Jason Allen, the CFÓ of Blossom Automotive, Inc., is putting together this year's financial statements. He has gathered the followingbalance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $312,000,retained earnings of $512,159, inventory of $212,500, goodwill and other assets equal to $78,656, net plant and equipment of$712,000, and short-term notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of$11,223. How much long-term debt does Blossom Automotive have?Long-term debt24

Balance sheet is a summary of the financial performance of the company on a particular date, which…

Answered: Jason Allen, the CFÓ of Blossom…

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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You are provided with the following information taken from Splish Brothers Inc.’s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. 2. Actual and budgeted sales data: March (actual) $47,000 April (budgeted) 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 4. Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,640…
Extracts from the balance sheet of Atlantis Inc. are as follows: 2018 Assets Current Assets: Cash and Cash Equivalents 30,000 Accounts Receivable, Net 65,000 Merchandise Inventory 50,000 Total Current Assets 145,000 Long-Term Investments 150,000 Property, Plant, and Equipment, Net 250,000 Total Assets 545,000 Total Current Liabilities 150,000 Compute the acid test ratio.
nces Blooming Flower Company was started in Year 1 when it acquired $60,500 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements Required: Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Complete this question by entering your answers in the tabs below. Balance Sheets Assets Cash Merchandise inventory Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,200 26,400 12,500…
Vaughn Manufacturing started the year with total assets of $304000 and total liabilities of $244000. During the year the business recorded $628000 in revenues, $335000 in expenses, and dividends of $61000. The net income reported by Vaughn Manufacturing for the year was $232000. $173000. $293000. $563000.
Bethesda Mining Company has $445,900.50 worth of Total assets and $202,860 worth of Total Equity. Suppose that they had sales of $2,945,376 and net income of $40,206.85 for the year ending December 31, 2016. Calculate the DuPont identity. Select one: a.15% b.19.82% c.21.12% d.8.919%
Casello Mowing & Landscaping’s year-end 2018 balance sheet lists current assets of $436,600, fixed assets of $551,400, current liabilities of $418,000, and long-term debt of $317,300. Calculate Casello’s total stockholders’ equity. (Enter your answer in dollars. Round your answer to the nearest dollar amount.)
The recent annual accounts of a manufacturing company reveal that at the end of its financial year the company had total debts of $66.001 1n, of which $45.00mn were current. Its total assets at that date were $104.00mn but only $15.00mn of these were current. A director is quoted as saying "We rn ed to set the recordstraight. Although it's true the reported debt is $66.00mn the real debt is only around $48.00mn, given that in the near future we expect cash inflows of $18.00mn. Its very easy to quote numbers but you have t know how to read the small print in order to interpret them.Comment on the director's statement. Is the company's tr ie debt at year-end only around $48.00mn?
Chandler Sporting Goods produces baseball and football equipment and lines of clothing. This year the company had cash and marketable securities worth $335,485, accounts payables worth $1,159,357, inventory of $1,651,599, accounts receivables of $1,488,121, short-term notes payable worth $313,663, and other current assets of $121,427. What is the company's net working capital? $3,596,632 $1,801,784 $2,123,612 $1,673,421
Barts Industries, Inc., has total assets as follows: $50,000 in cash, $15,000 in short- term investments, $120,000 in net current receivables, inventory of $25,000, equipment of $80,000, and $8,000 in prepaid expenses. The total long-term liabilities of the firm are $140,000 and total liabilities are $260,000. Based solely on the above information, Barts Industries' current ratio is (round to two decimal places): Answer:
You are evaluating the balance sheet for SophieLex's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $450,000; accounts receivable = $1,100,000; inventory = $2,000,000; accrued wages and taxes = $450,000; accounts payable = $750,000; and notes payable = $500,000. Calculate SophieLex's current ratio.
Required information [The following information applies to the questions displayed below.] Munoz Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Munoz received $63,600 cash from revenue and incurred costs that required $49,600 of cash payments. Prepare a GAAP-based income statement and balance sheet for Munoz Company for year 1, for the below scenario: c. Munoz is a manufacturing company. The $49,600 was paid to purchase the following items: (1) Paid $3,700 cash to purchase materials that were used to make products during the year. (2) Paid $1,880 cash for wages of factory workers who made products during the year. (3) Paid $23,720 cash for salaries of sales and administrative employees. (4) Paid $20,300 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,300 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and…
Charles Wilson, the CFO of Sunland Automotive, Inc., is putting together this year's financial statements. He has gathered the following balance sheet information: The firm had a cash balance of $23,700, accounts payable of $163,900, common stock of $313,900, retained earnings of $512,900, inventory of $213,100, goodwill and other assets equal to $79,400, net plant and equipment of $711,900, and short-term notes payable of $21,800. It also had accounts receivable of $141,900 and other current assets of $11.900. How much long-term debt does Sunland Automotive have?

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