help me to find correct options The following accounts and balances were drawn from the records of Brandon Company:CashAccountAccounts PayableCommon StockLandBalance$ 12,000$5,400$7,500$ 25,500$4,200AccountsReceivableBased on this information alone, the amount of Brandon's retained earnings is:a. $28,800b. $26,700c. $21,000d. $19,500

Step 1: Definition of Retained EarningsRetained earnings represent the portion of a company's net…

Answered: The following accounts and balances…

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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Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $576,843 $305,088 Marketable securities 166,106 187,064 Accounts receivable (net) 258,387 289,100 Inventories 424,493 391,135 Prepaid expenses 55,369 25,509 Other current assets 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,516,471 $2,333,346 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 254,111 286,257 Accrued liabilities 273,658 166,983 Income taxes payable 97,735 178,911 Total Current Liabilities 1,086,880 970,570 Long-term debt 500,000 300,000 Deferred income taxes 215,017 262,404 Total Liabilities 1,801,897 1,532,974 Common stock $425,250…
Huluduey Corporation's comparative balance sheet for current assets and liabilities was as follows: Line Item Description Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $17,500 $12,500 Inventory 51,650 44,200 Accounts payable 8,480 5,100 Dividends payable 9,480 6,100 Adjust net income of $75,800 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…
Prepare a balance sheet for Cornell Corp. based on the following information: cash = $120,000; accounts payable & accruals = $200,000; accounts receivable = $105,000; net fixed assets = $1,750,000; inventory = $290,000; notes payable = $160,000; Retained Earninigs = $660,000; Common Stock (par value+paid in Cap) = $400,000. Prepare the balance sheet. Calculate the long term debt of the firm. Calculate the NWC (Net Working Capital) and Debt to Equity (D/E) ratio.
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A skeleton of Ashby Corporation's balance sheet appears as follows (amounts in thousands): (Click the icon to view the data.) Cash Receivables Inventories Balance Sheet Prepaid expenses Total current assets Plant assets, net Other assets Total assets 120 ³000 ³1.31 $ 265 Total current liabilities 1,370 Other long-term liabilities 2.900 Long-term debt 6,400 Common stock Retained earnings Total liabilities and equity $ 2,220 800 185 3,015 Use the following ratio data to complete Ashby's balance sheet a. The debt ratio was 0.50. b. C The current ratio was 1.10. The quick (acid-test) ratio was 0.200.
1. Sheen Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Beginning Balance Balance Assets: Cash and cash equivalents.. Accounts receivable. . $ 46 $ 39 38 40 Inventory .. Plant and equipment . Less accumulated depreciation Total assets.. 63 56 518 420 285 $380 250 $305 Liabilities and stockholders' equity: Accounts payable.. Long-term debt.. $ 44 $ 37 120 130 Common stock . 85 80 Retained earnings.. Total liabilities and stockholders' equity. 131 $380 58 $305 Income Statement Sales.. $829 Cost of goods sold.. Gross margin. Selling and administrative expense. Net operating income. 517 312 175 137 Income taxes.. 41 $ 96 Net income . Cash dividends were $23. Required: Prepare a statement of cash flows using the indirect method.
Current Position Analysis The following items are reported on a company's balance sheet: Cash $354,100 Marketable securities 276,700 Accounts receivable (net) 297,400 Inventory 178,500 Accounts payable 357,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.
Data pertaining to the current position of Forte Company follow:Cash $412,500Marketable securities 187,500Accounts and notes receivable (net) 300,000Inventories 700,000Prepaid expenses 50,000Accounts payable 200,000Notes payable (short-term) 250,000Accrued expenses 300,000 Instructions1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios in parts b through j to one decimal place.2. List the following captions on a sheet of paper:Transaction Working Capital Current Ratio Quick Ratio Compute the working capital, the…

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