profit Percentage is…
Q: Solve this financial accounting problem
A: Explanation of Debt-to-Equity Ratio:The debt-to-equity ratio is a financial metric used to measure a…
Q: Mason Corp. reports the following partial income statement: • Sales: $2,000,000 . • Less: Variable…
A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…
Q: Charm Industries is a job lot manufacturer. The budget for the month of July calls for 7,500 direct…
A: Concept of Predetermined Overhead RatePredetermined overhead rate is a rate calculated before a…
Q: Solve this problem general accounting question
A: Step 1: Define Earnings Per Share (EPS)EPS is the portion of a company's net profit allocated to…
Q: Help
A: In accordance with accrual accounting, Banksy Ltd.'s net income for 2022 amounts to $5,300. This is…
Q: Metro Corp. acquires a patent from Maxwell Co. in exchange for 3,000 shares of Metro Corp.'s $5 par…
A: Explanation of Patent: A patent is an intangible asset that provides exclusive rights to the holder…
Q: What is the company's cash cycle ?
A: Provided Data:Inventory period = 22.6 daysAccounts payable period = 37.7 daysAccounts receivable…
Q: Smith Enterprises started the year with total assets of $300,000 and total liabilities of $120,000.…
A: Step 1: Definition of Stockholders' EquityStockholders' equity represents the ownership interest of…
Q: Roslyn's Boutique had an accounts receivable balance of $320,000 at the beginning of the year and a…
A: Step 1: Definition of Average Collection PeriodThe average collection period is the number of days…
what amount and direction during that same period?
Step by step
Solved in 2 steps
- Assuming that total assets were $8,037,000 at the beginning of the current fiscal year, determine the following: When required, round to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity f. Return on common stockholders' equity % % %The calculation of working capital requires the inclusion of: A.liabilities expected to be paid in more than 1 year B.current assets minus total liabilities C.assets expected to be used,sold or converted to cash within 1 year D.total assets and total liabilitiesWhat are liabilities that will be due within a short time (usually one year or less) and that are to be paid out of current assets called? Group of answer choices equity liabilities current liabilities fixed liabilities contra liabilities
- hat is the amount of Target’s total liabilities at the end of FY2023 and FY 2022 (Hint: use the Statement of FinancialPosition)?b. What percentage of Target's assets was being financed withliabilities at the end of FY 2023 and FY 2022 versus thepercentage of assets financed with shareholders' equity (Hint:use the Statement of Financial Position)?c. Comment on the change in total liabilities in $ amounts and asa percentage of total assets between 2022 and 2023. Is this apositive or negative and why?d. What is the amount of debt and interest rate for Target’slongest term debt Due 2049-2053 as of the end of FY 2023(Hint: use the chart in the Long Term Debt footnote 16)?e. Target reported Accrued and Other Current Liabilities of $6,090 as of the end of FY 2023. What was the largestSelected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 512,008 $ 392,240 2019 $ 272,200 Cost of goods sold 308,229 245,542 174,208 Gross profit 203,779 146,698 97,992 Selling expenses 72,705 54,129 35,930 Administrative expenses 46,081 34,517 22,593 Total expenses 118,786 88,646 58,523 Income before taxes .84,993 58,052 39,469 Income tax expense 15,809 11,901 8,012 Net income $ 69,184 $ 46,151 $ 31,457 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 54,370 0 $ 36,390 600 $ 48,645 3,870 99,436 90,776 53,339 Total liabilities and equity $ 153,806 $ 127,766 $ 105,854 $ 22,456 $ 19,037 $ 18,524 68,000 68,000 50,000 8,500 8,500 5,556 54,850 32,229 31,774 $ 153,806 $ 127,766 $ 105,854Please answer 4 & 5
- If current assets are P90,000 and total assets are P270,000, what percentage of total assetsare current assets?Problem 17-2A (Algo) Ratios, common-size statements, and trend percer [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 $546,242 328,838 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 418,466 263,634 2021 % 154,832 57,748 36,825 94,573 60, 259 12,353 $ 47,906 % $61,141 0 113,547…8. Using the following Balance Sheet summary information, for the two years presented calculate: A. working capital B. current ratio 12/31/2018 12/31/2019 Current assets $101,600 33,650 $97,350 32,800 Current liabilities
- Total assets are $12.0 million, with $4.0 million being long-term assets. Current liabilitiesare $2.5 million and total liabilities are $6.5 million. The current ratio would be closest to:a. 1.6.b. 1.8.c. 3.2.d. 4.8.List the amount of Current Assets and Current Liabilities for the currently reported year, and for the previous year. Use these amounts to calculate the company's working capital and current ratio.ACCOUNTING ASAP Assume the following data: EBIT = 100; Depreciation = 40; Interest = 20; Dividends = 10. Calculate the cash coverage ratio. Select one: a. 7.0x b. 4.7x c. 14.0x d. 5.0x
