MELANIE O'MALLIE DANCE STUDIO COMPANY Balance Sheet August 31, 2018 Assets current assets cash 16000 office suppiles 1800 total current assets 1500 $19,300 proery plants, and equipment equipment $ 49,000 less accumlated deprecation 5,000 total propery plant and equipment 43, 300 total assets $62, 600 Liabilities current libilties accunout payable $4,800 salaries payable 100 unearned revenue 5 total current liabilits $9,900 long term liabilities note payble $ 5,400 toal liabilites curreent and long trem Owner's Equity o'maillie, capial 37,000 62, 600 = 15000 47,300 Requirement 2 CURRENT = TOTAL CURREENT ASSETS/ PREVIOUS AMOUNT1.75 SO OMALLIES ABILY TO PAY BACK DEBTS HAS IMPROVED

MELANIE O'MALLIE DANCE STUDIO COMPANY Balance Sheet August 31, 2018 Assets current assets cash 16000 office suppiles 1800 total current assets 1500 $19,300 proery plants, and equipment equipment $ 49,000 less accumlated deprecation 5,000 total propery plant and equipment 43, 300 total assets $62, 600 Liabilities current libilties accunout payable $4,800 salaries payable 100 unearned revenue 5 total current liabilits $9,900 long term liabilities note payble $ 5,400 toal liabilites curreent and long trem Owner's Equity o'maillie, capial 37,000 62, 600 = 15000 47,300 Requirement 2 CURRENT = TOTAL CURREENT ASSETS/ PREVIOUS AMOUNT1.75 SO OMALLIES ABILY TO PAY BACK DEBTS HAS IMPROVED

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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Balance Sheet December 31, 2021 Current Assets: Cash 46,200 Accounts Receivable (net) 260,000 Raw materials inventory (4,500 yards) 11,250 Finished goods inventory (1,500 units) 32,250 Total current assets 349,700 Plant and equipment: Buildings and equipment 900,000 Accumulated depreciation (292,000) Plant and equipment, net 608,000 Total Assets 957,700 Liabilities and Stockholders' Equity Current liabilities: 158,000 Accounts Payable Stockholders' equity: Common stock 419,800 Retained earnings 379,900 Total stockholders; equty 799,700 Total liabilities and stockholder's equity 957,700 Additional Information The company's chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2022 budget: 1 The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units and 25,000 units for quarters 1-4, respectively. Notice that the company experiences peak sales in the second and fourth…
Account Accounts payable Accounts receivable Accumulated depreciation 12/31/2021 Balances 12/31/2022 Balances 27,000 19,000 51,000 46,000 95,000 125,000 Notes Paya ble 22,000 22,000 Cash Common stock Depreciation expense Equipment Income tax expense 48,000 31.000 150,000 150,000 30,000 205,000 285,000 21% of pre-tax income Inventory Rent Expense 11,000 40,000 22,000 Cost of goods sold Prepaid rent Retained earnings 233.000 10,000 16,000 22,000 ?? Revenues 385,000 Dividends of 11,000 were declared during the year Income tax expense is 21% of income before taxes а. Create an income statement for the year ended 12/31/2022 Create i (Ctrl) - sheet as of 12/31/2022 (you will need to determine ending retained earnings) b.
