The balance sheet of United Studios at December 31 showed assets of $50,000 and shareholders' equity of $30,000. What were the liabilities at December 31? a. $30,000 b. $20,000 c. $10,000 d. $50,000
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What were the liabilities at December 31 on this general accounting question?
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- The following information is available from the annualreport of Frixell, Inc.: Currentliabilities . . . . $300,000Operatingincome . . . . . 240,000Net income . . . . 80,000 Currentassets . . . . $ 480,000Average totalassets . . . . 2,000,000Average totalequity . . . . 800,000Which of the following statements are correct? (More thanone statement may be correct.)a. The return on equity exceeds the return on assets.b. The current ratio is 0.625 to 1.Finch Company had the following balance sheet accounts at December 31, 20X1 and 20X2: Assets 20X2 20X1 Cash $484,000 $220,000 Short-term investments (AFS debt securities) 660,000 Accounts receivable (net) 1,122,000 1,122,000 Inventory 1,518,000 1,320,000 Long-term investments 440,000 660,000 Property, plant & equipment 3,740,000 2,200,000 Accumulated depreciation (990,000) (990,000) Patent 198,000 220,000 Accounts payable & accrued liabilities 826,000 584,000 Bonds Payable 1,000,000 1,000,000 Notes payable (due 20X6) 638,000 Common stock, $1 par 1,760,000 1,540,000 Additional paid-in capital 880,000 550,000 Retained earnings 2,068,000. 1,078,000 The following additional information is available for 20X2 activities: Net income was $1,650,000. Cash dividends of $660,000 were declared and paid. Equipment with a cost of $1,200,000 and accumulated depreciation of $848,000 was sold for $396,000. A long-term equity investment was sold for $352,000. There were no other transactions affecting…If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity is: A. $32,000. B. $(32,000). C. $(8000). D. $8,000.
- 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 35,00020. 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.Asap
- Cullumber company has these comparative balance sheet data: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 ratioThe year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $36,000; Liabilities = ?; Common Stock = $6,600; Revenue = $14,200; Dividends = $1,550; Beginning Retained Earnings = $4,550; Ending Retained Earnings = $8,600.The amount of liabilities reported on the end-of-period balance sheet was: a. $29,400 b. $27,400 c. $24,850. d. $20,800.
- Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earningsPractice HelpThe balance sheet for Fanning Corporation follows: Current assets $ 247,000 Long-term assets (net) 752,000 Total assets $ 999,000 Current liabilities $ 144,000 Long-term liabilities 452,000 Total liabilities 596,000 Common stock and retained earnings 403,000 Total liabilities and stockholders’ equity $ 999,000 RequiredCompute the following. (Round "Ratios" to 1 decimal place.) Working capital Current ratio Debt-to-assets ratio Debt-to-equity ratio