Questions 4 and 5 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $91,465 Accounts Payable $248,644 Wages Payable Notes Payable Paid-In Capital Retained Earnings Accounts Receivable 14,685 1,296 Inventory 153,819 31,141 Prepaid Rent 6,125 238,187 Equipment 327,841 74,667 Total Assets $593,935 Total Equities $593,935 The following summary transactions occurred during 2021: • paid $82,645 to suppliers for merchandise previously purchased on account • purchased $322,806 of merchandise on account and $158,994 for cash • sold merchandise for $440,725 on account and $281,775 for cash; the merchandise cost $411,825 • agreed to a four-year rental lease for $8,000 and paid $2,000 in advance • received $220,569 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $793,384 B: $896,524 C: $1,013,072 OD: $1,144,771 E: $1,293,591 OF: $1,461,758 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? OA: $389,313OB: $455,496 OC: $532,931 D: $623,529 OE: $729,529 F: $853,549

Questions 4 and 5 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $91,465 Accounts Payable $248,644 Wages Payable Notes Payable Paid-In Capital Retained Earnings Accounts Receivable 14,685 1,296 Inventory 153,819 31,141 Prepaid Rent 6,125 238,187 Equipment 327,841 74,667 Total Assets $593,935 Total Equities $593,935 The following summary transactions occurred during 2021: • paid $82,645 to suppliers for merchandise previously purchased on account • purchased $322,806 of merchandise on account and $158,994 for cash • sold merchandise for $440,725 on account and $281,775 for cash; the merchandise cost $411,825 • agreed to a four-year rental lease for $8,000 and paid $2,000 in advance • received $220,569 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $793,384 B: $896,524 C: $1,013,072 OD: $1,144,771 E: $1,293,591 OF: $1,461,758 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? OA: $389,313OB: $455,496 OC: $532,931 D: $623,529 OE: $729,529 F: $853,549

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Solar Electric Inc. Balance Sheet 32 Marks ACB As at December 31, 2023 Account Title Debit Credit Assets Current Assets Cash 100,649 Accounts Receivable 35,860 Interest Rceivable 9,113 Prepaid Insurance 7,370 Short-Term Investment- Citi Inc 237,000 Short-Term Investment- Bonds 135,000 Inventory 90,640 Valuation Allowance for Fair Value Adjustment 50,700 Total Current Assets 666,332 Non-current Assets Investment in HSBC Inc. Common Shares 503,840 Long-Term Investment- Bond 145,000 Property, Plant & Equipment 280,000 Accumulated Depreciation 86,000 Total Non-Current Assets 842,840 Total Assets 1,509,172 Liabilities Current Liabilities Accounts Payable 212,400 Interest Payable 31,167 Unearned Revenue 21,000 Total Current Liabilities 264,567 Long-Term Liabilities Bonds Payable 340,000 Discount on Bonds Payable 15,741 Bank Loan 225,000 Total-Long Term Liabilities 549,259 Total Liabilities 813,826 Shareholders Equity Common Shares 362,000 Preferred Shares 80,000 Retained Earnings 348,385…
Below are Laiho Industries' 2017 and 2018 balance sheet items: Cash Accounts Receivable Long-Term Debt Accounts Payable Common Stock (total value) Notes Payable Net Fixed Assets Accruals Inventories Retained Earnings $ $ $ $ LA $ LA $ LA $ LA LA 2018 102,850.00 103,365.00 76,264.00 30,761.00 100,000.00 $ $ $ $ Sm 16,717.00 $ 67,165.00 $ 30,477.00 $ 38,444.00 $ 57,605.00 2017 89,725.00 85,527.00 63,914.00 23,109.00 90,000.00 14,217.00 42,436.00 22,656.00 34,982.00 38,774.00 Sales for 2018 were $455,150, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 11% of net fixed assets, interest was $8,575, the corporate tax rate was 40%, and Laiho pays 40% of its net income as dividends. Given this information, construct the firm's 2018 income statement, statement of cash flows, and statement of owner's equity. Then answer the questions below.
