### Megaframe Computer Company Financial Statements#### Balance Sheet**As of December 31****Assets:**- **Cash:** $50,000- **Accounts Receivable:** $70,000- **Inventory:** $110,000- **Net Plant and Equipment:** $220,000- **Total Assets:** $450,000**Liabilities and Stockholders' Equity:**- **Accounts Payable:** $70,000- **Accrued Expenses:** $50,000- **Long-Term Debt:** $130,000- **Common Stock:** $70,000- **Paid-In Capital:** $40,000- **Retained Earnings:** $90,000- **Total Liabilities and Stockholders' Equity:** $450,000---#### Income Statement**For the year ended December 31**- **Sales (all on credit):** $875,000- **Cost of Goods Sold:** $600,000- **Gross Profit:** $275,000- **Sales and Administrative Expenses:** $80,000 ### Financial Statements of Megaframe Computer Company#### Balance Sheet Components:- **Common Stock**: $70,000- **Paid-in Capital**: $40,000- **Retained Earnings**: $90,000#### Total Liabilities and Stockholders’ Equity: $450,000---### Income Statement**Megaframe Computer Company** **Income Statement** *For the year ended December 31*- **Sales (all on credit)**: $875,000- **Cost of Goods Sold**: $600,000 **Gross Profit**: $275,000 - **Sales and Administrative Expenses**: $30,000- **Depreciation**: $55,000 **Operating Profit**: $190,000 - **Interest Expense**: $25,000 **Profit Before Taxes**: $165,000 - **Taxes (30%)**: $49,500 **Net Income**: $115,500---Refer to the tables above. Megaframe's quick ratio is ______.

Name: ### Megaframe Computer Company Financial Statements#### Balance Sheet
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: ### Megaframe Computer Company Financial Statements#### Balance Sheet**As of December 31****Assets:**- **Cash:** $50,000- **Accounts Receivable:** $70,000- **Inventory:** $110,000- **Net Plant and Equipment:** $220,000- **Total Assets:** $450,000**L

quick ratio : firms ability to repay its current liabilities using its current asset which exclude…

Business

Finance

MEGAFRAME COMPUTER COMPANY Balance Sheet As of December 31 ASSETS Cash $ 50,000 70,000 110,000 Accounts receivable Inventory Net plant and equipment 220,000 $450,000 Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Accrued expenses Long-term debt Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity $70,000 50,000 130,000 70,000 40,000 90,000 $450,000 MEGAFRAME COMPUTER COMPANY Income Statement For the year ended December 31 Sales (all on credit) Cost of goods sold Gross profit $875,000 600,000 $275,000 Sales and adminictrative evnenCeS

MEGAFRAME COMPUTER COMPANY Balance Sheet As of December 31 ASSETS Cash $ 50,000 70,000 110,000 Accounts receivable Inventory Net plant and equipment 220,000 $450,000 Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Accrued expenses Long-term debt Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity $70,000 50,000 130,000 70,000 40,000 90,000 $450,000 MEGAFRAME COMPUTER COMPANY Income Statement For the year ended December 31 Sales (all on credit) Cost of goods sold Gross profit $875,000 600,000 $275,000 Sales and adminictrative evnenCeS

