Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.)1. Cash$2,296.37.Inventory$2,480.22. Accounts receivable2,776.08.Income taxes payable70.13. Common stock2,810.59.Equipment1,692.04. Notes payable321.810. Retained earnings5,591.35. Buildings3,500.711. Accounts payable2,747.06. Mortgage payable1,204.5Perform each of the following.Classify each of these items as an asset, liability, or stockholders' equity, and determine the total dollar amount for eachclassification. (Enter amounts in millions up to 1 decimal place, e.g. 45.5 million.)CashAccounts receivableCommon stockNotes payableBuildings

Fixed asset: It can be defined as a tangible asset that is used by the business in its production…

Answered: Suppose the following items were taken…

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 items are reported on a company's balance sheet: Cash $161,300 Marketable securities 126,000 Accounts receivable (net) 72,700 Inventory 144,000 Accounts payable 360,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio fill in the blank 1 b. Quick ratio fill in the blank 2
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $155,000.00 $150,000.00 4 Accounts receivable (net) 450,000.00 400,000.00 5 Inventories 770,000.00 750,000.00 6 Investments 0.00 100,000.00 7 Land 500,000.00 0.00 8 Equipment 1,400,000.00 1,200,000.00 9 Accumulated depreciation-equipment (600,000.00) (500,000.00) 10 Total assets $2,675,000.00 $2,100,000.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $340,000.00 $300,000.00 13 Accrued expenses payable (operating expenses) 45,000.00 50,000.00 14 Dividends payable 30,000.00 25,000.00 15 Common stock, $4 par 700,000.00 600,000.00 16 Paid-in capital in excess of par—common stock 200,000.00 175,000.00 17 Retained earnings…
Blythe Industries reports the following account balances: inventory of $417,600, equipment of $2,028,300, accounts payable of $224,700, cash of $51,900, and accounts receivable of $313,900. What is the amount of the current assets? a. $46,700 b. $783,400 c. $56,000 d. $975,000 e. $699,700
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $186,000.00 $180,000.00 4 Accounts receivable (net) 540,000.00 480,000.00 5 Inventories 924,000.00 900,000.00 6 Investments 0.00 120,000.00 7 Land 600,000.00 0.00 8 Equipment 1,680,000.00 1,440,000.00 9 Accumulated depreciation-equipment (720,000.00) (600,000.00) 10 Total assets $3,210,000.00 $2,520,000.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable $408,000.00 $360,000.00 13 Accrued expenses payable 54,000.00 60,000.00 14 Dividends payable 36,000.00 30,000.00 15 Common stock, $4 par 840,000.00 720,000.00 16 Excess of paid-in capital over par 240,000.00 210,000.00 17 Retained earnings 1,632,000.00 1,140,000.00 18 Total liabilities and…
The following selected financial data is available for Sneasle Company: Cash $20,000 Accounts receivable 13,400 Equipment 10,650 Prepaid expenses 5,000 Accounts payable 12,300 Unearned revenue 7,500 Long-term notes payable 10,000 Common stock 18,000 Revenue 11,700 Sales tax payable 6,000 Interest expense 4,500 Depreciation expense 1,000 What is the amount of the company's current assets? Group of answer choices $33,400 $47,800 $49,050 $38,400
4. Kedzie Kord Company had the following balance sheets and income statements over the last three years (in thousands): Cash Receivables Inventories Current assets Net fixed assets Total assets Payables Accruals Bank loan Current liabilities Long-term debt Shareholder's equity Total liabilities and shareholder's equity Sales Cost of goods sold Selling, general, and administrative expenses Interest Profit before taxes Taxes Profit after taxes 20X1 $ 561 1,963 2,031 $ 4,555 2,581 $ 7,136 $ 1,862 301 250 $ 2,413 500 4,223 $ 7,136 $11,863 8,537 2,276 73 $ 977 390 $ 587 20X2 $ 387 2,870 2,613 $ 5,870 4,430 $10,300 $ 2,944 516 900 $ 4,360 1,000 4,940 $10,300 $14,952 11,124 2,471 188 $ 1,169 452 $ 717 20X3 $ 202 4,051 3,287 $ 7,540 4,364 $11,904 $ 3,613 587 1,050 5,250 950 5,704 $11,904 $16,349 12,016 2,793 200 $ 1,340 576 $ 764 Using common-size and index analysis, evaluate trends in the company's financial condi- tion and performance.
The following items are reported on a company's balance sheet: Cash $274,700 Marketable securities 84,200 Accounts receivable 226,700 Inventory 210,400 Accounts payable 307,500 Round your answers to two decimal places. a. Determine the current ratio. fill in the blank 1 b. Determine the quick ratio. fill in the blank 2
Fill in the Balance Sheet. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Sales $6544 Total Assets Turnover Current Ratio Quick Ratio 0.36 Current Liabilities to Stockholders Equity Average Collection Period (Use End of Year 10 0.8 AR) Total Debt Ratio Cash Accounts Receivables Inventory Assets Total Current Asset Total Net Fixed Assets Total Assets 000 4.6 3.7 3 1422.61 Balance Sheet Liabilities & Equity Accounts Payable Total Current Liabilities Long-Term Debt Total Liabilities Total Shareholders Equity Total Liabilities and Equity 102.43 1035.66 1138.09 284.52
A company had comparative balance sheets and income statement for the year 2010 as follows: Balance Sheets Jan. 1, 2010 $ 120 Cash. Accounts receivable Inventory. Prepaid insurance. Total current assets.. Plant and equipment.. Accumulated depreciation. Total assets.. Dec 31, 2010 $ 170 190 240 20 620 160 200 40 520 $ 400 (120) $ 500 (140) 280 360 S 800 $ 980 Accounts payable. Income taxes payable.. Total current liabilities. Long-term debt. Capital stock. Retained earnings. Total liabilities and equity. $ 270 40 310 120 $ 300 50 350 150 220 260 S 980 170 200 S 800 Income Statement for Year 2010 Sales . Expenses: Cost of goods sold.. Depreciation .. Insurance. Loss (gain) on sale of equipment.. Other expenses.. Income before taxes.. Income taxes.. $1,000 $ 600 50 30 (20) 150 810 190 80 $ 110 Net income. The cost of equipment sold during 2010 (on which a gain of $20 was recognized) was $50. 6) Cash provided by operating activities during the year 2010 amounted to: A) $170 B) $150 C) $130…
The following items are reported on a company's balance sheet: Cash $256,300 Marketable securities 106,900 Accounts receivable 225,600 Inventory 207,500 Accounts payable 304,300 Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place. a. Current ratio fill in the blank 1 b. Quick ratio

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