LO 13-2, 13-3CHECKFIGURESd: $337,500f: $97,500LO 13-5CHECKFIGUREEarnings pershare: $2c. Sold equipment for cash.d. Sold merchandise at a profit (cash).e. Declared a cash dividend.f. Purchased inventory on account.g. Scrapped a fully depreciated machine (no gain or loss).h. Issued a stock dividend.i. Purchased a machine with a long-term note.j. Paid a previously declared cash dividend.k. Collected accounts receivable.1. Invested current marketable securities.Problem 13-20A Supply missing balance sheet numbersThe bookkeeper for Packard's Country Music Bar left this incomplete balance sheet.Packard's working capital is $90,000 and its debt-to-assets ratio is 40 percent.AssetsCurrent assetsCashAccounts receivableInventoryPrepaid expensesTotal current assetsLong-term assetsBuildingLess: Accumulated depreciationTotal long-term assetsTotal assetsLiabilities and Stockholders' EquityLiabilitiesCurrent liabilitiesAccounts payableNotes payableIncome tax payableTotal current liabilitiesLong-term liabilitiesMortgage payableTotal liabilitiesStockholders' equityCommon stockRetained earningsTotal stockholders' equityTotal liabilities and stockholders' equityProblem 13-21A Ratio analysis$ 21,00042,000Less: Treasury stockPreferred (1,800 shares)Common (1.900 sharod9,000RequiredComplete the balance sheet by supplying the missing amounts.(A)(C)(39,000)210,000$ (D)$$ (E)12,00010,50037,500(B)Earnings (net income)Preferred stock (13,200 shares at $25 par, 4%)Common stock (45,000 shares no par, market value $28)Retained earnings105,000(F)(G)Selected data for Dalton Company for Year 3 and additional information on industry averages follow.(H)(1)(J)Page 619$27,00012.000$ 97,800$330,000255,000281,250$866,25029.000

The accounting equation states that assets equal to sum of liabilities and equity. The working…

The bookkeeper for Packard's Country Music Bar left this incomplete balance sheet. Packard's working capital is $90,000 and its debt-to-assets ratio is 40 percent. Assets Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Long-term assets Building Less: Accumulated depreciation Total long-term assets Total assets $ 21,000 42,000 (A) 9,000 $ (B) (C) (39,000) 210,000 (D) Page 619

The bookkeeper for Packard's Country Music Bar left this incomplete balance sheet. Packard's working capital is $90,000 and its debt-to-assets ratio is 40 percent. Assets Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Long-term assets Building Less: Accumulated depreciation Total long-term assets Total assets $ 21,000 42,000 (A) 9,000 $ (B) (C) (39,000) 210,000 (D) Page 619

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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