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 data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities $100Fixed assets $280Sales $1,200Net income $358Inventory $180Current ratio 3.2Average collection period 45 daysAverage common equity $500Find Fisher's accounts receivable.(a) $147.95 (b) $127.65(c) $225.78 (d) $290.45
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
You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $280,000; accounts receivable = $1,380,000; inventory = $2,280,000; accrued wages and taxes = $590,000; accounts payable = $890,000; and notes payable = $780,000. What is the quick ratio (round your answer to 2 decimal places
1. The following accounts appeared on the partial Balance Sheet of Brandy Inc.: Accounts Payable Accounts Receivable $ 5,500 2,300 2,820 3,000 8,140 18,560 18,760 100 Bank Loan Cash Common Stock Inventory Long-term debt Machinery What is the total amount of all assets (rounded to the nearest dollar)?
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.

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