Sybarix Group prepared its financial statements for 2015 based on the information below. The company had cash of $1,206, inventory of $14,290, and accounts receivables of $6,589. The company's net fixed assets were $42,412, and other assets were $2,822. It had accounts payable of $11,580, notes payable of $2,886, common stock of $21,800, and retained earnings of $14,368. How much long-term debt did the firm have? a. $12,314 b. $16,685 c. $18,334 d. $22,342
Q: Please given correct answer
A: I solved the problem by first gathering the key facts: total dividends, number of preferred shares,…
Q: Need answers general Accounting question
A: Step 1: Define Income StatementThe income statement can be classified as either a multi-step income…
Q: Activity-based costing systems ?: a) Use a single overhead rate b) Ignore overhead costs c) Use…
A: Concept of Activity-Based Costing SystemsActivity-Based Costing (ABC) systems allocate costs by…
Q: Ans
A: Step 1: Definition of Gross Profit RatioThe Gross Profit Ratio is a financial metric that measures…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Receivables Turnover RatioThe Receivables Turnover Ratio measures how…
Q: Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $450,000 for…
A: To compute the required purchases for April, we use the following formula for a merchandise…
Q: Need your help with questions
A: Explanation: The formula to calculate variable factory overhead controllable variance is as…
Q: Quick answer of this accounting questions
A: To calculate the division's turnover, we use the following formula:Turnover = Sales / Average…
Q: Tutor need your guidance
A: To find the number of workdays in an order cycle, we first need to calculate the Economic Order…
Q: A company is considering whether to adopt a new lease accounting standard. Discuss the potential…
A: Adopting a new lease accounting standard, such as ASC 842 in the U.S. or IFRS 16 internationally,…
Q: Given correct answer general accounting
A: Step 1: Definition of Absorption CostingUnder absorption costing, fixed manufacturing overhead is…
Q: Quick answer of this accounting questions
A: Step 1: Calculate allocated manufacturing overhead1. Direct Labor Cost: $32,8002. Manufacturing…
Q: None
A: To find the total monthly fixed cost, we need to separate the fixed and variable costs using the…
Q: Need your help with question
A: To calculate the number of workdays in an order cycle, we need to break it down step by step. Step…
Q: At the beginning of the year, Quaker Company's liabilities equal $72,000. During the year, assets…
A: To find the beginning and ending amounts of equity, we use the accounting equation: Assets =…
Q: How many hours were worked during the Year
A: To solve this problem, we need to calculate the actual direct labor hours worked based on the given…
Q: Give me true answer this general accounting question
A: Step 1: Define Predetermined Overhead RateThe predetermined overhead rate is a cost allocation rate…
Q: Provide answer
A: Since this reduction increases profit, when COGS is reduced by $5 million, the full $5 million…
Q: Financial Accounting Question need help
A: Step 1: Define Accounting EquationThe accounting equation states that a company's assets are equal…
Q: What is the average cost per snowmobile with overhead.?
A: Step 1: Definition of Overhead CostsOverhead costs are the indirect expenses associated with running…
Q: Correct answer
A: Step 1:To solve this, we use the Economic Order Quantity (EOQ) model to determine the order cycle in…
Q: Explain the concept of conservatism in accounting
A: Concept of Conservatism in AccountingThe principle of conservatism in accounting states that when…
Q: I want to this question answer financial accounting
A: Step 1: Define Capital leaseUnder the capital lease, the ownership right of the leased asset is…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…
Q: How much is the total materials variance??
A: Step 1: Definition of Total Materials VarianceThe total materials variance is the difference between…
Q: Please solve this question general accounting
A: Step 1: Define Taxable incomeTaxable income is the earnings of an individual or company that are…
Q: None
A: To calculate the capital gains from this investment: Given Information:Purchase price per share:…
Q: None
A: Return on Assets (ROA) measures how efficiently a company uses its assets to generate profits. It is…
Q: I don't need ai answer general accounting question
A: Step 1: Definition of Franchise Value and Its ComponentsFranchise Value refers to the additional…
Q: What is the firm's equity? General accounting
A: To calculate the firm's equity, we use the basic accounting equation: Assets = Liabilities + Equity…
Q: Calculate the cost
A: Explanation of Variable Costing:Variable costing is a method of inventory valuation in which only…
Q: expert of general account help to solve
A: Step 1: Determine the budgeted PPS usage per unit of Flex 10From the table:Budgeted units of Flex 10…
Q: Ans
A: Initial net income:Variable costs = 0.5 * $3,000,000 = $1,500,000Contribution margin = $3,000,000 -…
Q: Solve this question answer general question
A: To solve this question, we need to determine how many shares will remain outstanding after XYZ Corp.…
Q: On May 21, 2019, Christine worked 7.0 hours on Job A-1, and 3 hours on general "overhead…
A: Step 1: Components of Total CostDirect Material Cost: Materials directly used for Job A-1.Direct…
Q: The following data relate to direct materials costs for February: Materials cost per yard: standard,…
A: Direct Materials Quantity VarianceThe direct materials quantity variance measures the difference…
Q: Kindly help me with accounting questions
A: Step 1: Introduction to cost accountingThe field of accounting known as cost accounting is utilized…
Q: Expert need your help
A: FEEL FREE TO ASK FOR CLARIFICATIONS
Q: Do fast answer of this general accounting question
A: To calculate the gain or loss realized by Jenkins Corporation, we subtract the adjusted basis of the…
Q: Financial accounting question
A: Step 1: Define CVP AnalysisThe CVP analysis focuses on the cost, volume and price of the product.…
Q: Need help with this accounting questions
A: The formula for Return on Assets (ROA) is: ROA = (Net Income / Total Assets) × 100 Given:Net income…
Q: Quick answer of this accounting questions
A: To calculate the average collection period, follow these steps: Formula:Average Collection Period…
Q: provide correct solutions
A: To determine the total actual costs incurred for direct material, direct labor, and variable…
Q: General Accounting
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a measure of financial performance…
Q: Explain the concept of conservatism in accounting. How does the principle of conservatism affect the…
A: Definitions Related to the QuestionConcept of Conservatism in Accounting:The principle of…
Q: The cost of goods sold is found on which financial statement? (1) Income Statement (2) Balance Sheet…
A: Concept of Cost of Goods Sold (COGS):COGS refers to the direct costs associated with the production…
Q: Financial Accounting Question please answer
A: Step 1: Define Incremental and Differential CostsIncremental costs are the additional costs incurred…
Q: General Accounting
A: The predetermined overhead rate is calculated using the formula: Predetermined Overhead Rate = Total…
Q: Teakap, Inc., has current assets of $1,456, 312 and total assets of $4,812, 369 for the year ending…
A: To determine how much long-term debt Teakap, Inc. has, we use the accounting equation: Total Assets…
Q: Please provide this question solution general accounting
A: Step 1: Determine the increase in the variable cost for 1,200 printing jobs by subtracting the…
Hi expert provide correct answer
Step by step
Solved in 2 steps
- Sybarix Group prepared its financial statements for 2015 based on the information below. The company had cash of $1,206, inventory of $14,290, and accounts receivables of $6,589. The company's net fixed assets were $42,412, and other assets were $2,822. It had accounts payable of $11,580, notes payable of $2,886, common stock of $21,800, and retained earnings of $14,368. How much long-term debt did the firm have? a. $12,314 b. $16,685 c. $18,334 d. $22,342ans plzConsider the following financial data for Nguyen Industries: Statement of Financial Position as of December 31, 2018 Cash $ 232,500 Accounts payable $ 86,500 Accts. receivable 357,500 Short-term bank note 254,000 Inventories 150,500 Accrued wages & taxes 80,000 Total current assets $ 740,500 Total current liabilities $ 420,500 Long-term debt 566,000 Net fixed assets 774,500 Common equity 528,500 Total assets $ 1,515,000 Total liab. & equity $ 1,515,000 Profit & Loss Statement for 2018 Industry Average Ratios Net sales $ 1,894,000 Current ratio 1.4× Cost of goods sold 1,382,500 Quick ratio 1.0× Gross profit $ 511,500 Days sales outstanding 63 days Operating expenses 373,000 Inventory turnover 9.5× EBIT $ 138,500 Total asset turnover 1.5× Interest expense 64,000 Net…
