New York Bakery Balance Sheet December 2019 Assets Current assets Cash 50,180.74 Accounts receivable $ 951,766.20 Raw materials 24 38.467.89 Finished goods inventory 18,522.00 O Total current assets 1 Deferred tax asset 2 Property, Plant, & Equipment $ 1,058,936.83 Land 24 76,000.00 Building 567,000.00 Equipment $ 1,010,000.00 $ (141.200.00) Accumulated Depr - Equip 7 Total PPE B Total assets $ 1,511.800.00 $ 2,570,736.83 Liabilities and Stockholders' Equity 1 Current liabilities Accounts payable 45,255.13 As Line of credit payable Taxes payable 5,087.17 9,342.24 Ex 5 Total current liabilities 6 Long term liabilities 59,684.54 Mortgage payable (current) $ 1,096,262.57 8 Total long term liabilities 9 Total liabilities o Stockholders' equity $ 1,096,262.57 $ 1,155,947.11 Common stock (no-par, 200,000 share outstanding Retained earnings $550,000.00 2$ 850,113.00 3 Total stockholders" equity 34 Total liabilities and stockholders' equity $1.400,113.00 $ 2,556,060.11
New York Bakery Balance Sheet December 2019 Assets Current assets Cash 50,180.74 Accounts receivable $ 951,766.20 Raw materials 24 38.467.89 Finished goods inventory 18,522.00 O Total current assets 1 Deferred tax asset 2 Property, Plant, & Equipment $ 1,058,936.83 Land 24 76,000.00 Building 567,000.00 Equipment $ 1,010,000.00 $ (141.200.00) Accumulated Depr - Equip 7 Total PPE B Total assets $ 1,511.800.00 $ 2,570,736.83 Liabilities and Stockholders' Equity 1 Current liabilities Accounts payable 45,255.13 As Line of credit payable Taxes payable 5,087.17 9,342.24 Ex 5 Total current liabilities 6 Long term liabilities 59,684.54 Mortgage payable (current) $ 1,096,262.57 8 Total long term liabilities 9 Total liabilities o Stockholders' equity $ 1,096,262.57 $ 1,155,947.11 Common stock (no-par, 200,000 share outstanding Retained earnings $550,000.00 2$ 850,113.00 3 Total stockholders" equity 34 Total liabilities and stockholders' equity $1.400,113.00 $ 2,556,060.11
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 3MC
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What is the inventory turnover? What analysis is it, liquidity, profitability, or Solvency? What does it tell us?
![New York Bakery
Balance Sheet
December 2019
Assets
Current assets
Cash
50,180.74
Accounts receivable
$ 951,766.20
Raw materials
24
Finished goods inventory
38.467.89
18,522.00
O Total current assets
1 Deferred tax asset
2 Property, Plant, & Equipment
$ 1,058,936.83
Land
24
76,000.00
Building
567,000.00
Equipment
$ 1,010,000.00
$ (141.200.00)
Accumulated Depr - Equip
7 Total PPE
$ 1,511.800.00
$ 2,570,736.83
B Total assets
Liabilities and Stockholders'Equity
1 Current liabilities
Accounts payable
45,255.13
As
Line of credit payable
Taxes payable
5,087.17
9,342.24
Ex
4.
5 Total current liabilities
59,684.54
6 Long term liabilities
Mortgage payable (current)
$ 1,096,262.57
8 Total long term liabilities
9 Total liabilities
o Stockholders' equity
$ 1,096,262.57
$ 1,155,947.11
Common stock (no-par,
200,000 share outstanding
$550,000.00
Retained earnings
850,113.00
3 Total stockholders' equity
34 Total liabilities and stockholders' equity
$1.400,113.00
$ 2,556,060.11](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F50c4a886-3e07-4312-95fc-3240a8ded880%2F471a2122-2b28-4580-b0f3-7827a5600d50%2F5nvc6rk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:New York Bakery
Balance Sheet
December 2019
Assets
Current assets
Cash
50,180.74
Accounts receivable
$ 951,766.20
Raw materials
24
Finished goods inventory
38.467.89
18,522.00
O Total current assets
1 Deferred tax asset
2 Property, Plant, & Equipment
$ 1,058,936.83
Land
24
76,000.00
Building
567,000.00
Equipment
$ 1,010,000.00
$ (141.200.00)
Accumulated Depr - Equip
7 Total PPE
$ 1,511.800.00
$ 2,570,736.83
B Total assets
Liabilities and Stockholders'Equity
1 Current liabilities
Accounts payable
45,255.13
As
Line of credit payable
Taxes payable
5,087.17
9,342.24
Ex
4.
5 Total current liabilities
59,684.54
6 Long term liabilities
Mortgage payable (current)
$ 1,096,262.57
8 Total long term liabilities
9 Total liabilities
o Stockholders' equity
$ 1,096,262.57
$ 1,155,947.11
Common stock (no-par,
200,000 share outstanding
$550,000.00
Retained earnings
850,113.00
3 Total stockholders' equity
34 Total liabilities and stockholders' equity
$1.400,113.00
$ 2,556,060.11
![New York Bakery
Income Statement
For the Year Ended December 31, 2019
Sales
$ 4,173,100.00
Cost of goods sold
$2,937,641.56
Gross margin
$ 1,235.458.44
Selling and administrative expense
842,584.40
Earnings before interest and tax
Interest expense
$
392,874.04
78.113.40
Tаx expense
2$
16,500.00
Net income
298.260.64
1. No preferred dividends were declared.
2. Market Price for Common Stock
$4
19.75
3. Shares Outstanding
200,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F50c4a886-3e07-4312-95fc-3240a8ded880%2F471a2122-2b28-4580-b0f3-7827a5600d50%2Fs7jk3kv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:New York Bakery
Income Statement
For the Year Ended December 31, 2019
Sales
$ 4,173,100.00
Cost of goods sold
$2,937,641.56
Gross margin
$ 1,235.458.44
Selling and administrative expense
842,584.40
Earnings before interest and tax
Interest expense
$
392,874.04
78.113.40
Tаx expense
2$
16,500.00
Net income
298.260.64
1. No preferred dividends were declared.
2. Market Price for Common Stock
$4
19.75
3. Shares Outstanding
200,000
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