(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

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