Listed below in alphabetical order are the balance sheet items of Crane Company at December 31, 2022. Accounts payable $12,700 Accounts receivable 14,300 Buildings 63,000 Cash 12,400 Common stock 72,000 Equipment 9,400 Land 30,500 Retained earnings 44,900 Prepare a balance sheet and include a complete heading.
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- The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 2019 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20YS Cash $337,500 $254,100 Temporary investments 360,200 278,400 Accounts and notes receivable (net) 331,300 303,500 Inventories 463,100 376,200 Prepaid expenses 173,900 107,800 Total current assets $1,666.000 $1,320,000 Accounts payable $284,200 $308.000 Accrued liabilities 205,800 132,000 Total current Fabilities $490,000 $440,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. 20Y9 20Y8 %24 Working capital Current ratio Quick ratioUse the table for the questions below. Consider the following balance sheets: PharmPic DosageDoc Reported Dec. 31, 2020 2021 2020 2021 Assets Cash 224,224 200,400 301,540 230,876 Accounts Receivable 129,000 118,125 130,316 110,345 Inventories 154,890 171,147 184,717 186,000 Total Current Assets 508,114 489,672 616,573 527,221 Net Property Plant & Equipt. 421,162 431,795 456,462 460,000 Patents and Trademarks 212,770 210,110 201,348 199,990 Total Assets 1,142,046 1,131,577 1,274,383 1,187,211 Liabilities and Stockholders' Equity: Short Term Borrowings (Bank) 257,000 264,023 302,453 270,000 Accounts Payable 212,900 209,000 267,004 225,000 Current Portion of LTD (Interest Bearing Debt) 39,532 29,081 32,611 46,048 Total Current Liabilities 509,432 502,104 602,068…The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $95,217 Accounts Payable $213,873 Accounts Receivable 11,259 Wages Payable 1,458 151,704 34,271 Inventory Prepaid Rent Notes Payable 5,574 Paid-In Capital 288,638 Equipment 337,420 Retained Earnings 62,934 Total Assets $601,174 Total Equities $601,174 The following summary transactions occurred during 2021: • paid $80,810 to suppliers for merchandise previously purchased on account • paid $22,120 for advertising • sold merchandise for $442,246 on account and $271,054 for cash; the merchandise cost $413,714 agreed to a five-year rental lease for $10,000 and paid $2,000 in advance • received $209,880 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? OA: $681,906|| B: $797,830| C: $933,461 D: $1,092,149 OE: $1,277,815 OF: $1,495,043
- Complete the balance sheet of Energy Corp., given the following information: Energy Corp. Balance Sheet as of 12/31/2019 Assets Liabilities and Stockholders’ Equity Cash and marketable securities …. Accounts payable …. Accounts receivable …. Notes payable $ 900,000 Inventories …. Total current assets …. Total current liabilities …. Long-term debt $6,000,000 Net plant and equipment …. Common stock …. Retained earnings $3,750,000 Total assets $21,000,000 Total liabilities and stockholders’ equity …. In addition, the following information is provided: Debt ratio = 40% DSO = 39 days Costs of goods sold = $2.9875 million Sales = $6.25 million Inventory turnover ratio = 3.375 Current ratio = 1.5 For the year ending March 31, 2019, Northern Air Cooling Corporation has: Total assets = $109,931,999 ROA =…The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $96,928 Accounts Payable $205,898 Accounts Receivable 11,528 Wages Payable 1,138 Inventory 151,823 Notes Payable 33,991 Prepaid Rent 6,392 Paid-In Capital 313,317 Retained Earnings Total Equities Equipment 348,579 60,906 Total Assets $615,250 $615,250 The following summary transactions occurred during 2021: • borrowed $4,183 from the bank • purchased $268,201 of merchandise on account and $132,099 for cash • sold merchandise for $448,384 on account and $252,216 for cash; the merchandise cost $399,342 • paid $5,921 for land and equipment • received $8,583 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? O A: $73,440O B: $106,488 Oc: $154,407 OD: $223,890 OE: $324,640 F: $470,729 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? O A: $386,717 O B:…Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Inventory 12,500Total Assets in 2021 110,000Current Liabilities 40,000Total Assets in 2020 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 0.12b. 0.10c. 0.18d. 0.13