Comparative balance sheets at December 31, 2020 and 2021 are show for the company below. 2020 2021 Cash 68,200 131,450 accounts receivable 81,400 86,900 Inventory 129,800 136,400 Prepaid expenses 5,500 6,600 Land 0 70,950 Plant assets 264,400 306,900 Accumulated depreciation (94,600) (88,000) Franchise 35,200 26,400 Total assets $471,900 $677,600 Accounts payable 45,100 58,300 Notes payable 69,300 63,800 Bonds payable 0 141,900 Common stock 275,000 302,500 Additional paid in capital 50,600 61,600 Retained earnings 31,900 49,500 Total liabilities and equity $471,900 $677,600 Additional Information:1. A fully depreciated plant asset, which originally cost $22,000 and had no salvage value, was sold for $1,100. 2. Bonds payable were issued at par value. One-half of the bonds were exchanged for land; the remaining one-half was issued for cash. 3. Common stock was sold for cash. 4. The only entries in the Retained…
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King Limited Statement of Financial Position at 31 December 2020 2019 %24 Current Assets Cash %24 104,000 360,000 180,000 260,000 Accounts receivable Inventory Prepayments Total current assets 400,000 50.000 390.000 460.000 30000 954,000 Non-Current Assets Land Plant and eqguipment Accumulated depreciation - Plant and equipment Total non-current assets 1,500,000 1400,000 (500.000) 1,200,000 1,000,000 (400,000) 2400000 3,354,000 1800.000 2,690,000 Total assets Current Liabilities Accounts payable Accrued expenses Income taxes payable Total current liabilities 260,000 136,000 180,000 576,000 296,000 126,000 220.000 642.000 Non-Current Liabilities Long-term bank loan payable Total llabilities 700,000 1,276,000 600,000 1.242.000 Common Stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity B00,000 648,000 1448.000 2.690.000 1100,000 978,000 2.078,000 3,354.000 King Limited Statement of Profit or Loss For Year Ended 31 December 2020 Sales revenue Cost…
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STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31 All answers round to two decimal places except (c) & (e), eg 54.544 input as 54.54, 54.545 input as 54.55 2019 2018 2017 2$ $ $ 2019 2018 times Plant and equipment (net) 500,000 466,000 440,000 a)Current ratio 5.11 times times times Intangible Assets 580,000 480,000 412,000 b) Acid Test Ratio times times Short Term Investments 56,000 140,000 97,200 b)lnventory Turnover Prepaid Insurance (less than 12 months) 4,000 4,000 3,800 c)Average days to sell inventory 100 Days Days (Round to days, no decimal place required) Inventory 126,000 119,000 79,000 d)Accounts Receivable turnover times times (Assume all the sale are credit sales) Accounts receivables (net) 54,000 48,000 60,000 e) Average Collection Period Days Days (Round to days, no decimal place required) % Cash 220,000 144,000 122,000 f)Profit Margin 1,540,000 1,401,000 1,214,000 g)Return on Assets times times h)Asset Turnover % Accounts Payable 80,000 100,000 100,000 i) Return on…
Fountain Office Supply's March 31, 2018, balance sheet follows: Fountain Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash $34,000 Accounts Receivable 22,000 Merchandise Inventory 21,500 Prepaid Insurance 2,500 Total Current Assets $80,000 Property, Plant, and Equipment: Equipment and Fixtures 55,000 Less: Accumulated Depreciation (30,000) 25,000 Total Assets $105,000 Liabilities Current Liabilities: Accounts Payable $15,000 Salaries and Commissions Payable 6,450 Total Liabilities $21,450 Stockholders' Equity Common Stock, no par 14,000 Retained Earnings 69,550 Total Stockholders' Equity 83,550 Total Liabilities and Stockholders' Equity $105,000 The budget committee of Fountain Office Supply has assembled the following data: a. Sales in April…
Particulars Amount$ Assets Non-Current Assets(Fixed Assets): Property, Plant, and Equipment 550,000 Total Non-Current Assets 550,000 Current Assets: Accounts Receivable 140,000 Notes Receivable 100,000 Inventory 450,000 Supplies and other prepayments 100,000 Cash 1,000,000 Total Current Assets 1,790,000 Total Assets 2,340,000 Liabilities Non-Current Liabilities: Long term debt 300,000 Total Non-Current Liabilities 300,000 Current Liabilities: Accounts Payable 100,000 Notes Payable 100,000 Total Current Liabilities 200,000 Total Liabilities 500,000 Owner's Equity Capital 1,840,000 Total Owner's Equity 1,840,000 Total Liabilities and Owner's Equity 2,340,000 c. How much is the total current liability of the entity? d. How much is the total non current liability of the entity? e. How much is the total asset of the entity?