(Related to Checkpoint 3.2) (Review of financial statements) A scrambled list of accounts from the income statement and balance sheet of Belmond, Inc. is found here: Ea. How much is the firm's net working capital?b. Complete an income statement and a balance sheet for Belmond.c. If you were asked to respond to parts (a) and (b) as part of a training exercise, what could you tell your boss about the company's financial condition based on your answers? Data Tableal statenþund heInventory6,480sheet forb) as parCommon stock44,920Cash16,500your anOperating expenses1,340Short-term notes payable620Interest expense950d to the nDepreciation expense490sheet forSales12,710Accounts receivable9,620om the diAccounts payable4,820Long-term debt54,710Cost of goods sold5,770Buildings and equipment122,190Accumulated depreciation34,120Taxes1,400General and administrative expense840$Donenple%24

The assets, liabilities and stockholders' equity are included in the balance sheet of the company.

Answered: Inventory 6,480 Common stock 44,920…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Forecasting Legends' Balance Sheet as of 12/31/Current Year Cash $ 250,000 Accounts Payable $ 500,000 Receivables 600,000 Accrued Liabilities 220,000 Inventories 1,300,000 Notes Payable 75,000 Total Current Assets 2,150,000 Total Current Liabilities 795,000 PP&E 2,500,000 L/T Debt 1,700,000 Total Assets $ 4,650,000 Common Stock 755,000 Retained Earnings 1,400,000 Toal Liab. & Equity $ 4,650,000 Legends' Income Statement for the year ended 12/31/Current Year Sales $ 6,500,000 Operating Costs 4,875,000 ЕBIT 1,625,000 Interest 170,000 EBT 1,455,000 Таxes 436,500 Net Income $ 1,018,500 Other data: Next years' sales are forecasted to increase by 7% Share price $ 78.00 Legends operated at 100% capacity in the current year Dividends paid $ 203,700 Additions to PP&E to support growth = $ 1,000,000 Tax rate 30% Legends's dividend payout % will remain constant next year Operating costs will remain the same % of sales next year 1) Forecast Legends' next years' Income Statement and Balance Sheet.
vin.3
Balance Sheet As of December 31, Year 1 \table [[Assets,,], [Cash,, $420,280 The following transactions apply to Ozark Sales for Year 1: The business was started when the company received $48,000 from the issue of common stock. Purchased equipment inventory of $176,000 on account. Sold equipment for $204,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $129,000. Provided a six- month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales. Paid the sales tax to the state agency on $154,000 of the sales. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2. Paid $5,900 for warranty repairs during the year. Paid operating expenses of $53,500 for the year. Paid $125,400 of accounts payable. Recorded accrued interest on the note issued in transaction no. 6. 1. Prepare the…
Selected XYZ financials (in dollars) 25,240,000 24,324,000 18,785,000 2,975,000 12,600,000 10,550,000 2,875,000 3,445,000 Gross income Total Sales Total Credit Sales, Net Income Cost of Goods Sold Total Assets Average Inventory Average Accounts receivable What is the inventory turover ratio for Firm XYZ. (round to 3 decimals)
еBook Problem Walk-Through Lloyd Inc. has sales of $700,000, a net income of $70,000, and the following balance sheet: Cash $147,630 Accounts payable $118,370 Receivables 231,420 Notes payable to bank 95,760 Inventories 678,300 Total current liabilities $214,130 Total current assets $1,057,350 Long-term debt 232,750 Net fixed assets 272,650 Common equity 883,120 Total assets $1,330,000 Total liabilities and equity $1,330,000 The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2x, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 2x); 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? Do not round intermediate calculations. Round your answer to two decimal places. % What will be the firm's new quick ratio? Do not round…
Current Position Analysis The following items are reported on a company's balance sheet: Cash $644,100 Marketable securities 503,200 Accounts receivable (net) 569,500 Inventory 296,000 Accounts payable 592,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio
14 BALANCE SHEET 15 ASSETS 16 Cash and marketable securities 17 Accounts receivable O 0.27 O 1.37 A 3.68 18 Inventory 19 Current assets 20 Land, buildings, plant, and equipment 21 Accumulated depreciation 22 Net fixed assets 23 Total assets 24 LIABILITIES AND EQUITIES 25 Short-term bank loans 26 Accounts payable 27 Accruals 28 Current liabilities 29 Long-term debt 30 Common stock 31 Retained earnings 32 Total equity 33 Total liabilities and equity 34 Current Ratio Based on the balance sheet shown above, what is the current ratio at C34 cell for the current ratio in 2015? Onone of the answers is correct. 3.16 B 2016 C 2015 $37,974 $154,550 10,000 6,000 250,000 135,000 $297,974 $295,550 $250,000 $125,000 50,000 25,000 $200,000 $100,000 $497,974 $395,550 $70,000 $72,500 9,999 5,253 3,666 2,550 $83,665 $80,303 $233,500 $135,500 $160,000 $160,000 20,810 19,747 $180,810 $179,747 $497,974 $395,550 ?
Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $ 267,500 312,500 670,000 50,000 825,000 252,500 77,500 1,640,000 982,500 10,000 77,500 127,500 71,000 (6,000) ( 62,500) $230,000 257,500 Accounts receivable Inventory 565,000 60,000 695,000 200,000 75,000 Total current assets Intangible assets Total assets Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Income tax expense Net income Cash flow from operations Cash flow from investing activities Cash flow from financing activities Tax rate 30% If there is no preferred stock, the return on common equity for 20X2 is (rounded):
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare two closing journal entries
Miscellaneous financial information Amount Retained earnings 786 Total stockholders' equity 14, 971 Operating net working capital 28,483 Net working capital 29,102 Nonoperating current assets other than cash 347 Short-term debt 1, 126 Total current liabilities 13, 613 Total long-term liabilities 107,872 Inventory ? ? Current portion of long-term debt 561 Accounts receivable 2,052 Treasury stock -5,279 What did Madison Makeup report as long-term assets? 93,741 What did Madison Makeup report as cash? 42,368
Brock Company's financial information is listed below. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Assets Cash and short-term investments $35,766 Accounts receivable (net) 32,541 Inventory 34,460 Property, plant, and equipment 215,693 Total assets $318,460 Liabilities and Stockholders' Equity Current liabilities $67,513 Long-term liabilities 90,221 Common stock, $10 par 61,070 Retained earnings 96,656 Total liabilities and stockholders' equity $318,460 Income Statement Sales $99,202 Cost of goods sold 44,641 Gross margin $54,561 Operating expenses 28,479 $26,082 Net income
CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point on December 21. The cost…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Inventory 6,480 Common stock 44,920 Cash 16,500 Operating expenses 1,340 Short-term notes payable 620 Interest expense 950