Answered: Prepare the Balance sheet $ 11,000…

Prepare the Balance sheet $ 11,000 Accounts payable Accounts receivable 15,000 Buildings Cash 11,000 Common stock Land 31,000 Equipment Retained earnings 65,000 80,000 10,000 41,000

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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Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 Based on the above data, what is the amount of working capital? Group of answer choices
Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 17,000 Inventory 65,000 Other current assets 25,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 95,000 Long-term liabilities 55,000 Retained earnings Other current liabilities 18,000 Prepare a classified balance sheet for Werthman Company. Werthman Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: Cash 2$ 15,000 Accounts payable 2$ 21,000 Accounts receivable 17,000 Other current liabilities 18,000 Inventory 65,000 Total Current Liabilities 39,000 Other current assets 25,000 Noncurrent Liabilities: Total Current Assets 122,000 Long-term liabilities 55,000 Total Liabilities Noncurrent Assets: Stockholders' Equity Property plant and equipment 200,000 Common stock Other long-term assets 40,000 Total Noncurrent Assets 240,000 Total Stockholders' Equity Total Assets $ 0 Total Liabilities & Stockholders' Equity $
Assets Cash $ 15,050 Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable 8,260 13,400 11,100 165,500 (12,000) $201,310 $ 8,180 3,880 4,350 Common stock Retained earnings 21,480 113,900 49,520 $ 201,310 Total liabilities and stockholders' equity The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $14,400. Required Compute each of the following: Note: Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45. a. Current ratio per share b. Earnings per share c. Quick (acid-test) ratio d. Return on investment + % % e. Return on equity f. Debt to equity ratio
Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? Oa. 1.0 Ob. 1.1 Ос. 17 Od. 2.9 MacBook Air
Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.1.7 b.1.0 c.1.1 d.2.9
J. P. Robard Mfg., Inc. Balance Sheet ($000) Cash $470 Accounts receivable 2,100 Inventories 940 Current assets $3,510 Net fixed assets 4,590 Total assets $8,100 Accounts payable $1,120 Accrued expenses 580 Short-term notes payable 280 Current liabilities $1,980 Long-term debt 2,040 Owners' equity 4,080 Total liabilities and owners' equity $8,100 (Click on the icon in order to copy its contents into a spreadsheet.) J. P. Robard Mfg., Inc. Income Statement ($000) Net sales (all credit) $8,010 Cost of goods sold (3,300) Gross profit $4,710 Operating expenses (includes $500 depreciation) (3,090) Net operating income $1,620 Interest expense (360) Earnings before taxes $1,260 Income taxes (35%) (441) Net income $819
Classified Balance Sheet The Werthman Company collected the following information for the preparation of its December 31 classified balance sheet: Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 17,000 Inventory 65,000 Other current assets 25,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 95,000 Long-term liabilities 55,000 Retained earnings Other current liabilities 18,000 Prepare a classified balance sheet for Werthman Company. Werthman Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: Other current liabilities Total Current Liabilities Other current assetS Noncurrent Liabilities: Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity Common stock Other long-term assets Total Noncurrent Assets Total Stockholders' Equity Total Assets Total Liabilities & Stockholders' Equity $