Mini-Exercise 11-1 (Algo) Calculate liquidity measures The following amounts were reported on the December 31, 2019, balance sheet: Cash $ 24,000 Accounts receivable 66,000 Common stock 120,000 Wages payable Retained earnings 15,000 240,000 60,000 25,800 354,240 65,040 Land Accounts payable Bonds payable Merchandise inventory Buildings and equipment, net of accumulated depreciation 540,000 Required: a. Calculate working capital at December 31, 2019. b. Calculate the current ratio at December 31, 2019. (Round your answer to 1 decimal place.) c. Calculate the acid-test ratio at December 31, 2019. (Round your answer to 1 decimal place.) a. Working capital b. Current ratio c. Acid-test ratio

Mini-Exercise 11-1 (Algo) Calculate liquidity measures The following amounts were reported on the December 31, 2019, balance sheet: Cash $ 24,000 Accounts receivable 66,000 Common stock 120,000 Wages payable Retained earnings 15,000 240,000 60,000 25,800 354,240 65,040 Land Accounts payable Bonds payable Merchandise inventory Buildings and equipment, net of accumulated depreciation 540,000 Required: a. Calculate working capital at December 31, 2019. b. Calculate the current ratio at December 31, 2019. (Round your answer to 1 decimal place.) c. Calculate the acid-test ratio at December 31, 2019. (Round your answer to 1 decimal place.) a. Working capital b. Current ratio c. Acid-test ratio

Name: Mini-Exercise 11-1 (Algo) Calculate liquidity measuresThe following a
Uploaded: 2022-11-18T00:26:54.000Z
Channel: Bartleby
Description: Mini-Exercise 11-1 (Algo) Calculate liquidity measuresThe following amounts were reported on the December 31, 2019, balance sheet:Cash$ 24,00066,000120,00015,000240,000Accounts receivableCommon stockWages payableRetained earningsLand60,000Accounts p

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required Information Exercise 12-12 (Static) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2021 2020 $ 87,500 65,000 $ 44,000 51,000 86,500 At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold IKIBAN INCORPORATED Income Statement 63,800 4,400 5,400 220,700 186,900 124,000 (27,000) $ 317,700 $ 25,000 115,000 (9,000) $292,900 $ 30,000 15,000 3,800 6,000 3,400 34,400 48,800 30,000 60,000 64,400 108,800 220,000 160,000 33,300 $317,700 24,100…
Given the following financial statement information: $ in millions Income Statement Net Income: $559 Depreciation Expense: $55 Balance Sheet Dec. 31, 2022 Accounts Receivable $38 Total Inventory $122 Accounts Payable $79 Calculate the cash from operating activities. Your Answer: Dec. 31, 2023 $64 $152 $108
Given the financial data for New Electronic World, Inc. (NEW), compute the following measures of cash flows for the NEW for the year ended December 31, 2021 Required: Compute for the operating cash flow Compute for the free cash flow
please help me
Perform a horizontal analysis for the balance sheet entry "Cash" given below. That is, find the amount of increase or decrease (in $) and the associated percent (rounded to the nearest tenth). Increase/Decrease Assets 2019 2018 Amount Percent Current Assets Cash $18,400 $11,800 Accounts Receivable 22,300 18,100 Merchandise Inventory 30,100 25,900 Supplies 5,600 7,600 Total Current Assets 76,400 63,400 Property, Plant, and Equipment Machinery and Equipment 56,000 57,100 Total Assets $132,400 $120,500
Balance Sheet for Bearcat Hathaway, 2022 2021 2022 Cash Accounts Receivable Inventory Current Assets Accum.Depreciation Net Fixed Assets Gross Fixed Assets $16,251,665 $20,567,330 Less $7,460,897 $10,117,819 Total Assets O 11.58% O 44.90% O 8.37% $5,268,485 $10,268,485 O 4.35% $2,574,230 $2,314,672 O 6.02% $529,062 $696,685 $8,371,777 $13,279,842 Total Liabilities and Equity What is the common size value for 2022 Notes Payable? $8,790,768 $10,449,511 $17,162,545 $23,729,353 Current Liabilities 2021 Accounts Payable Notes Payable $1,033,110 $1,987,233 2022 $1,673,992 $2,438,271 $2,707,102 $4,425,504 Long Term Debt $9,242,830 $11,468,302 Total Liabilities $11,949,932 $15,893,806 Common Stock ($0.50 par) $1,300,000 $1,600,000 Capital Surplus $1,148,120 $1,800,969 Retained $2,764,493 $4,434,578 Earnings $17,162,545 $23,729,353
ASSETS Cash Accounts Receivable Inventory Plant and equipment Accumulated Depreciation TOTAL ASSETS LIABILITIES Accounts Payable Accrued Expenses Long Term Notes Payable TOTAL LIABILITIES EQUITIES Common Stock, No Par Retained Earnings TOTAL EQUITIES TOTAL LIABILITIES & EQUITIES COMPUTE THE 1. Current Ratio for 2020 & 2021 2. Quick Ratio for 2020 & 2021 2021 45,000.00 212,500.00 155,000.00 1,885,000.00 (480,000.00) 1,817,500.00 55,000.00 112,500.00 250,000.00 417,500.00 1,000,000.00 400,000.00 1,400,000.00 1,817,500.00 2020 50,000.00 207,500.00 140,000.00 1,662,500.00 (375,000.00) 1,685,000.00 47,500.00 110,000.00 237,500.00 395,000.00 1,000,000.00 290,000.00 1,290,000.00 1,685,000.00
Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets Valley Technology Balance Sheet As of March 11, 2020 (amounts in thousands) 9,700 Accounts Payable 4,500 Debt 3,800 Other Liabilities 16,400 Total Liabilities 1,700 Paid-In Capital Retained Earnings Total Equity 36,100 Total Liabilities & Equity 1,500 2,900 800 5,200 7,300 23,600 30,900 36,100 Use T-accounts to record the transactions below, which occur on March 12, 2020, close the T-accounts, and construct a balance sheet to answer the question. 1. Buy $15,000 worth of manufacturing supplies on credit 2. Issue $85,000 in stock 3. Borrow $63,000 from a bank 4. Pay $5,000 owed to a supplier 5. Receive payment of $12,000 owed by a customer What is the final amount in Total Liabilities? Please specify your answer in the same units as the balance sheet.
Instructions: Prepare a statement of cash flows for the year ended December 31, Problem 2 SATT KEXLER COMPANY efhiogitarorT 13,000 Comparative Balance Sheet 18,000 iosgu14,000ot 9,000 ba Dec. 2021 fon ai Dec. 2020 armald Assets etnlog-30 $28,000 Cash Accounts receivable Prepaid expenses Inventory Long-term investments Equipment Accumulated depreciation-equipment Total assets tye 25,000ntne 15,000 rot Inova oreahtnolen0-t 18,000 ol 30,000 (14,000) baimenydr no 7:000 60,000 (18,000) $85,000 50S ynune120,000 Liabilities and Stockholders' Equity $ 25,000 37,000 40,000 18,000 $120,000 1. Net income for the year ending December 31, 2021, was $25.000. 2. Cash dividends of $17,000 were declared and paid during the year. Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 7,000 45,000 23,000 10,000 o lsu $85,000 Additional information: Long-term investments that had a book value of $18,000 were sold for $18.000. 4. There is no sale of…
This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
ss
Please do not provide answer in image format thank you