The balance sheets for Dual Monitors Corporation and additional information are provided below.DUAL MONITORS CORPORATIONBalance SheetsDecember 31, 2024 and 202320242023AssetsCurrent assets:CashAccounts receivableInventoryInvestmentsLong-term assets:'LandEquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payable$201,200$126,00090,00098,000101,00086,0004,6002,600540,000540,000850,000730,000(488,000) (328,000)$1,298,800$1,254,600$105,000$91,000Interest payable8,50012,600Income tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earnings10,5005,600100,000200,000760,000760,000314,800185,400Total liabilities and stockholders' equity$1,298,800 $1,254,600Additional information for 2024:1. Net income is $129,400.2. Sales on account are $1,739,000.3. Cost of goods sold is $1,299,650.Required:1. Calculate the following risk ratios for 2024:2. When we compare two companies, can one have a higher current ratio while the other has a higher acid-test ratio?

yes, one company can have a higher currentratio while another has a higher acidtest ratio if the…

Answered: The balance sheets for Dual Monitors…

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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Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Liabilities Accrued expense Barakah Company Balance Sheet as at 31st December 2019 100,000 245,500 30,000 Additional Information: i) ii) 600,000 155,500 75,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) $ Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Prepayments Cash at Bank Cash in Hand Work-in-Progress is one-sixth of the total Inventory. Prepayments are related to the rental of buildings. Bad debt is 5% for the year. Non-Muslim ownership is at 20%. 350,500 200,500 150,000 50,000 751,000 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method. 125,000 215,000 10,000 110,000 20,000 1,231,000
The comparative statement of financial position of Concord Corporation as at December 31, 2023, follows: Assets Cash Accounts receivable Equipment CONCORD CORPORATION Statement of Financial Position December 31 Less: Accumulated depreciation Total Liabilities and Shareholders' Equity Accounts payable 2023 December 31 $53,000 90,000 26,300 (9,300) $160,000 $20,000 2022 $1,400 88,700 21,600 (11,300) $100,400 $10,000
The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets. Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable. Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2024: 1. Net income is $91,560. 2. Sales on account are $1,416,800. (All sales are credit sales.) 3. Cost of goods sold is $1,098,500. 2024 $149,560 72,000 92,000 3,700 450,000 760,000 2023 450,000 640,000 (398,000) (238,000) $1,129,260 $1,136,700 $95,400 6,000 8,000 $117,000 89,000 77,000 1,700 $82,000 11,700 4,700 220,000 670,000 148,300 110,000 670,000 239,860 $1,129,260 $1,136,700 Required: 1. Calculate the…
React Corporation Comparative Statements of Financial Position December 31, 2025 and 2024 2025 2024 Assets Current Assets Cash & Cash Equivalent 106,789 102,375 Trade & Other Receivables 327,611 277,467 Inventory 331,863 297,654 Prepaid Expenses 101,565 114,813 Total Current Assets 870,828 792,309 Noncurrent Assets Property, Plant & Equipment Intangibles 135,754 166,481 Total Noncurrent Assets 7,500 7,500 TOTAL ASSETS 143,254 173,981 1,014,082 966,290 Liabilities and Shareholders’ Equity Current Liabilities Trade & Other Payables Unearned Revenues 238,000 208,703 Notes Payables - current 107,508 82,456 Total Current Liabilities 45,000 45,000…
Prepare the Cash Flow Statement for the year ended 31 December 2022 using info below The information given below was extracted from the accounting records of Excellence Limited Information from the Statement of Financial Position as at 2022 R 2021 R Ordinary share capital 750 000 580 000 Retained earnings 145 000 60 000 Property, plant and equipment (see note) 475 000 410 000 Investments 248 000 220 000 12.5% Debentures 125 000 120 000 Inventory 320 000 260 000 Trade debtors 57 000 67 500 Bank ? Prepaid expenses 15 500 2 500 Trade creditors 60 000 85 000 Bank overdraft 50 000 South African Revenue Services 25 000 40 000 Extract from the Statement of Comprehensive Income for the year ended 31 December 2022 Profit before interest and tax 342 000 Depreciation on equipment 25 000 Dividends received on investment 30 000 Interest on debentures 22 500…
