PROBLEM 5 Compute for the following amounts: Current Assets Non-Current Assets Total Assets Equity Current Liabilities Non-current liabilities Total liabilities Total liabilities and Equity INFORMATION/DATA: 1) Total equity is 45% of Total assets 2) Inventory, A/R and Bonds Payable amount to $200,000, $100,500 and $235,000 respectively. 3) Non-current liabilities is 20% of total assets. 4) A/P, Salaries Payable and Short-term loans make up for 50%,30% and 20% of total current liabilities. 5) Cash is 30% of Total Assets 6) Building is 80% of the Non-current Assets and the remainder is for Patents.
PROBLEM 5 Compute for the following amounts: Current Assets Non-Current Assets Total Assets Equity Current Liabilities Non-current liabilities Total liabilities Total liabilities and Equity INFORMATION/DATA: 1) Total equity is 45% of Total assets 2) Inventory, A/R and Bonds Payable amount to $200,000, $100,500 and $235,000 respectively. 3) Non-current liabilities is 20% of total assets. 4) A/P, Salaries Payable and Short-term loans make up for 50%,30% and 20% of total current liabilities. 5) Cash is 30% of Total Assets 6) Building is 80% of the Non-current Assets and the remainder is for Patents.
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
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 16P: Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for...
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Transcribed Image Text:PROBLEM 5
Compute for the following amounts:
Current Assets
Non-Current Assets
Total Assets
Equity
Current Liabilities
Non-current liabilities
PROBLEM 6
Total liabilities
Total liabilities and Equity
INFORMATION/DATA:
1) Total equity is 45% of Total assets
2) Inventory, A/R and Bonds Payable amount to $200,000, 100,500 and $235,000 respectively.
3) Non-current liabilities is 20% of total assets.
4) A/P, Salaries Payable and Short-term loans make up for 50%,30% and 20% of total current liabilities.
5) Cash is 30% of Total Assets
6) Building is 80% of the Non-current Assets and the remainder is for Patents.
The company had no non-current liability. If liabilities is 30% and the capital ending amounted to
300,000, compute for the (a) current liability and (b) total liability and equity.
PROBLEM 7
Sales is 160% of Cost of Goods Sold. The company had a profit after tax of (40,000). If tax rate is 20%,
and operating expenses is 50,000. Compute for the following: Sales, Cost of Goods Sold, Gross Profit,
Net Income Before Tax, and Income Tax Expense.
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