On January 1, 2011 we started a new business by investing cash of $10,000 and equipment of $9,000. During the year, we withdraw $2,000. When we prepare of Statement of Owners Equity, we note a final balance of $21,000.Based on this information, what was out net income or loss for the year? a. $4,000 net loss b. $2,000 net income c. $2,000 net loss d. $4,000 net income
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- Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165 $4,528 Short-term investments, at cost 2,958 8,408 Accounts and notes receivable, net 9,404 8,624 Inventories 1,771 787 Prepaid expenses and other current assets 590 291 Short-term obligations (liabilities) 315 3,342 Accounts payable and other current liabilities 7,453 6,813 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4The Butler-Huron Company's balance sheet and income statement for last year are as follows: Balance Sheet (in Millions of Dollars) Assets Cash and marketable securities Accounts receivable* Inventories** Other current assets Total current assets Plant and equipment (net) Other assets Total assets $82 820 1,507 22 $2,431 3,967 6,460 $6,460 Liabilities and Equity Accounts payable****** Accrued liabilities (salaries and benefits) Other current liabilities Total current liabilities Long-term debt and other liabilities Earnings before taxes Taxes Earnings after taxes (net income) Common stock Retained earnings Net sales Cost of sales Selling, general, and administrative expenses Other expenses Total expenses Total stockholders' equity Total liabilities and equity **Assume that average inventory over the year was the same as ending inventory. ***Assume that average accounts payable are the same as ending accounts payable. Income Statement (in Millions of Dollars) *Assume that all sales are…The Butler-Huron Company’s balance sheet and income statement for last year are as follows:Balance Sheet (in Millions of Dollars) Assets Liabilities and Equity Cash and marketable securities $142 Accounts payable*** $808Accounts receivable* 941 Accrued liabilities Inventories** 1,607 (salaries and benefits) 508Other current assets 35 Other current liabilities 534Total current assets $2,725 Total current liabilities $1,850Plant and equipment (net) 3,029 Long-term debt and other Other assets 5,796 liabilities 2,228Total assets $5,796…
- On December 1, 2011, Millstone Corporation invested $45,000 in a new delivery truck. The truckis being depreciated at a monthly rate of $500. During 2011, the company issued stock for $60,000and declared dividends of $5,000. Its net income in 2011 was $70,000. Millstone’s ending RetainedEarnings balance as reported in its December 31, 2011, balance sheet was $90,000. Its beginningCapital Stock balance on January 1, 2011, was $200,000. Given this information, determine thetotal stockholders’ equity reported in the company’s balance sheet dated December 31, 2011.You have just obtained financial information for the past 2 years for Treet Corporation. Treet Corporation Income Statements For Year Ending December 31 (Millions Of Dollars) 2012 2011 Sales 3,000.00 3,500.00 Operating costs (excluding depreciation and amortization) 2,500.00 3,100.00 EBITDA 500.00 400.00 Depreciation and amortization 90.00 75.00 Earnings before interest and taxes 410.00 325.00 Interest 70.00 60.00 Earnings before taxes 340.00 265.00 Taxes (40%) 136.00 126.00 Net income available to common stockholders 204.00 139.00 Common dividends 180.00 13.20 Treet Corporation Balance Sheets As at December 31 (Millions Of Dollars) 2012 2013 Assets: Cash and marketable securities 120.00 30.00 Accounts receivable 540.00 400.00 Inventories 540.00 620.00…hi, this is my finance question. i need answer asap. thxx
- Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Borrowed $21,304 from banks due in two years. Purchased additional investments for $21,500 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,045 for $19,045 cash. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. Use the drop-downs below to select the accounts that should be properly included on the balance sheet. MANGO, INC. Balance Sheet At September 29, 2018 (in millions) Assets Current assets: Total current assets 0 Total assets $0 Liabilities…Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Borrowed $21,304 from banks due in two years. Purchased additional investments for $21,500 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,045 for $19,045 cash. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. QUESTION: Compute Mango's current ratio for the year ending on September 29, 2018. (Round your answer to 2 decimal places.) Current Ratio:Ak Kramer Inc.s income statement shows sales of $1,000, cost of goods sold of $400,pre-interest operating expense of $300, and interest expense of $100. What is Kramer's interest coverage ratio ? Your answer An analyst gathered the following information from a company's 2010 financial statements (in $ millions): In 2010, the company declared and paid cash dividends of $10 million and recorded depreciation expense in the amount of $25 million. The company considers dividends paid a financing activity. What was the company's 2010 cash flow from operations (in $ millions) ? Captionless Image Your answer During 2009, URBAN Company sold 10 acres of prime commercial zoned land to a builder for $5,000,000. The builder gave URBAN a $1,000,000 down payment and will pay the remaining balance of $4,000,000 to URBAN in 2010. URBAN purchased the land in 2002 for $2,000,000. Using the installment method, how much profit will URBAN report for 2009? Aa
- 11. Gerry's Superette had sales of $5,000,000 in the most recent year. Oper- ating expenses were $3,500,000. Interest and taxes totalled $500,000. Total liabilities were $200,000, and owners' equity was $800,000. Required Calculate the following: (a) The return on assets (b) The return on owners' equityASSETS Current assets: Cash MANGO INC.. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue. Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities. Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions fin $ 14,024 11,377 17,681 2,134 24,141 69,357 131,732 20,873 12,676 $234,638 $ 30,563 18,679 8,599 6,385 64,226 29,344 28,196 121,766 1 25,212 87,659 112,872 $234,638The beginning capital balance shown on FDNACCT’s Statement of Changes in Owner’s Equity is P67,000. Net income for the period is P25,000. The owner withdrew P44,000 cash from the business and made additional investments of P45,000 during the period. Total current liabilities are recorded at P98,000 while long term liabilities amount to P469,000. How much is the total assets at year end?