Balance Sheet for Bearcat Hathaway, 2022 2021 2022 Cash Accounts Receivable Inventory Current Assets Accum.Depreciation Net Fixed Assets Gross Fixed Assets $16,251,665 $20,567,330 Less $7,460,897 $10,117,819 Total Assets O 11.58% O 44.90% O 8.37% $5,268,485 $10,268,485 O 4.35% $2,574,230 $2,314,672 O 6.02% $529,062 $696,685 $8,371,777 $13,279,842 Total Liabilities and Equity What is the common size value for 2022 Notes Payable? $8,790,768 $10,449,511 $17,162,545 $23,729,353 Current Liabilities 2021 Accounts Payable Notes Payable $1,033,110 $1,987,233 2022 $1,673,992 $2,438,271 $2,707,102 $4,425,504 Long Term Debt $9,242,830 $11,468,302 Total Liabilities $11,949,932 $15,893,806 Common Stock ($0.50 par) $1,300,000 $1,600,000 Capital Surplus $1,148,120 $1,800,969 Retained $2,764,493 $4,434,578 Earnings $17,162,545 $23,729,353
The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Account Title Credits Cash Debits $ 105,000. 200,000 305,000 188,000 360,000 180,000 Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals $ 1,338,000 $ 130,000 80,000 40,000 100,000 50,000 300,000 36,000 420,000 182,000 $ 1,338,000 Additional information: 1. Prepaid expenses include $160,000 paid on December 31, 2024, for two year of rent on the building that houses both the administrative offices and the manufacturing facility. 2. Investments include $50,000 in Treasury bills purchased on November 30, 2024. The bills mature on January 30, 2025. The remaining $130,000 is an investment in equity securities that the company intends to sell in the next year. 3. Deferred revenue…
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals $ Debits 44,000 94,000 119,000 82,000 158,000 395,000 113,000 31,000 51,000 $ 29,000 119,000 44,000 84,000 39,000 345,000 6,000 390,000 31,000 $1,087,000 $1,087,000 Additional Information: 1. The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located. The remaining $39,000 represents the cost of land being held for speculation. 2. The $82,000 balance in the investment in equity securities account represents an investment in the…
Barakah Company Balance Sheet as at 31st December 2019 Financed by: Fixed Assets (net after depreciation) 2$ $ Paid-up: Share Capital Retained Earnings Reserves 350,500 200,500 150,000 50,000 Land & Buildings 600,000 155,500 75,000 830,500 Equipment Vehicles Fixtures & Fittings Long Term Liabilities 25,000 751,000 Current Assets 125,000 Accounts Receivable 215,000 10,000 110,000 20,000 1,231,000 Inventory Current Other payables Trade creditors Liabilities 100,000 245,500 Prepayments Cash at Bank Cash in Hand Accrued expense 30.000 375,500 1,231.000 Additional Information: i) Work-in-Progress is one sixth of the total Inventory. Prepayments is related to rental of buildings. ii) ii) Bad Debts is 5% for the year. iv) Non Muslim ownership is at 20%. Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method.
The balance sheets for a company and additional information are provided below. A COMPANY Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash $160,000 $116,000 Accounts receivable 70,000 88,000 Inventory 91,000 76,000 Investments 3,600 1,600 Long-term assets: Land 440,000 440,000 Equipment 750,000 630,000 Less: Accumulated depreciation (388,000) (228,000) Total assets $1,126,600 $1,123,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $95,200 $81,000 Interest payable 5,500 11,600 Income tax payable 7,500 4,600 Long-term liabilities: Notes payable 120,000 240,000 Stockholders' equity: Common stock 660,000 660,000 Retained earnings 238,400 126,400 Total liabilities and stockholders' equity $1,126,600 $1,123,600 Additional information for 2024: Net income is $112,000. Sales on account are $1,382,500. (All sales are credit sales.) Cost of goods…
Condensed financial data of Larkspur, Inc. follow. Larkspur, Inc.Comparative Balance SheetsDecember 31 Assets 2022 2021 Cash $105,900 $47,000 Accounts receivable 92,700 33,100 Inventory 112,800 101,000 Prepaid expenses 29,200 25,500 Long-term investments 139,400 114,200 Plant assets 274,500 241,400 Accumulated depreciation (46,800 ) (52,400 ) Total $707,700 $509,800 Liabilities and Stockholders’ Equity Accounts payable $111,900 $67,800 Accrued expenses payable 16,000 17,300 Bonds payable 117,200 149,500 Common stock 219,100 175,300 Retained earnings 243,500 99,900 Total $707,700 $509,800 Larkspur, Inc.Income StatementFor the Year Ended December 31, 2022 Sales revenue $392,600 Less:…

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