**Jordan Corporation Balance Sheet Analysis**The balance sheet for Jordan Corporation as of December 31, Year 4, is detailed below, with certain items needing calculation using additional provided data.---**JORDAN CORPORATION** *Balance Sheet As of December 31, Year 4***Assets:**- Cash: $30,000- Accounts Receivable (net): ?- Inventory: ?- Property, Plant, and Equipment (net): $310,000 **Total Assets:** $450,000**Liabilities and Stockholders’ Equity:**- Accounts Payable (trade): ?- Income Taxes Payable (current): $30,000- Long-term Debt: $316,000- Common Stock: ?- Retained Earnings: ? **Total Liabilities and Stockholders’ Equity:** $450,000---**Additional Information:**- **Current Ratio (at year end):** 1.4 to 1- **Total Liabilities to Total Stockholders' Equity:** 60% (Liabilities), 40% (Stockholders' Equity)- **Gross Margin Percentage:** Provided separately- **Inventory Turnover (Cost of Goods Sold + Ending Inventory):** 10.8 times- **Gross Margin for Year 4:** $360,000To solve for the unknowns in the balance sheet, use the additional information provided. Calculating each unknown involves understanding financial ratios and relationships, such as the current ratio for liquidity analysis and the component percentages of liabilities and equity. ## Financial Accounting Exercise### Required**a.** Compute the balance in trade accounts payable as of December 31, Year 4. **b.** Compute the balance in retained earnings as of December 31, Year 4. **c.** Compute the balance in the inventory account as of December 31, Year 4. (Assume that the level of inventory did not change from last year.)### Instructions- For all requirements, negative amounts should be indicated by a minus sign.- Do not round intermediate calculations.- Round your answers to the nearest whole dollar amount.### Data Table| | Description | Amount ||---|--------------------|----------|| a | Accounts payable | $70,000 || b | Retained earnings | || c | Inventory | |This exercise requires you to calculate specific financial balances for a company's accounts as of a particular year-end date. Make sure to follow the instructions regarding negative amounts and rounding when providing your answers.

Formula for current ratio;Current ratio=Current AssetsCurrent liabilities

Answered: The December 31, Year 4, balance sheet…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago $ 29,387 58,429 $ 29,125 40,023 66,638 $ 23,920 69,328 88,056 7,860 224,536 $ 413,700 7,564 282,628 $ 356,638 81,206 162,500 54,468 $101,981 76,998 $ 58,464 162,500 72,221 $ 413,780 $ 356,638 For both the current year and one year ago, compute the following ratios: 43,855 3,236 184,761 $ 300,200 $ 38,438 64,354 162,580 34,988 $ 300,200 Exercise 17-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three…
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The balance sheet for Stuart Corporation follows: Current assets Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity Working capital Current ratio Debt-to-assets ratio Debt-to-equity ratio $ 238,000 770,000 $1,008,000 Required Compute the following. (Round "Ratios" to 1 decimal place.) % 144,000 441,000 585,000 423,000 $1,008,000
Required: Use the following information to prepare a classified balance sheet for Alpha Company at the end of Year 1. Accounts receivable $41,120 Accounts payable 6,905 Cash 14,050 Common stock 40,000 Land 19,000 Long-term notes payable 20,750 Merchandise inventory 27,475 Retained earnings 33,990 Assets Current assets ALPHA COMPANY Classified Balance Sheet As of December 31, Year 1 Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity
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The bookkeeper for Geronimo Company has prepared the following balance sheet at 31/12/2007 Balance sheet for (Geronimo Company) at 31/12/2007 liabilities and owner equity Assets ID ID Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital 155500 Total Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheet
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! Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Current Year 1 Year Ago 2 Years Ago $ 43,247 74,941 $ 35,910 107,232 130,858 11,564 329,227 $ 614,791 $ 153,083 113,269 163,500 184,939 99,029 11,241 301,534 $ 529,992 $ 88,673 120,679 163,500 157,140 $ 529,992 $ 42,010 57,156 62,101 4,763 266,970 $ 433,000 $ 57,156 96,650 162,500 116,694 $ 433,000 Total liabilities and equity $ 614,791
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $51,900; total assets, $169,400; common stock, $85,000; and retained earnings, $45,550.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $ 22,000 Accounts payable 8,800 Accrued wages payable 33,400 Income taxes payable 34,150 Long-term note payable, secured by mortgage on plant assets 2,850 152,300 Common stock Retained earnings $ 253,500 Total liabilities and equity For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense Net income $ 450,600 298,050 152,550 98,900 4,500 49,150 19,800 $ 29,350 $ 15,500 4,000 3,700…
The balance sheet for Munoz Corporation follows: Current assets Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity $ 235,000 762,000 $997,000 $160,000 457,000 617,000 380,000 $997,000 Required Compute the following. (Round "Ratios" to 1 decimal place.) ace Working capital Current ratio Debt to assets ratio

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