help me this problem Silver Corporation had the following accounts and balances at the end ofthe year:Cash$95,000Accounts Payable $28,000Common Stock $35,000Dividends$15,000Inventory$58,000Long-term Notes$45,000PayableRevenues$180,000Salaries Payable $40,000What are total assets at the end of the year?A) $95,000B) $180,000C) $153,000D) $200,000

Step 1: Definition of Total AssetsTotal assets represent the sum of a company's resources, including…

Answered: Silver Corporation had the following…

Cornerstones of Financial Accounting

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Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...

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Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Previous Year Current Year Current assets: $ 486,000 $ 500,000 Cash Accounts receivable 210,000 200,000 Inventory Total current assets 375,000 350,000 $1,071,000 $1,050,000 Current liabilities: $ 145,000 $ 110,000 Current portion of long-term debt Accounts payable 175,000 150,000 Accrued and other current liabilities 260,000 240,000 $ 580,000 $ 500,000 Total current liabilities a. Determine the quick ratio for December 31 of both years. b. Interpret the change in the quick ratio between the two balance sheet dates.
Sun City Corporation's end-of-year balance sheet consisted of the following amounts: Cash Property, plant, and equipment Capital stock Retained earnings $ 25,000 70,000 100,000 Ob. $200,000 Oc. $165,000 Od. $100,000 7 Accounts receivable Long-term debt Accounts payable Inventory What amount should Sun City report on its balance sheet for total assets? Oa. $95,000 $70,000 40,000 20,000 35,000
[The following information applies to the questions displayed below.] Lydex Company's financial statements for the last two years are as follows:Lydex CompanyComparative Balance Sheet This YearLast YearAssets Current assets: Cash$ 860,000$ 1,100,000Marketable securities0300,000Accounts receivable, net2, 300, 0001,400,000 Inventory 3,500,0002, 000, 000Prepaid expenses 240, 000180,000 Total current assets6, 900, 0004, 980, 000 Plant and equipment, net9,320,0008, 950,000 Total assets$ 16,220,000$ 13,930,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities$ 3,910, 000$ 2,780,000 Note payable, 10 % 3,600,0003, 000, 000 Total liabilities 7, 510, 0005, 780,000 Stockholders' equity: Common stock, $75 par value 7, 500, 0007, 500,000 Retained earnings 1,210,000650,000 Total stockholders' equity8, 710, 0008, 150,000 Total liabilities and stockholders' equity$ 16, 220, 000$ 13,930,000Lydex CompanyComparative Income Statement and Reconciliation This YearLast YearSales (all on…
Bill Inc.'s last year financial statements are shown below: Bill Inc. Balance Sheet as of December 31 Cash $ 90,000 Accounts payable $ 180,000 Receivables 180,000 Notes payable 78,000 Inventory 360,000 Accruals 90,000 Total current assets $630,000 Total current liabilities $ 348,000 Common stock 900,000 Net fixed assets 720,000 Retained earnings 102,000 Total assets $1,350,000 Total liabilities and equity $1,350,000 Bill Inc. Income Statement for December 31 Sales $1,800,000 Operating costs 1,639,860 EBIT $ 160,140 Interest 10,140 EBT $ 150,000 Taxes (40%) 60,000 Net income $90,000 Dividends (60%) $ 54,000 Addition to retained earnings $ 36,000 Suppose that next year's sales will increase by 20 percent over last year's sales. Construct the pro forma financial statements using the percent of sales method. Assume the firm…
The Butler-Huron Company's balance sheet and income statement for last year are as follows: Balance Sheet (in Millions of Dollars) Assets Cash and marketable securities Accounts receivable* Inventories** Other current assets Total current assets Plant and equipment (net) Other assets Total assets $82 820 1,507 22 $2,431 3,967 6,460 $6,460 Liabilities and Equity Accounts payable****** Accrued liabilities (salaries and benefits) Other current liabilities Total current liabilities Long-term debt and other liabilities Earnings before taxes Taxes Earnings after taxes (net income) Common stock Retained earnings Net sales Cost of sales Selling, general, and administrative expenses Other expenses Total expenses Total stockholders' equity Total liabilities and equity **Assume that average inventory over the year was the same as ending inventory. ***Assume that average accounts payable are the same as ending accounts payable. Income Statement (in Millions of Dollars) *Assume that all sales are…
The Butler-Huron Company’s balance sheet and income statement for last year are as follows:Balance Sheet (in Millions of Dollars) Assets Liabilities and Equity Cash and marketable securities $142 Accounts payable*** $808Accounts receivable* 941 Accrued liabilities Inventories** 1,607 (salaries and benefits) 508Other current assets 35 Other current liabilities 534Total current assets $2,725 Total current liabilities $1,850Plant and equipment (net) 3,029 Long-term debt and other Other assets 5,796 liabilities 2,228Total assets $5,796…
Cullumber company has these comparative balance sheet data:
Lydex company’s financial statements for the last two years are as follows: Lydex CompanyComparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 960,000 $ 1,260,000 Marketable securities 0 300,000 Accounts receivable, net 2,700,000 1,800,000 Inventory 3,900,000 2,400,000 Prepaid expenses 240,000 180,000 Total current assets 7,800,000 5,940,000 Plant and equipment, net 9,300,000 8,940,000 Total assets $ 17,100,000 $ 14,880,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 3,900,000 $ 2,760,000 Note payable, 10% 3,600,000 3,000,000 Total liabilities 7,500,000 5,760,000 Stockholders' equity: Common stock, $ 78 par value 7,800,000 7,800,000 Retained earnings 1,800,000 1,320,000 Total stockholders' equity 9,600,000 9,120,000 Total liabilities and stockholders' equity $ 17,100,000 $ 14,880,000 Lydex CompanyComparative Income Statement and Reconciliation This Year Last…
The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $513,000 $416,000 Marketable securities 594,000 468,000 Accounts and notes receivable (net) 243,000 156,000 Inventories 1,485,000 1,030,900 Prepaid expenses 765,000 659,100 Total current assets $3,600,000 $2,730,000 Current liabilities: Accounts and notes payable (short-term) $435,000 $455,000 Accrued liabilities 315,000 195,000 Total current liabilities $750,000 $650,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital $fill in the blank 1 $fill in the blank 2 2. Current ratio fill in the blank 3 fill in the blank 4 3. Quick ratio fill…
Ariel Corporation reports the following year-end balance sheet data. The company's working capital equals: Cash Accounts receivable $ Current 54,000 liabilities Long-term liabilities Inventory 74,000 Common stock 114,000 Retained earnings Total assets Equipment 159,000 $218,000 $197,000 $356,000 $108,000 $89,000 69,000 $ 89,000 $ 356,000 and equity 49,000 104,000 Total liabilities $ 356,000
On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 70,000 Accounts receivable 40,000 Allowance for uncollectible accounts $ 5,000 Inventory 30,000 Building 70,000 Accumulated depreciation 10,000 Land 200,000 Accounts payable 20,000 Notes payable (8%, due in 3 years) 36,000 Common stock 100,000 Retained earnings 239,000 Totals $ 410,000 $ 410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5.…

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