Identifying and Computing Net Operating Assets (NOA) and Net Nonoperating Obligations (NNO)Following are the balance sheets and statement of earnings for Home Depot Inc. for fiscal year ended February 3, 2019, which the company labels fiscal year 2018. THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Assets Current assets Cash and cash equivalents $1,778 $3,595 Receivables, net 1,936 1,952 Merchandise inventories 13,925 12,748 Other current assets 890 638 Total current assets 18,529 18,933 Net property and equipment 22,375 22,075 Goodwill 2,252 2,275 Other assets 847 1,246 Total assets $44,003 $44,529 THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Liabilities and Stockholders’ Equity Current liabilities Short-term debt $1,339 $1,559 Accounts payable 7,755 7,244 Accrued salaries and…
Hansaben
Consider the following abbreviated financial statements for Raines Corp: Current Assets Net fixed assets Raines Corp 2018 and 2019 Partial Balance Sheet Assets 2018 $4,810 2019 $5,930 13,650 16,800 -$3,848.8 -$1,165.8 $381.2 $4,562.8 Liabilities and Owners' Equity 2018 2019 $2,900 $3,150 Current liabilities Common Stock 8,310 8,700 Raines Corp 2019 Income Statement Sales Costs Depreciation Interest paid $25,800 16,050 4,050 The tax rate for 2019 was 34%. Dividends paid during 2019 were $1,300. What is the cash flow from assets for 2019? 1,880
A firm has : cash balance $23,015.00 accounts payable $163,257.00 common stock $313,299.00 retained earnings $512,159.00 inventory $212,444.00 goodwill & other assets $78,656.00 plant & equipment $711,256.00 short-term notes payable $21,115.00 accounts receivable $141,258.00 current assets $11,223.00 what is long term debt?
Please don't give image format
Question 1 The following are financial statements of Crane Company. Crane CompanyIncome StatementFor the Year Ended December 31, 2022 Net sales $2,192,500 Cost of goods sold 1,010,500 Selling and administrative expenses 900,500 Interest expense 78,000 Income tax expense 62,500 Net income $ 141,000 Crane CompanyBalance SheetDecember 31, 2022 Assets Current assets Cash $ 55,100 Debt investments 89,000 Accounts receivable (net) 168,400 Inventory 236,500 Total current assets 549,000 Plant assets (net) 572,500 Total assets $ 1,121,500 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 152,000 Income taxes payable 31,000 Total current liabilities 183,000 Bonds payable 220,740 Total liabilities 403,740 Stockholders’ equity Common stock 345,000 Retained earnings 372,760…
Assume a company had net Income of $72,000 and provided the following excerpts from its balance sheet: This Year Last Year Current assets: $40,000 $53,000 $13,000 $46,000 $50,000 $11,000 Accounts receivable Inventory Prepaid expenses Current liabilities: $38,000 $18,000 $13,000 $44,000 $15,000 $10,000 Accounts payable Accrued liabilities Income taxes payable If the company did not sell any noncurrent assets during the period and the credits to its accumulated depreciation account were $21,000, then based solely on the informatlon provlded, the company's net cash provided by (used in) operating activities would be: Multiple Cholce $94,000. $52,000. $68,000. $92,000.
Need help figuring out this equation
Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 70 on December 31, 2012. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 Retained earnings, January 1 Net income Dividends: On preferred stock On common stock Retained earnings, December 31 20Y2 $3,329,700 790,400 20Y1 $2,805,000 574,500 (9,800) (40,000) $4,070,300 (9,800) (40,000) $3,329,700 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Sales Cost of merchandise sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue and expense: 20Y2 20Y1 $5,340,680 $4,920,640 1,737,400 1,598,410 $3,603,280 $1,292,110 1,100,680 $3,322,230 $1,583,590 930,050 $2,392,790 $2,513,640 $1,210,490 $808,590 Other revenue 63,710 51,610 Other expense (interest) (376,000) (207,200)…
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…