Question:Please, provide the correct answerLet's put all the pieces together now. Suppose that you are analyzing Martin Company. Youknow that at the beginning of the year, the assets equaled $320,000 and the liabilities equaled$176,000. During the year, assets increased by $48,000 and owner's equity increased by$24,400. The change in owner's equity includes all increases and decreases. Further analysisreveals that the changes in owner's equity were caused by revenues of $223,200 and expensestotaling $112,320 during the year, and additional owner's investments of $50,000 in the first halfof the year. Because of your understanding of the accounting equation, you realize thatwithdrawals by the owner must have also occurred during the year. However, you mustdetermine the amount for those withdrawals.What is the amount of withdrawals made to the owner of Martin Company during the year

Amount of withdrawals = Increase in owner's equity - (Revenues - Total Expenses + Owner's…

Answered: Question: Please, provide the correct…

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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[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Current Year $ 27,970 80, 264 100,917 9,097 251,134 $ 469,382 Income tax expense Total costs and expenses Net income Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: $ 116,876 90,891 163,500 98,115 $ 469,382 $ 372,220 189,161 10,373 7,933 The company's income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Current Year 1 Year Ago $ 31,400 58, 349 77,104 8,412 229,375 $ 404,640 Exercise 13-10 (Algo) Analyzing efficiency and profitability LO P3 $ 610,197 $ 70,436 92,137 163,500 78,567 $ 404,…
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Please explain this to me thoroughly, It's need for a homework assignment and I am completely clueless.
A firm had after-tax income last year of $2.1 million. Its depreciation expenses were $0.5 million, and its total cash flow was $2.1 million. What happened to net working capital during the year? (Enter your answer in millions rounded to 1 decimal place.)
At the beginning of the year, Kim Company had total assets of 800 thousand and total liabilities of 350 thousand. If the total assets increased by 300 thousand and the total liabilities decreased by 200 thousand, what is the amount of owner's equity at the end of the year? Provide your answer in thousands i.e. instead of 450,000 write only 450. Answer:
You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows: Lydex CompanyComparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 1,010,000 $ 1,250,000 Marketable securities 0 300,000 Accounts receivable, net 2,900,000 2,000,000 Inventory 3,650,000 2,000,000 Prepaid expenses 270,000 210,000 Total current assets 7,830,000 5,760,000 Plant and equipment, net 9,620,000 9,100,000 Total assets $ 17,450,000 $ 14,860,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,060,000 $ 3,080,000 Note payable, 10% 3,700,000 3,100,000 Total liabilities 7,760,000 6,180,000…
Gilmore, Inc., had equity of $220,000 at the beginning of the year. At the end of the year the company had total assets of $375,000. During the year, the company sold no new equity. Net income for the year was $46,000 and dividends were $6,800. a. Calculate the internal growth rate for the company. (Do not round intermediate b. Calculate the internal growth rate using ROA x b for beginning of period total assets. c. Calculate the internal growth rate using ROA x b for end of period total assets. (Do calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Key financial figures for Akerley Hotels and Akerley Restaurants over the past following year are given below Sales Income from operations Net income. Assets at the beginning of the year Assets at the end of the year. $170,000 $107,000 109,000 68,000 40,000 65,000 50,000 107,000 77,000 145,000 a) Calculate the return on total assets percentage for Akerley Hotels. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) b) Calculate the return on total assets percentage for Akerley Restaurants. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) c) Which company is more successful in generating the total amount of sales? d) Which company is more successful in producing net income from its investment in assets?
Answer the following questions. Hint Use the accounting equation. a. At the beginning of the year, Addison Company's assets are $169,000 and its equity is $126,750. During the year, assets increase $80,000 and liabilities increase $60,000. What is the equity at year-end? b. Office Store Company has assets equal to $181,000 and liabilities equal to $154,000 at year-end. What is the equity for Office Store Company at year-end? c. At the beginning of the year, Quaker Company's liabilities equal $50,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $10,000 during the year. What are the beginning and ending amounts of equity? Complete this question by entering your answers in the tabs below. Required A Required B Required C At the beginning of the year, Addison Company's assets are $169,000 and its equity is $126,750. During the year, assets Increase $80,000 and liabilities increase $60,000. What is the equity at year-end?…
You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows: Lydex CompanyComparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 870,000 $ 1,110,000 Marketable securities 0 300,000 Accounts receivable, net 2,340,000 1,440,000 Inventory 3,510,000 2,100,000 Prepaid expenses 240,000 180,000 Total current assets 6,960,000 5,130,000 Plant and equipment, net 9,340,000 8,960,000 Total assets $ 16,300,000 $ 14,090,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 3,920,000 $ 2,800,000 Note payable, 10% 3,600,000 3,000,000 Total liabilities 7,520,000 5,800,000 Stockholders' equity: Common stock, $70 par value…
You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows: Lydex CompanyComparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 890,000 $ 1,020,000 Marketable securities 0 300,000 Accounts receivable, net 2,420,000 1,520,000 Inventory 3,530,000 2,300,000 Prepaid expenses 240,000 180,000 Total current assets 7,080,000 5,320,000 Plant and equipment, net 9,380,000 8,980,000 Total assets $ 16,460,000 $ 14,300,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 3,960,000 $ 2,860,000 Note payable, 10% 3,620,000 3,020,000 Total liabilities 7,580,000 5,880,000 Stockholders' equity: Common stock, $70 par value…
Last year, McGinley Company had total equity of $600,000, a return on assets of 10%, and a return on equity of 15%. What was the amount of McGinley's total assets?

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