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Joel de Paris, Incorporated Income Statement $ 386,000 978,000 1,192,000 Total liabilities and stockholders' equity $ 2,556,000 Sales Operating expenses Net operating income. Interest and taxes: Interest expense Tax expense Net income Beginning Balance. $ 112,000 197,000 $ 130,000 346,000 563,000 871,000 400,000 246,000 $ 2,556,000 $ 3,860,000 3,242,400 617,600 309,000 $ 308,600 $ Ending Balance $ 139,000 477,000 486,000 848,000 431,000 253,000 2,634,000 $ 341,000 978,000 1,315,000 $ 2,634,000 The company paid dividends of $185,600 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The…
Condensed financial data of Granger Inc. follow. Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets GRANGER INC. Comparative Balance Sheets December 31 Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 2022 $80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $682,500 $102,000 16,500 110,000 220,000 234,000 $682,500 2021 $48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 $67,300 21,000 146,000 175,000 105,450 $514,750
Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Note payable, 10% Total liabilities Stockholders' equity: Common stock, $ 78 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 960,000 0 2,700,000 3,900,000 240,000 7,800,000 9,300,000 $ 17,100,000 $ 3,900,000 3,600,000 7,500,000 7,800,000 1,800,000 9,600,000 $ 17,100,000 $ 1,260,000 300,000 1,800,000 2,400,000 180,000 5,940,000 8,940,000 $ 14,880,000 $ 2,760,000 3,000,000 5,760,000 7,800,000 1,320,000 9,120,000 $ 14,880,000 Sales (all on account) Lydex Company Comparative Income Statement and Reconciliation This Year $ 15,750,000 12,600,000 3,150,000 1,590,000 Last Year $ 12,480,000 9,900,000 2,580,000 Cost of goods sold Gross margin Selling and…
K. Jackson Corporation Assets Cash Accounts receivable Inventory Net fixed assets Total assets Liabilities and owners' equity. Accounts payable ST Notes payable Long-term debt Owners' Equity Total liabilities and owner's equity Balance Sheet $250,000 450.000 500,000 2.100,000 $3,300.000 $100.000 450.000 1,050,000 1,700.000 $3,300,000 Income Statement Sales (all credit) Cost of goods sold Operating expense Interest expense Income taxes Net income $8,000,000 (4.000.000) (2,900,000) (150,000) (380,000) $570,000 Based on the information for K. Jackson Corporation, the current and acid-test ratios are, respectively. OA2.37 and 1.39. OB2 37 and 1.27 OC2 18 and 1.39 OD.2 18 and 1.27 OE None of the above.
BBP, Inc., with sales of $600,000, has the following balance sheet: BBP, Incorporated Balance Sheet as of 12/31/X0 Assets Liabilities and Equity Cash $ 30,000 Accounts payable $ 18,000 Accounts receivable 90,000 Accruals 36,000 Inventory 108,000 Notes payable 70,000 Current assets 228,000 Current liabilities 124,000 Fixed assets 180,000 Common stock 120,000 Retained earnings 164,000 Total assets $ 408,000 Total liabilities and equity $ 408,000 The firm earns 15 percent on sales and distributes 25 percent of its earnings. Using the percent of sales, determine whether the firm will need external funds and forecast the new balance sheet for sales of $780,000 assuming that cash changes with sales and that the firm is not operating at capacity. Use newly issued short-term debt to cover any needs for additional finance. If the firm has excess funds, add them to cash. Round your answers to the nearest dollar. Enter your…
Marin Company provides you with the following condensed balance sheet information: Assets Current assets $ 41,700 Equity investments 60,000 Equipment (net) 227,600 Intangibles 55,500 Total assets $384,800 Liabilities and Stockholders’ Equity Current and long-term liabilities $96,400 Stockholders’ equity Common stock ($5 par) $ 19,700 Paid-in capital in excess of par 107,300 Retained earnings 161,400 288,400 Total liabilities and stockholders’ equity $384,800 For each of the following transactions, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders’ equity. (Each situation is independent.)(a) Marin declares and pays a $0.55 per share cash dividend. (1) Total assets $…
Cash Accounts receivable (net) Other current assets Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings Blue Corporation Balance Sheets December 31 Net income 2025 $31,000 $21,000 51,000 95,000 60,000 500,000 $86,000 150,000 370,000 $737,000 $612,000 $81,000 325,000 176,000 $737,000 Blue Corporation Income Statements For the Years Ended December 31 Sales revenue Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) 2024 46,000 100.000 2025 75,000 90,000 315,000 $745,000 41,000 704,000 430,000 2023 $19,000 49,000 126,000 114,000 $612,000 $545,000 69,000 2024 50,000 358,000 $545,000 $71,000 55,000 305,000 $605,000 31,000 574,000 355,000 219,000 151,000 274,000 181,000 $93,000 $68,000
MEGAFRAME COMPUTER COMPANY Balance Sheet As of December 31 ASSETS Cash $ 50,000 Accounts receivable 70,000 Inventory 110,000 Net plant and equipment 220,000 Total assets $ 450,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 70,000 Accrued expenses 50,000 Long-term debt 130,000 Common stock 70,000 Paid-in capital 40,000 Retained earnings 90,000 Total liabilities and stockholders’ equity $ 450,000 MEGAFRAME COMPUTER COMPANY Income Statement For the year ended December 31 Sales (all on credit) $ 875,000 Cost of goods sold 600,000 Gross profit $ 275,000 Sales and administrative expenses 30,000 Depreciation 55,000 Operating profit $ 190,000 Interest expense 25,000 Profit before taxes $ 165,000 Taxes (30%) 49,500 Net income $ 115,500 Refer to the tables above. What is Megaframe Computer's total asset turnover?
Assets Cash $ 15,050 Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable 8,260 13,400 11,100 165,500 (12,000) $201,310 $ 8,180 3,880 4,350 Common stock Retained earnings 21,480 113,900 49,520 $ 201,310 Total liabilities and stockholders' equity The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $14,400. Required Compute each of the following: Note: Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45. a. Current ratio per share b. Earnings per share c. Quick (acid-test) ratio d. Return on investment + % % e. Return on equity f. Debt to equity ratio
Lloyd Inc. has sales of $500,000, a net income of $45,000, and the following balance sheet: Cash $133,200 Accounts payable $142,800 Receivables 180,000 Notes payable to bank 90,000 Inventories 612,000 Total current liabilities $232,800 Total current assets $925,200 Long-term debt 158,400 Net fixed assets 274,800 Common equity 808,800 Total assets $1,200,000 Total liabilities and equity $1,200,000 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 intermediate calculations. Round…
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses $ 6,500 35,000 70,000 3,500 115,000 185,000 Total current assets Property and equipment, net Total assets $300,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 50,000 Bonds payable, 10% Total liabilities 80,000 130,000 Stockholders' equity: Common stock, $5 par value Retained earnings Total stockholders' equity 30,000 140,000 170,000 Total liabilities and stockholders' equity $300,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $420,000 Cost of goods sold Gross margin Selling and administrative expenses 292,500 127,500 89,500 Net operating income Interest expense Net income before taxes 38.000 8,000 30,000 Income taxes (30%) 9,000 Net income $ 21,000 Account balances at the beginning of the year were: accounts…
The most recent financial statements for Crosby, Incorporated, appear below. Sales for 2022 are projected to grow by 20 percent. Interest expense will remain constant, the tax rate and the dividend payout rate also will remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. Sales Costs Other expenses Earnings before interest and taxes Interest expense Taxable income Taxes (24%) CROSBY, INCORPORATED 2021 Income Statement Net income Dividends Addition to retained earnings Current assets Cash Accounts receivable Inventory $31,335 69,745 $ 20,640 43,580 91,960 $747,000 582,000 18,000 FA $147,000 14,000 $ 133,000 31,920 $ 101,080 CROSBY, INCORPORATED Balance Sheet as of December 31, 2021 Assets Seved Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total $ 54,800 14,000 $ 68,800 MA000

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS