The balance sheet of Riverstone Productions at December 31 showed assets of $50,000 and shareholders' equity of $30,000. What were the liabilities at December 31? a. $40,000 b. $20,000 c. $30,000 d. $50,000
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What were the liabilities at December 31 on these general accounting question?
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- Suppose that you are given the following data for Niles Company : Note: The data and calculations are based on a 365-day year. Cash and equivalents Fixed assets Sales Net income Current liabilities Current ratio DSO ROE $225,000 $650,000 $2,500,000 $112,500 $240,000 2.5 18.25 12.00%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 35,000Chartreuse Corporation reported the following information at the end of its firs Common stock: $40,000 Sales revenue: $210,000 Total assets: $170,000 Total liabilities: $70,000 Dividends: $30,000 What must have been the expenses for the year? Select one: A. $120,000 B. $150,000 C. $ 32,000 D. $130,000
- The balance sheet of ATLF, Inc. reports total assets of $1,950,000 and $2,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $150,000 and $1,000,000, respectively. What is ATLF's profit margin? Select one: a. 10% Ob. 8% O c. 7.5% O d. 15% e. 12%11. Ariel Corporation reports the following year-end balance sheet data. The company's working capital equals: Cash Accounts receivable Inventory Equipment Total assets (A) $80,000 (B) $155,000 (C) $75,000 (D) $300,000 (E) $190,000 $40,000 55,000 60,000 Current liabilities Long-term liabilities Common stock 145,000 Retained earnings $ 300,000 Total liabilities and equity $ 75,000 35,000 100,000 90,000 $ 300,000Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total Equity $440,000 133,000 307,000 What is the company's debt ratio as of December 31? (Round your percentage answer to two decimal places.) OA. 30.23% OB. 43.32% O C. 100.00% O D. 69.77%
- Prince Corp. and Sprite Corp. reported the following balance sheets at January 1, 20X1: Prince Sprite Current assets $ 30,000 $ 15,000 Noncurrent assets 55,000 25,000 Total assets $ 85,000 $ 40,000 Current liabilities $ 20,000 $ 10,000 Long-term debt 20,000 5,000 Stockholders’ equity 45,000 25,000 Total liabilities and stockholders’ equity $ 85,000 $ 40,000 On January 2, 20X1, Prince issued $36,000 of stock and used the proceeds to purchase 90% of Sprite’s common stock. The excess of the purchase price over Sprite’s book value of net assets was allocated 60% to inventory and 40% to goodwill. Required: Show the amounts that Prince will report on its January 2, 20X1, consolidated balance sheet for the following items under (a) the acquisition method and (b) the purchase method if the acquisition had taken place when that method was required under U.S. GAAP.General accountingOn January 1, year 1, Polk Corp. and Strass Corp. had condensed balance sheets as follows: Accounts Polk Strass Current assets $ 70,000 $20,000 Noncurrent assets 90,000 40,000 Total assets $160,000 $60,000 Current liabilities $ 30,000 $10,000 Long-term debt 50,000 -- Stockholders’ equity 80,000 50,000 Total liabilities and SHE $160,000 $60,000 On January 2, year 1, Polk borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, year 1. The excess cost of the investment over Strass’ book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 1, year 1, the fair…
- On January 1, year 1, Polk Corp. and Strass Corp. had condensed balance sheets as follows: Accounts Polk Strass Current assets $ 70,000 $20,000 Noncurrent assets 90,000 40,000 Total assets $160,000 $60,000 Current liabilities $ 30,000 $10,000 Long-term debt 50,000 -- Stockholders’ equity 80,000 50,000 Total liabilities and SHE $160,000 $60,000 On January 2, year 1, Polk borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, year 1. The excess cost of the investment over Strass’ book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 1, year 1, the fair…The balance sheet for Fanning Corporation follows: Current assets $232,000 763,000 Long-term assets (net) Total assets $995,000 Current liabilities $153,000 460,000 613,000 382,000 Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity $995,000 Required Compute the following. (Round "Ratios" to 1 decimal place.) Working capital Current ratio % Debt to assets ratio Debt to equity ratio20. Willow Corporation's statement of financial position showed the following amounts: current liabilities, $5,000; bonds payable, $1,500; lease obligations, $2,300. Total shareholders' equity was $6,000. The total debt to total equity ratio is a.1.42. b.0.83. c.1.47. d.0.63.
