RequirementGeneralJournalGeneralLedgerTrial Balance Balance SheetDebt to AssetsRatioCalculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 decimalplaces.)Calculate the debt-to-assets ratio at December 31.Debt to Assets Ratio%Does the company rely more (or less) on debt financing at the end of the year than at the beginning of the year?OMoreLess Phantom Incorporated, reported the following account balances on January 1.Accounts ReceivableAccumulated DepreciationAdditional Paid-in CapitalAllowance for Doubtful AccountsBonds PayableBuildingsCashCommon Stock, 10,000 shares of $1 parNotes Payable (long-term)Retained EarningsTreasury StockTOTALSDebit$5,000267,00015,000Credit$ 30,000110,0002,000010,00015,000120,000$ 287,000 $ 287,000The company entered into the following transactions during the year.January 15 Issued 15,000 shares of $1 par common stock for $70,000 cash.January 31 Collected $3,000 from customers on account.February 15 Reacquired 3,200 shares of $1 par common stock into treasury for $35,200 cash.March 15 Reissued 2,200 shares of treasury stock for $26,200 cash.August 15 Reissued 600 shares of treasury stock for $4,600 cash.September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock.October 1 Issued 100, 10-year, $1,110 bonds, at a quoted bond price of 101.October 3 Wrote off a $1,500 balance due from a customer who went bankrupt.December 29 Recorded $250,000 of service revenue, all of which was collected in cash.December 30 Paid $220,000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll.deductions.)December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interestand income taxes.)

Debt to total assets ratio is one of leverage ratio being used in business. It shows how much of…

Requirement General Journal General Ledger Trial Balance Balance Sheet Debt to Assets .Ratio Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 decimal places.) Calculate the debt-to-assets ratio at December 31. % Debt to Assets Ratio Does the company rely more (or less) on debt financing at the end of the year than at the beginning of the year? OMore OL

Requirement General Journal General Ledger Trial Balance Balance Sheet Debt to Assets .Ratio Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 decimal places.) Calculate the debt-to-assets ratio at December 31. % Debt to Assets Ratio Does the company rely more (or less) on debt financing at the end of the year than at the beginning of the year? OMore OL

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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Prepare a statement of financial position
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
Category. Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 429,735.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,152.00 Interest expense 40,500 42,662.00 Inventories 279,000 288,000 Long-term debt 339,349.00 400,985.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,641.00 Retained earnings 306,000 342,000 Sales 639,000 848,846.00 Тахes 24,750 47,931.00
The accounts below were taken from the unadjusted trial balance of a company as at December 31, 2021:Accounts receivable 200,000Sinking fund assets 20,000Allowance for doubtful accounts 50,000Cash in bank 894,000Investment in shares, at cost 56,000Interest payable 15,000Notes receivable 100,000Mortgage payable 1,200,000Investment in associate 35,000 Merchandise inventory 123,000Accounts payable 110,000Notes payable 400,000Employee’s withholding taxes payable 15,000Bonds payable 500,000Sales commissions payable 10,000Share dividends payable 18,000 Additional information:a. Included in the accounts receivable is P60,000 due from a customer with special terms requiring the customer to pay in an equal semi-annual installment of P10,000 every end of June and December. In addition, accounts receivable was net of customers’ deposit of P5,000.b. Cash in bank includes P10,000 compensating balance legally restricted for short-term borrowing. In addition, a bank overdraft of P15,000…
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#2 Category. Prior Year Current Year Accounts payable 3,136.00 5,904.00 Accounts receivable 6,838.00 9,068.00 Accruals 5,663.00 6,026.00 Additional paid in capital 20,182.00 13,570.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,844.00 18,591.00 Current portion long-term debt 500 500 Depreciation expense 955.00 1,036.00 Interest expense 1,275.00 1,169.00 Inventories 3,020.00 6,732.00 Long-term debt 16,947.00 22,144.00 Net fixed assets 75,056.00 74,173.00 Notes payable 4,022.00 6,569.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,957.00 34,753.00 Sales 46,360 45,431.00 Таxes 350 920 What is the firm's cash flow from investing? Submit Answer format: Number: Round to: 0 decimal places.
3 American Laser, Incorporated, reported the following account balances on January 1. Debit $5,000 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,eee shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Requirement General Journal 247,000 10,000 General Ledger $ 262,000 Credit $ 30,000 90,000 2,000 e The company entered into the following transactions during the year. January 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,eee cash. March 15 Reissued 2,000 shares of treasury stock for $24,000 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 100, 10-year, $1,000…
The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…
The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
An extract from the balance sheets of Stevrosanne Pty Ltd showed the following for the years ended 30 June 2009 and 30 June 2010: 30 June 2009 30 June 2010 Current Assets $ $ Bank 41,250 35,880 Accounts receivable 78,200 75,800 Allowance for doubtful debts - 2,800 - 2,800 Inventory 39,100 37,050 Current Liabilities Accounts payable 61,100 57,200 Taxation payable 21,900 26,200 Provision for annual leave 21,800 23,300 Provision for dividend 32,500 34,700 Additional Information: Net profit after taxation is $219,500. This profit was determined after accounting for the following income and expense items: $ Depreciation 28,500 Gain on sale of non-current assets 5,750 Required: Determine the net cash provided from operating activities for the year ended 30 June 2010 by completing the reconciliation with profit after tax.
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S