Just Dew It Corporation reports the following balance sheet information for 2020 and2021.AssetsCurrent assetsCashAccounts receivableInventoryTotal2020Total assetsJUST DEW IT CORPORATION2020 and 2021 Balance Sheets2021 Liabilities and Owners' EquityCurrent liabilities$ 14,58835,25865,567 71,505$115,413 $130,155$ 17,63141,019592,826Accounts payableNotes payableNet plant and equipment $477,413 $498,421 TotalTotalBased on the balance sheets given for Just Dew It:$628,576 Total liabilities and owners' equity2020$ 55,65321,8952021$ 63,07325,324Long-term debtOwners' equityCommon stock and paid-in surplus $60,000 $60,000Retained earnings397,278 418,179$ 457,278 $ 478,179$77,548 $88,397$ 58,000 $ 62,000$592,826 628,576 esBased on the balance sheets given for Just Dew It:a. Calculate the current ratio for each year. (Do not round intermediate calculationsand round your answers to 2 decimal places, e.g., 32.16.)b. Calculate the quick ratio for each year. (Do not round intermediate calculations andround your answers to 2 decimal places, e.g., 32.16.)c. Calculate the cash ratio for each year. (Do not round intermediate calculations andround your answers to 2 decimal places, e.g., 32.16.)d. Calculate the NWC to total assets ratio for each year. (Do not round intermediatecalculations and enter your answers as a percent rounded to 2 decimal places, e.g.,32.16.)e. Calculate the debt-equity ratio and equity multiplier for each year. (Do not roundintermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)f. Calculate the total debt ratio and long-term debt ratio for each year. (Do not roundintermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)a. Current ratio.b. Quick ratioc. Cash ratio :d. NWC ratioe. Debt-equity ratioe. Equity multiplierf. Total debt ratiof. Long-term debt ratio2020timestimestimes%timestimestimestimes2021timestimestimes%timestimestimestimes

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities 2020 $14,588 $ 17,631 35,258 41,019 65,567 71,505 $115,413 $130,155 Net plant and equipment $477,413 $498,421 Accounts payable Notes payable 2020 Total 2021 $55,653 $ 63,073 21,895 25,324 Total Long-term debt Owners' equity Common stock and paid-in surplus $60,000 $60,000 Retained earnings 397,278 418,179 $ 457,278 $ 478,179 $77,548 $88,397 $ 58,000 $62,000

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities 2020 $14,588 $ 17,631 35,258 41,019 65,567 71,505 $115,413 $130,155 Net plant and equipment $477,413 $498,421 Accounts payable Notes payable 2020 Total 2021 $55,653 $ 63,073 21,895 25,324 Total Long-term debt Owners' equity Common stock and paid-in surplus $60,000 $60,000 Retained earnings 397,278 418,179 $ 457,278 $ 478,179 $77,548 $88,397 $ 58,000 $62,000

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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Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity 2020 2021 Current assets Current liabilities Cash $ 10, 620 $ 13, 275 Accounts payable $ 52, 560 $ 60, 750 Accounts receivable 21,420 29, 925 Notes payable 19, 260 24,075 Inventory 67, 860 82, 575 Total $ 99,900 $ 125, 775 Total $ 71,820 $ 84, 825 Long-term debt $ 36,000 $ 27,000 Owners' equity Common stock and paid - in surplus $ 45,000 $ 45,000 Retained earnings 207, 180 293, 175 Net plant and equipment $ 260, 100 $ 324, 225 Total $ 252, 180 $ 338, 175 Total assets $ 360,000 $ 450,000 Total liabilities and owners' equity $ 360,000 $ 450,000 For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter…
The 2021 income statement of Adrian Express reports sales of $15,960,000, cost of goods sold of $9,600,000, and net income of $1,600,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable $ 600,000 $ 760,000 1,400,000 1,800,000 4,800,000 $8,600,000 1,000,000 1,400,000 4,240,000 $7,400,000 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities $2,020,000 2,300,000 2,000,000 2,280,000 $8,600,000 $1,660,000 2,400,000 2,000,000 1,340,000 $7,400,000 Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four risk ratios are as follows: Average collection period Average days in inventory Current ratio 25 days 60 days 2 to 1 50% Debt to equity ratio
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Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets Current liabilities Cash $ 7,800 $ 12,250 Accounts payable $ 46,400 $ 52,750 Accounts receivable 15,800 31,000 Notes payable 20,600 26,500 Inventory 53,400 64,250 Total $ 77,000 $ 107,500 Total $ 67,000 $ 79,250 Long-term debt $ 46,000 $ 40,000 Owners’ equity Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 237,000 330,750 Net plant and equipment $ 323,000 $ 392,500 Total $ 287,000 $ 380,750 Total assets $ 400,000 $ 500,000 Total liabilities and owners’ equity $ 400,000 $ 500,000 For each account on this company’s balance sheet, show the change in the account during 2021 and note whether…
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Condensed financial data of Whispering Company for 2020 and 2019 are presented below. WHISPERING COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,130 Receivables 1,770 1,290 Inventory 1,620 1,920 Plant assets 1,940 1,680 Accumulated depreciation (1,190 ) (1,170 ) Long-term investments (held-to-maturity) 1,300 1,410 $7,270 $6,260 Accounts payable $1,220 $910 Accrued liabilities 210 260 Bonds payable 1,420 1,530 Common stock 1,890 1,710 Retained earnings 2,530 1,850 $7,270 $6,260 WHISPERING COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,100 Cost of goods sold 4,760 Gross margin 2,340 Selling and administrative expenses 930 Income from…
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…
Seminole Corporation reported the following items at December 31, 2021, and 2020: (Click the icon to view the comparative financial information.) Read the requirements. Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2021. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2021. (Abbreviation used: Cash* = Cash and cash equivalents. Round your final answer to two decimal places.) Cash* + Short-term investments + Net current receivables + Total current liabilities = Quick (acid-test) ratio $ Seminole's quick (acid-test) ratio is considered fairly weak. (b) Select the formula and calculate Seminole's days' sales outstanding for 2021. (Round interim calculations to two decimal places, XX.XX. Round the days' sales outstanding up to the next whole day.) Accounts receivable turnover = + Days' sales outstanding Seminole's days'…
A comparative balance sheet for Stokely, Inc., on December 31, 2022 and 2021, follows. Additional information about the firm’s financial activities during 2022 is also given below. STOKELY, INC.Comparative Balance SheetDecember 31, 2022 and 2021 Assets 2022 2021 Cash $ 149,900 $ 73,500 Accounts Receivable (Net) 130,600 80,600 Merchandise Inventory 47,600 44,000 Property, Plant, and Equipment 250,000 200,000 Less: Accumulated Depreciation (40,000 ) (20,000 ) Total Assets $ 538,100 $ 378,100 Liabilities and Stockholders' Equity Liabilities Accounts Payable 57,000 77,000 Bonds Payable 160,000 110,000 Total Liabilities $ 217,000 $ 187,000 Stockholders' Equity Common Stock ($1 par, 100,000 shares authorized, 60,000 shares issued in 2021 and 30,000 shares issued in 2022) 90,000 60,000 Retained Earnings…