Please give me correct answer this financial accounting question The financial statements for Bright line Logistics include the followingitems:Item20232022Cash$38,000$41,000Short-term Investments$12,000$9,000Net Accounts Receivable$34,000 $28,000Merchandise Inventory$62,000 $45,000Total Assets$420,000 $440,000Accounts Payable$75,000 $70,000Salaries Payable$9,000$6,000$100,000Long-term Note Payable $95,000Compute the acid-test ratio for the year 2022.

Step 1: Definition of Acid-Test RatioThe Acid-Test Ratio (Quick Ratio) is a measure of a company's…

Answered: The financial statements for Bright…

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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CALCULATE SPACEX'S NET CAPITAL SPENDING IN FY24
Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $ 267,500 312,500 670,000 50,000 825,000 252,500 77,500 1,640,000 982,500 Accounts receivable $230,000 257,500 565,000 60,000 695,000 200,000 Inventory Total current assets Intangible assets Total assets Current liabilities Long-term liabilities 75,000 Sales Cost of goods sold Interest expense 10,000 77,500 127,500 71,000 (6,000) (62,500) Income tax expense Net income Cash flow from operations Cash flow from investing activities Cash flow from financing activities Tax rate 30% The quick ratio for 20X2 is (rounded): (Assume that total current assets include cash, marketable securities, accounts receivable and inventory).
Current Attempt in Progress Aspect Ltd has the following balance sheet figures. The current ratio is: Total current assets $450 000 Total current liabilities Inventory Bank overdraft O 2:1. O 1.67:1. 3.75:1. 3:1. Save for Later 150 000 200 000 30 000
The following is an example of: Cash Accounts receivable Inventory Equipment Total assets 10 Multiple Choice O O Ratio analysis. Horizontal analysis. Vertical analysis. Year NOV 17 2024 $300,000 500,000 800,000 1,200,000 $2,800,000 $2,600,000 2023 $800,000 200,000 700,000 900,000 ST 2
Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $82,000 $68,000 Inventory 91,000 77,000 Net sales (all credit) 460,000 383,000 Cost of goods sold 256,000 225,000 Total assets 830,000 775,000 Total stockholders' equity 475,000 445,000 Net income 70,000 57,000 TPX Company's 2021 receivables turnover ratio is: (Round your answer to 1 decimal place.) Multiple Choice 5.6 times. 0.2 times. 1.0 times. 6.1 times.
Compute the Day’s Sales in Receivable Index and select the best Answer: 12/31/2020 12/31/2021Cash $5,000 Cash $7,000AR $20,000 AR $45,000Current Assets $60,000 Current Assets $55,000Net Fixed Assets $100,000 Net Fixed Assets $120,000Total Assets $200,000 Total Assets $360,000Sales $400,000 Sales $450,000Cost of Sales $300,000 Cost of Sales $340,000A. The index is 2.0 and suggests earnings management B. The index is 2.0 and does not suggest earnings managementC. The index is .50 and suggests earnings management D. The index is .50 and does not suggest earnings management
Given the following information: Assets Liabilities and Equity Line item Value Cash 9,000 Accounts payable 18,000 Sales 85,000 Marketable securities 2,000 Notes payable 6,000 - Operating expenses 69,700 |- Depreciation = EBIT - Interest Accounts receivable 3,000 Current liabilities 24,000 2,000 Inventory 31,000 Long-term debt 95,000 13,300 Current assets 45,000 Total liabilities 119,000 800 Machines 34,000 Paid-in capital 20,000 = Taxable income 12,500 Real estate 80,000 Retained earnings 20,000 Fixed assets Total assets - Тахes = Net income 114,000 Equity 40,000 4,125 159,000 Total liab. & equity 159,000 8,375 1. What is the profit margin? Show your work. 2. What is the return on assets? Show your work. 3. What is the return on equity? Show your work.
Answer??
The 2021 income statement of Adrian Express reports sales of $14,097,000, cost of goods sold of $8,154,000, and net income of $1,540,000. Balance sheet information is provided in the following table. ADRIAN EXPRESSBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 540,000 $ 700,000 Accounts receivable 1,280,000 940,000 Inventory 1,680,000 1,340,000 Long-term assets 4,740,000 4,180,000 Total assets $ 8,240,000 $ 7,160,000 Liabilities and Stockholders' Equity Current liabilities $ 1,960,000 $ 1,600,000 Long-term liabilities 2,240,000 2,340,000 Common stock 1,880,000 1,880,000 Retained earnings 2,160,000 1,340,000 Total liabilities and stockholders' equity $ 8,240,000 $ 7,160,000 Industry averages for the following four risk ratios are as follows:…
National, Inc. provides the following data: 2025 2024 Cash $43,000 $25,000 Accounts Receivable, Net 98,000 62,000 Merchandise Inventory 70,000 50,000 Property, Plant, and Equipment, Net 200,000 120,000 Total Assets $411,000 $257,000 For the year ending December 31, 2025: Net Credit Sales $260,000 Cost of Goods Sold (150,000) Gross Profit $110,000 Calculate the accounts receivable turnover ratio for 2025. (Round your answer to two decimal places.)
Operating data for Joshua Corporation are presented as follows: Net Sales Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense Net Income 2022 800,000 520,000 120,000 60,000 30,000 70,000 Instructions Prepare a schedule showing a vertical analysis for 2022 and 2021. Net Sales Cost of Goods Sold Gross Profit Selling Expenses Your Answers: FYI: Format the percent cols to one decimal place. Ex 99.9% 2022 Administrative Expenses Total Operating Expenses Income Before Income Taxes Income Tax Expense Net Income 2021 600,000 408,000 72,000 48,000 24,000 48,000 Amount 800,000 520,000 280,000 120,000 60,000 180,000 100,000 30,000 70,000 Percent 100.0% 2021 Amount Percent 600,000 100.0% 408,000 192,000 72,000 48,000 120,000 72,000 24,000 48,000
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