Question 50 of 50 Among the items in the financial statements for 20X1, Kadan Company reported the information below. (This is not a complete list of all of the financial statement items.) • Accounts receivable $200 • Inventory $400 • Property, plant, and equipment $1,000 • Accounts payable $100 • Long-term loans payable $800 • Sales $10,000 • • • • Cost of goods sold $7,500 Depreciation expense $250 Interest expense $60 In 20X2, sales are expected to increase from $10,000 to $13,000. On January 1, 20X2, Kadan plans to purchase new property, plant, and equipment, increasing the balance from $1,000 to $1,500. Also on January 1, 20X2, Kadan plans to obtain new long-term loans, increasing the loan balance from $800 to $1,600. What is a reasonable forecast of the amount of interest expense in 20X2?

Question 50 of 50 Among the items in the financial statements for 20X1, Kadan Company reported the information below. (This is not a complete list of all of the financial statement items.) • Accounts receivable $200 • Inventory $400 • Property, plant, and equipment $1,000 • Accounts payable $100 • Long-term loans payable $800 • Sales $10,000 • • • • Cost of goods sold $7,500 Depreciation expense $250 Interest expense $60 In 20X2, sales are expected to increase from $10,000 to $13,000. On January 1, 20X2, Kadan plans to purchase new property, plant, and equipment, increasing the balance from $1,000 to $1,500. Also on January 1, 20X2, Kadan plans to obtain new long-term loans, increasing the loan balance from $800 to $1,600. What is a reasonable forecast of the amount of interest expense in 20X2?

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 10.1APR: Liability transactions The following items were selected from among the transactions completed by...

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Required information Exercise 7-21B Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) [The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 59,200 Accounts Receivable 26,000 Allowance for Uncollectible Accounts $ 2,700 Inventory Notes Receivable (5%, due in 2 years) 36,800 18,000 Land 160,000 Accounts Payable 15,300 Common Stock 225,000 57,000 $ 300,000 Retained Earnings Totals $ 300,000 During January Year 1, the following transactions occur: January 1 Purchase equipment for $20,000. The company estimates a residual value of $2,000 and a four-year service life. 4 Pay cash on accounts payable, $10,000. 8 Purchase additional inventory on account, $87,900. January January January 15 Receive cash on accounts receivable, $22,500. January 19 Pay cash for salaries, $30,300. January 28 Pay cash for January utilities, $17,000.…
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Question 12 The following data pertain to Gliezel company on December 31, 20B: Trade accounts payable, including cost of goods received on consignment of P180,000 is 1,620,000; Accrued taxes payable, 150,000; Customers' deposit, 120,000; Cherry company as guarantor, 240,000; Bank overdraft, 66,000; Accrued electric and power bills, 72,000; Reserve for contingencies, 180,000. How much should be shown as total current liabilities? CHOICES 2,208,000 2,088,000 1,980,000 1,848,000
13 S ch The Beneke Corporation reported the following data: Cash Accounts Receivable Inventory Equipment Accounts Payable Notes Payable Revenue Year 3 $6,000 900 8,900 40,000 2,800 12,400 39,500 Year 2 $4,200 700 8,200 36,000 3,100 11.500 36,000 Year 1 $3,800 600 7,800 34,000 3,000 10,300 32,400 What is the company's debt to assets ratio for Year 3? Convert your final answer to a percentage. round to one decimal place and enter without the "%" sign (e.g. a final answer of 0.105678 would be entered as 10.6).
Problem 17-20 & 17-21 answer?
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P DOSS 10 2UZOZ7 TINAL DAIVIINATION BOSS T04 SPRING 21 / FINAL EXAMINATION SPRING 2020-2 Some selected financial statement items belonging to Mirbat Company are given in the table below. According to this information, which of the following is Receivables Turnover ratio? Average Receivables 15,000 Sales 77,000 Gross Profit 30,000 Non-current Assets 80,000 Sales returns 2,000 Shareholders' Equity 65,000 Select one: O a. 0.20 O b. 5 O c 3.33 O d. 5.13
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104-Principles of Management Acco y courses/ BUSS 104-2-20202 / TEST 2 SCHEDULED FOR 12TH APRIL 2021 IN CL The BCD Company had the following income statement on 31.12.2020 Deprecation 10000 Net income 190000 OMR The following accounts decreased during 2020: Accounts receivable 22000 inventory 15000 OMR. Rent payable 19000, Machinery 15000 OMR The following accounts increased during 2020:Notes receivable 14000 Accounts Payable 13000 long term Bonds payable 30000 OMR Calculate cash flows from operating activities Select one: O a. 245000 OMR O b. NONE OF THESE Oc. 217000 OMR O d. 249000 OMR Next page page s unit 4 Jump to.. nned in se Moor Rakhit Almaschani na uth
Company A Company B Current Asset Cash 10,000 200,000 Account receivables 90,000 150,000 Inventory 300,000 50,000 Total 400,000 400,000 Current liabilities 150,000 Accounts payable Notes payable 50,000 50,000 250,000 Total 200,000 300,000 The quick ratio is 2 and 1.33 for company A and B, respectively. 1. Do you think that company A has a better financial condition than company B? Explain your answer in details.
Problem #1 The following balance sheet and income statement data is given: 31-Dec Yr 2021 Yr 2020 Cash $4,300 $3,700 Accounts receivable (net) 22,000 23,400 Inventories 10,000 7,000 Plant assets (net) 75,000 86,000 Total assets 111,300 120,100 Accounts payable 12,370 11,100 Bonds payable 70,000 70,000 Total liabilities 82,370 81,100 Common stock, $10 par 65,000 59,000 Paid-in capital 10,000 10,000 Retained earnings 24,300 20,600 Total stockholders’ equity 99,300 89,600 Net credit sales 100,000 Cost of goods sold 60,350 Gross profit 39,650 Net income 14,000 REQUIRED: Compute the following ratios for 2021. NOTE: Copy and paste the information below into the answer box first and then show your calculation steps for this problem to receive credits. (1) Accounts receivable turnover=____________________ (2) Inventory turnover=__________________ (3) Accounts payable…
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