- The following selected information (in thousands) was taken from Crane Collections Ltd.'s December 31 statement of financial position: \table[[, 2024, 2023,], [Current assets,,,], [Cash, $1,289,$1,825,], [Accounts receivable, 2,576,1,890,], [Inventories, 1, 441, 1,212,], [Other current assets,386, 230,], [Total current assets, $5,692,, $5,157The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $94,017 Accounts Payable $220,885 Accounts Receivable 11,357 Wages Payable 1,125 Inventory 159,109 Notes Payable 34,625 Prepaid Rent 6,038 Paid-In Capital 274,069 Equipment 326,099 Retained Earnings 65,916 Total Assets $596,620 Total Equities $596,620 The following summary transactions occurred during 2021: paid $86,119 to suppliers for merchandise previously purchased on account paid $25,780 for advertising • sold merchandise for $437,100 on account and $267,900 for cash; the merchandise cost $366,600 • paid $5,191 for land and equipment • received $245,811 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? OA: $375,435 OB: $439,259 Oc: $513,933 OD: $601,301 OE: $703,522 OF: $823,121 Submit Answer Tries 0/99 5. What were total liabilities on December 31,…Prepare a common-size balance sheet from the following information for Blossom Supply Company. (Round answers to 1 decimal place, e.g. 52.7%.) Blossom Supply CompanyBalance Sheet as of June 30, 2017($ thousands) Assets: % of Assets Liabilities and Equity: % of Assets Cash and marketable securities $ 399,000 enter percentages of assets % Accounts payable $ 820,000 enter percentages of assets % Accounts receivable 708,000 enter percentages of assets % Notes payable 110,000 enter percentages of assets % Inventory 1,155,000 enter percentages of assets % Accrued income taxes 43,800 enter percentages of assets % Other current assets 42,400 enter percentages of assets % Total current liabilities $ 973,800 enter percentages of assets % Total current assets $ 2,304,400 enter percentages of assets % Long-term debt 1,158,000 enter percentages of assets % Net plant and…
- Crane Company has these comparative balance sheet data: CRANE COMPANYBalance SheetsDecember 31 2022 2021 Cash $ 27,105 $ 54,210 Accounts receivable (net) 126,490 108,420 Inventory 108,420 90,350 Plant assets (net) 361,400 325,260 $623,415 $578,240 Accounts payable $ 90,350 $ 108,420 Mortgage payable (15%) 180,700 180,700 Common stock, $10 par 252,980 216,840 Retained earnings 99,385 72,280 $623,415 $578,240 Additional information for 2022: 1. Net income was $27,900. 2. Sales on account were $382,300. Sales returns and allowances amounted to $29,000. 3. Cost of goods sold was $207,500. 4. Net cash provided by operating activities was $57,000. 5. Capital expenditures were $28,900, and cash dividends were $17,900. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal…The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $20,000Accounts Receivable 8,000Supplies 4,000Equipment 15,000Accumulated Depreciation $ 5,000Salaries Payable 7,500Common Stock 25,000Retained Earnings 9,500Totals $47,000 $47,000The following is a summary of the transactions for the year:1. March 12 Provide services to customers, $60,000, of which $21,000 is on account.2. May 2 Collect on accounts receivable, $18,000.3. June 30 Issue shares of common stock in exchange for $6,000 cash.4. August 1 Pay salaries of $7,500 from 2020 (prior year).5. September 25 Pay repairs and maintenance expenses, $13,000.6. October 19 Purchase equipment for…The general ledger of Zips Storage at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 24,600Accounts Receivable 15,400Prepaid Insurance 12,000Land 148,000Accounts Payable $ 6,700Deferred Revenue 5,800Common Stock 143,000Retained Earnings 44,500Totals $200,000 $200,000The following is a summary of the transactions for the year:1. January 9 Provide storage services for cash, $134,100, and on account, $52,200.2. February 12 Collect on accounts receivable, $51,500.3. April 25 Receive cash in advance from customers, $12,900.4. May 6 Purchase supplies on account, $9,200.5. July 15 Pay property taxes, $8,500.6. September 10 Pay on accounts payable,…