- Following is the balance sheet for 3M Company. At December 31 2015 2014 Cash and cash equivalents $ 1,798 $ 1,897 Marketable securities-current 118 1,439 Accounts receivable, net 4,154 4,238 Inventories 3,518 3,706 Other current assets 1,398 1,023 Total current assets 10,986 12,303 Marketable securities-noncurrent 126 117 Property, plant and equipment--net 8,515 8,489 Goodwill 9,249 7,050 Intangible assets-net 2,601 1,435 Prepaid pension benefits 188 46 1,053 $32,718 1,769 $31,209 Other assets Total assets $ $ Short-term debt & current portion of LT debt Accounts payable 2,044 106 1,694 1,807 Accrued payroll 644 732 Accrued income taxes 332 435 Other current liabilities 2,404 2,884 Total current liabilities 7,118 5,964 Long-term debt 8,753 6,705 Pension and postretirement benefits 3,520 3,843 Other liabilities 1,580 1,555 Total liabilities 20,971 18,067 3M Company shareholders' equity: Common stock 9. Additional paid-in capital Retained earnings 4,791 4,379 36,575 34,317 Treasury stock…Consider the following financial data for Terry Enterprises: Balance Sheet as of December 31, 2018 Cash $ 86,000 Accounts payable $ 15,500 Accts. receivable 91,500 Notes payable 93,500 Inventories 65,500 Accruals 19,500 Total current assets $ 243,000 Total current liabilities $ 128,500 Long-term debt 162,500 Net plant & equip. 419,500 Common equity 371,500 Total assets $ 662,500 Total liab. & equity $ 662,500 Statement of Earnings for 2018 Industry Average Ratios Net sales $ 642,500 Current ratio 2.2× Cost of goods sold 482,000 Quick ratio 1.7× Gross profit $ 160,500 Days sales outstanding 44 days Operating expenses 119,500 Inventory turnover 6.7× EBIT $ 41,000 Total asset turnover 0.6× Interest expense 14,500 Net profit margin 7.2% Pre-tax earnings $ 26,500…On June 30, 2018, Streeter Company reported the following account balances: Receivables $ 51,700 Current liabilities $ (10,400 ) Inventory 87,000 Long-term liabilities (56,000 ) Buildings (net) 83,700 Common stock (90,000 ) Equipment (net) 34,000 Retained earnings (100,000 ) Total assets $ 256,400 Total liabilities and equities $ (256,400 ) On June 30, 2018, Princeton Company paid $309,500 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $17,300 in legal fees. Princeton also agreed to pay $61,100 to the former owners of Streeter contingent on meeting certain revenue goals during 2019. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $20,300. In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value…
- Birtle Corporation reports the following statement of financial position information for 2017 and 2018. Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Assets 2017 $9,279 23,683 42,636 $ 75,598 $272,047 $347,645 BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position 2018 $ 11,173 25,760 46,915 $ 83,848 $297,967 $381,815 Current liabilities Accounts payable Notes payable Liabilities and Owners? Equity Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity 2017 $ 41,060 16,157 $57,217 $ 40,000 $,50,000 200,428 $250,428 $347,645 2018 $ 43,805 16,843 $ 60,648 $ 35,000 $ 50,000 236,167 $286,167 $381,815 For each account on Birtle Corporation's statement of financial position, show the change in the account during 2018 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Do not leave…Birtle Corporation reports the following statement of financial position information for 2017 and 2018. Current assets Cash Accounts receivable Inventory Total Fixed assets Assets Net plant and equipment Total assets 2017 $ 9,279 23,683 42,636 $ 75,598 $272,047 $347,645 BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position 2018 $ 11,173 25,760 46,915 $83,848 $297,967 $381,815 Liabilities and Owners' Equity 2017 Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ 41,060 16, 157 $ 57,217 $ 40,000 $ 50,000 200,428 $250,428 $347,645 Prepare the 2017 common-base year statement of financial position for Birtle. (Round the final answers to 3 decimal places.) 2018 $ 43,805 16,843 $ 60,648 $ 35,000 $ 50,000 236, 167 $286, 167 $381,815Need general accounting question ⁉️
- Presented below are summary financial data from Pompeo's annual report: Amounts in millions Balance sheet Cash and cash equivalents $5,876 Marketable securities 58,776 Accounts receivable (net) 30,443 Total current assets 127,036 Total assets |400,004 Current liabilities 113,172 Long-term debt 21,837 Shareholders' equity 204,834 Income Statement Interest expense 1,167 Net income before taxes 42,021 Calculate the following ratios: (round to two decimal places) a. Times-interest-earned ratio b. Quick ratio C. Current ratioThe Davidson Corporation's balance sheet and income statement are provided here. Davidson Corporation: Balance Sheet as of December 31, 2016 (Millions of Dollars) Assets Liabilities and Equity Cash and equivalents $10 Accounts payable $140 Accounts receivable 495 Accruals 250 Inventories 920 Notes payable 230 Total current assets $1,425 Total current liabilities $620 Net plant and equipment 2,455 Long-term bonds 1,480 Total liabilities $2,100 Common stock (100 million shares) 280 Retained earnings 1,500 Common equity $1,780 Total assets $3,880 Total liabilities and equity $3,880 Davidson Corporation: Income Statement for Year Ending December 31, 2016 (Millions of Dollars) Sales $6,000 Operating costs excluding depreciation and amortization 3,000 EBITDA $3,000 Depreciation and amortization 120 EBIT $2,880 Interest 147 EBT $2,733 Taxes (40%) 1,093.2 Net income $1,639.8…Below are the Statement of Financial Position and Statenment of Result of Operation of JFC for the Years 2012 to 2014. Perforin a Horizontal and Vertical analyses on both statements. 2014 2013 2012 ASSETS Current Assets Cash 7,618.0 9,903.0 8,848.0 Receivables 7,479.0 3,128.0 2,715.0 Capite 5,972.0 3,560.0 2,630.0 Inventories Other current assets 2,952.0 1,793.0 1,430.0 24,012.0 18,384.0 15,623.0 Non-current Assets Property, plant, and equipment 13,363.0 11,772.0 11,059.0 Finarıcial Investments 3,410.0 3,353.0 3,139.0 Other non-current assets 13,324.0 12,517.0 11,947.0 30,097.0 27,642.0 26,145.0 54,118.0 46,026.0 TOTAL. ASSETS 41,768.0