s Current AssetsCashAccounts receivableInventoriesTotal current assetsNon-current assetsTotal assetsSupporting computations:Cost of goods soldGross profitOperating expensesIncome before taxesTaxes expenseNet incomeRequired Calculate:Note 1: Compute net income for 2020SalesCash RatioQuick Currant RatioCurrent ratioWorking capitalTotal debts to total assetsAssenBook valueMarket value$ 10,25046,00086.250December 31, 2020$143,000280.500$423.500$920,000690.000$230,000180.000$ 50,00020.000$.30,000Liabilities and Stockholders' EquityCurrent liabilitiesNon-current liabilitiesTotal liabilitiesStockholders' EquityCommon stockAdditional paid-in capitalRetained earningsTotal stockholders' equityTotal liabilities and equity$23,00062,000Retained earnings, Dec. 31, Year 5$150,00060,000128.000Note 2: Compute Stockholders' EquityCommon stock ($7.5 par x 20,000 sh.)Additional paid-in capital ($10.5-$7.5) x20,000 sh.Retained earnings, Dec 31, Year 4Net incomeTotal$ 85,000$338.000$423.500$150,00060.000 $210,00098,00030,000128.000$338.000

The ffinancial ratio or accounting ratio states the relative magnitude of two selected numerical…

Note 1: Compute net income for 2020 Sales Cost of goods sold Gross profit Operating expenses Income before taxes Taxes expense Net income Required Calculate: Cash Ratio Quick Currant Ratio Current ratio $920,000 690.000 $230,000 180,000 $ 50,000 20.000 $.30,000 Note 2: Compute Stockholders' Equity Common stock ($7.5 par x 20,000 sh) $150,000 Additional paid-in capital ($10.5-$7.5) x 20,000 sh. Retained earnings, Dec 31, Year 4 Net income Retained earnings, Dec. 31, Year 5 Total 60.000 98,000 30.000 $210,000 128.000 $338.000

Note 1: Compute net income for 2020 Sales Cost of goods sold Gross profit Operating expenses Income before taxes Taxes expense Net income Required Calculate: Cash Ratio Quick Currant Ratio Current ratio $920,000 690.000 $230,000 180,000 $ 50,000 20.000 $.30,000 Note 2: Compute Stockholders' Equity Common stock ($7.5 par x 20,000 sh) $150,000 Additional paid-in capital ($10.5-$7.5) x 20,000 sh. Retained earnings, Dec 31, Year 4 Net income Retained earnings, Dec. 31, Year 5 Total 60.000 98,000 30.000 $210,000 128.000 $338.000

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

How to calculate WACC
what about quesitons E and F?
Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
What is APR?
Define Profi t and loss (P&L) statement
Can you answer part E of this qu
b. Working/Application of ABC analysis?
Concept of Reconcilation statement with an example .
Define cardinality.
Define transaction
is thsi correct?
Define principal