John Inc. doubled its amount of assets from the beginning to the end of the year. Liabilities at the end of the year amount to $370,000, and owners equity is $55,000. What is the amount of Johns assets at the beginning of the year?
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John Inc. doubled its amount of assets from the beginning to the end of the year. Liabilities at the end of the year amount to $370,000, and owners equity is $55,000. What is the amount of Johns assets at the beginning of the year?
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- Goldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.Cauce Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: Total assets $ 620,000 Total noncurrent assets 314,000 Liabilities: Notes payable (8%, due in 5 years) 24,000 Accounts payable 55,000 Income taxes payable 10,000 Liability for withholding taxes 1,000 Rent revenue collected in advance 9,000 Bonds payable (due in 15 years) 109,000 Wages payable 9,000 Property taxes payable 5,000 Note payable (10%, due in 6 months) 15,000 Interest payable 800 Common stock 180,000 Required: 1-a. What is the amount of current liabilities? 1-b. Compute working capital. 2. Would your computation be different if the company reported $350,000 worth of contingent liabilities in the notes to its financial statements?Verma Inc.'s total assets at the beginning of the year amount to $500,000,000, and its total assets at the end of the year amount to $250,000,000. If its return on assets for the year is 28%, what is Verma's net income for the year?
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- Diane Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: Total assets $ 600,000 Total noncurrent assets 324,000 Liabilities: Notes payable (8%, due in 5 years) 23,000 Accounts payable 51,000 Income taxes payable 11,000 Liability for withholding taxes 4,000 Rent revenue collected in advance 11,000 Bonds payable (due in 15 years) 90,000 Wages payable 11,000 Property taxes payable 7,000 Note payable (10%, due in 6 months) 14,000 Interest payable 600 Common stock 230,000 Required: 1-a. What is the amount of current liabilities? 1-b. Compute working capital. 2. Would your computation be different if the company reported $330,000 worth of contingent liabilities in the notes to its financial statements? multiple choice Yes No..What was Collins' total assets turnover ratio?In a recent year Ley Corporation had net income of $150,000, interest expense of $30,000, and a times interest earned ratio of 7. What was Ley Corporation's income before taxes for the year?
- For the year just completed, Hanna Company had net income of $73,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable End of Year $ 58,000 $ 170,000 $ 433,000 $ 12,500 $ 352,000 $ 8,500 $ 36,000 Beginning of Year $ 77,000 $ 196,000 $ 355,000 $ 13,500 $ 396,000 $ 12,000 $ 27,000 The Accumulated Depreciation account had total credits of $56,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis: Decrease in accounts…Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165 $4,528 Short-term investments, at cost 2,958 8,408 Accounts and notes receivable, net 9,404 8,624 Inventories 1,771 787 Prepaid expenses and other current assets 590 291 Short-term obligations (liabilities) 315 3,342 Accounts payable and other current liabilities 7,453 6,813 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4At the end of last year, the company's assets totaled $877,000 and it's liabilities totaled $748,500.....
