Net income Depreciation expense Beginning accounts receivable Ending accounts receivable Beginning inventory Ending inventory Beginning prepaid insurance Ending prepaid insurance form the calculations below (using the indirect method). $400,000 91,000 429,000 433,000 514,000 578,000 40,700 46,400 Beginning accounts payable Ending accounts payable Purchase of long-term assets Issuance of long-term debt Issuance of stock for cash Issuance of stock for long-term assets Purchase of treasury stock Sale of long-term investment at cost $122,000 145,000 754,000 264,000 167,000 105,000 64,500 54,500

Net income Depreciation expense Beginning accounts receivable Ending accounts receivable Beginning inventory Ending inventory Beginning prepaid insurance Ending prepaid insurance form the calculations below (using the indirect method). $400,000 91,000 429,000 433,000 514,000 578,000 40,700 46,400 Beginning accounts payable Ending accounts payable Purchase of long-term assets Issuance of long-term debt Issuance of stock for cash Issuance of stock for long-term assets Purchase of treasury stock Sale of long-term investment at cost $122,000 145,000 754,000 264,000 167,000 105,000 64,500 54,500

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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Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
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Data table (Click on the icon in order to copy its contents into a spreadsheet.) Inventory Common stock Cash Operating expenses Short-term notes payable Interest expense Depreciation expense Sales Accounts receivable Accounts payable Long-term debt Cost of goods sold Buildings and equipment Accumulated depreciation Taxes General and administrative expense Retained earnings 6,470 45,070 16,570 1,380 600 870 540 12,740 9,560 4,750 54,860 5,710 122,330 33,960 1,400 870 ? I X
Accounts Payable Accounts Receivable Accumulated Depreciation (Equip) Allowance for Doubtful Accounts Bonds Payable Cash Cash Dividends Common Stock Cost of Goods Sold Depreciation expense Equipment Interest Expense Inventory Adjusted Trial Balance 12/31/2020 Gain on Sale of Equipment Notes Payable (due 9/30/22) PIC in Excess of Par - Common PIC from Treasury Stock Preferred Stock Prepaid Rent Retained Earnings Salary Expense Sales Returns & Allowances Sales Revenue Supplies Treasury Stock Unearned Sales Revenue Utilities Expense TOTALS Debit $4,000 $12,400 $2,800 $16,400 $1,400 $50,000 $400 $4,800 $600 $4,600 $2,000 $400 $600 $2,000 Credit $9,000 $10,000 $200 $10,000 $600 $600 $600 $20,000 $1,400 $6,000 $6,400 $36,800 $800 $102,400 $102,400 Total Assets Total Current Assets Total Liabilities Total Current Liabilities Total Stockholders' Equity Total Paid-in Capital Gross Profit Income from Operations Net Income Intangible Assets
Prepare a blance sheet
perience p....pptm ^ Type here to search w X # 3 E Coronado Company's condensed financial statements provide the following information. C Cash Accounts receivable (net) Short-term investments Inventory Prepaid expenses Total current assets Property, plant, and equipment (net) Total assets Current liabilities ACC341-2022-Ho....xlsx $ 4 Bonds payable R F % 5 O CORONADO COMPANY BALANCE SHEET T At O+ 6 V B ▶ music 2.jpeg n H & 7 Dec. 31, 2020 $52,100 197,700 80,800 442,700 3,000 $776,300 849,900 $1,626,200 237,700 401,800 U 20 8 J Dec. 31, 2019 $60,200 O 80,800 39,600 N M 360,200 $547,700 849,900 $1,397,600 6,900 155,700 ( 401,800 9 W K F11 ) O 0 888 P Home End C Rair Inse
Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accounts payable Salaries payable Income tax payable Total current liabilities (a1) a. $8,600 Current ratio 12,900 b. Quick ratio 145,000 5,200 $171,700 $53,300 3,600 1,000 $57,900 2024 $30,100 10,300 :1 105,000 $152,300 :1 6,900 $40,400 5,000 1,000 $46,400 $27,100 7,700 100,000 During 2024, credit sales and cost of goods sold were $138,040 and $82,500, respectively. The 2023 and 2022 credit sales were $151,200 and $151,840, respectively, and the cost of goods sold for the same periods were $79,950 and $82,325, respectively. The accounts receivable and inventory balances at the end of 2021 were $6,900 and $85,000, respectively. 5,600 $140,400 Using the above data, calculate the following ratios: (Round receivables turnover ratio and average collection period to 1 decimal place, e.g. 15.2, days to sell inventory to 0 decimal places, e.g. 152 and all other answers to 2 decimal…
Assets Cash Receivables (net) Inventory PP & E (net) Patents&Licenses Goodwill Total assets Liabilities & Equity Accounts payable Short term debt Long term debt Preferred stock Common Equity Total Liabilities + Equity New Chip Corp Balance Sheet at 12/31/22 ($ in Millions) 31 45 64 215 28 19 402 53 19 179 23 128 402
The current ratio for the following is ..... Group of answer choices .43 .23 .73 .53
Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…
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