The following balance sheet Information is provided for Duke Company for Year 2:AssetsCashAccounts receivableInventoryPrepaid expensesPlant and equipment, net of depreciationLandTotal assetsLiabilities and Stockholders' EquityAccounts payableSalaries payableBonds payable (due in ten years)Common stock, no parRetained earningsTotal liabilities and stockholders' equityWhat is the company's current ratio?Note: Round your answer to 2 decimal places.Multiple ChoiceOOOO1.163.792.531.31$ 5,40015,50018,0001,60020,20019,950$ 80,650$ 4,50011,50019,00030,00015,650$ 80,650< Prev11 of 35MacBook AirNext >

The objective of this question is to calculate the current ratio of Duke Company. The current ratio…

Answered: The following balance sheet Information…

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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Use the information in the table below to calculate the following ratios for Windswept Woodworks for year 1 and year 2. (Round your answers to 2 decimal places.) Windswept Woodworks, Inc. Input Data (millions of dollars) Year 2 Year 1 Accounts payable 496 434 Accounts receivable 1,340 880 Accumulated depreciation 6,806 6,682 Cash & equivalents 284 178 Common stock 1,244 1,170 Cost of goods sold 1,500 n.a. Depreciation expense ? n.a. Common stock dividends paid ? n.a. Interest expense 140 n.a. Inventory 1,074 1,076 Addition to retained earnings 602 n.a. Long-term debt 872 786 Notes payable 230 380 Gross plant & equipment 10,260 10,000 Retained earnings 3,122 2,526 Sales 3,018 n.a. Other current liabilities 116 96 Tax rate 34 % n.a. Market price per share – year end $ 19.80 $…
Prepare a vertical analysis of the balance sheets for Year 4 and Year 3. (Percentages may not add exactly due to rounding. Round your percentage answers to 2 decimal places. (i.e., 0.2345 should be entered as 23.45).) Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total long-term assets Total assets Liabilities and stockholders' equity Lishilitinn WALTON COMPANY Vertical Analysis of Balance Sheets Year 4 $ Amount 17,800 21,300 55,100 136,900 25,700 256,800 27,600 270,600 30,300 328,500 585,300 Percentage of Total % $ $ Amount Year 3 13,700 6,800 47,500 144,700 10,500 223,200 21,100 256,000 24,900 302,000 525,200 Percentage of Total %
Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question by entering your answers in the tabs below. Analysis Bal Sheet Analysis Inc Stmt Prepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) THORNTON COMPANY Horizontal Analysis of Balance Sheets Year 4 Year 3 % Change Assets Current assets Cash $ 17,200 $ 12,200 % Marketable securities 21,600 6,800 Accounts receivable (net) 55,800 46,600 Inventories 135,100 143,000 Prepaid items 26,700 11,700 Total current assets 256,400 220,300 Investments 27,700 21,700 Plant (net) 271,900 256,700 Land 30,600 25,800 Total long-term assets 330,200 304,200 Total assets $ 586,600 $ 524,500 Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable $ 15,300 $ 4,900 Accounts payable 112,900 98,300 Salaries payable 20,900 13,300 Total current liabilities…
Adieu Company reported the following current assets and current liabilities for two recent years: Line Item Description Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $950 $1,190 Temporary investments 1,200 1,400 Accounts receivable 850 910 Inventory 2,200 2,700 Accounts payable 2,000 2,500 a. Compute the quick ratio on December 31 for each year. Round your answers to one decimal place. Line Item Description 20Y4 20Y3 Quick Ratio fill in the blank 1 fill in the blank 2
* Question Completion Status: Presented below is selected data from the financial statements of Morgan Corporation for the current and prior year: Current assets Total assets Current liabilities Total liabilities Total stockholders' equity Net sales Cost of Goods Sold Wages expense Supplies expense Depreciation expense Interest expense Net income 12/31/X2 $430,000 $2,500,000 $210,000 $1,210,000 $1,290,000 $4,800,000 $3,200,000 $973,000 $60,000 $35,000 $12,000 $520,000 12/31/X1 $220,000 e $1,950,000 $180,000 $1,180,000 $770,000 $3,900,000 $2,690,000 $869,000 $50,000 $32,000 $9,000 $250,000 Calculate the debt ratio for 20X2. Calculate the Debt Ratio as a percentage and round to the nearest whole percent. DO NOT enter your answer as a decimal and DO NOT include the % sign. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answ
Required Prepare a vertical analysis of both the balance sheets and income statements for Year 4 and Year 3. Complete this question by entering your answers in the tabs below. Analysis Bal Sheet Analysis Inc Stmt Prepare a vertical analysis of an income statements for Year 4 and Year 3. (Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45).) ALLENDALE COMPANY Vertical Analysis of Income Statements Year 4 Year 3 Amount % Total Amount % Total Revenues Sales (net) $ 230,000 100.00 % $ 210,000 100.00 % Other revenues 8,000 5,000 Total revenues 238,000 215,000 Expenses Cost of goods sold 120,000 103,000 Selling, general, and administrative expense 55,000 50,000 Interest expense 8,000 7,200 Income tax expense 23,000 22,000 Total expenses 206,000 182,200 Net income $ 32,000 % $ 32,800 %
Directions: Given the account balances below, calculate the indicated amounts for the current year's financial statements. Hint: Build a balance sheet and income statement in columns to the right of the given numbers and copy each provided item into the appropriate section for the balance sheet or income statement. Retained Earnings prior year 7,050 PP&E, net 4,440 Wages Expense 190 Administration Expense 150 Cash 1,550 Tax Expense 205 Common Stock 300 Inventory 3,700 Accounts Payable 1,800 Accounts Receivable 2,700 Notes Payable 2,200 Depreciation Expense 220 Cost of Goods Sold 6,700 Dividends 200 Interest Expense 85 Revenue 8,400 Tax Liability…
The balance sheet data of Randolph Company for two recent years appears below: Assets: Year 2 Year 1 Current assets $445 $280 Plant assets 680 520 Total assets $1,125 $800 Liabilities and stockholders' equity: Current liabilities $285 $120 Long-term debt 255 160 Common stock 325 320 Retained earnings 260 200 Total liabilities and stockholders' equity $1,125 $800 Required: b. Using vertical analysis, prepare a comparative balance sheet. If required, round your answers to one decimal place. Randolph Company Comparative Balance Sheet For the Years Ended December 31, Year 2 and Year 1 Assets Year 2Amount Year 2Percent Year 1Amount Year 1Percent Current assets $445 fill in the blank 2e1a1e0b0fbcf94_1% $280 fill in the blank 2e1a1e0b0fbcf94_2% Plant assets 680 fill in the blank 2e1a1e0b0fbcf94_3 520 fill in the blank 2e1a1e0b0fbcf94_4 Total assets $1,125 fill in the blank 2e1a1e0b0fbcf94_5% $800 fill in the…
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses. Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds $852,000 27,000 7,400 12,000 42,000 $3,006,000 1,944,000 1,062,000 940, 400 $ 121,600 VIRTUAL GAMING SYSTEMS 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 Balance Sheets December 31 2021 $180,000 75,000 99,000 11,400 99,000 204,000 264,000 (63,000) $869,400 $ 60,000 4,800 12,000 279,000 294,000 219,600 2020 $138,000 54,000 129,000…
Balance Sheet Prepare a horizontal analysis of the balance sheet for Year 4 and Year 3. Note: Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (1.e., .234 should be entered as 23.4). Assets Current assets Cash Income Statement Marketable securities Accounts receivable (net) Inventories Prepaid Items Total current assets Investments Plant (net) Total long-term assets Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Terlam Notes payable Accounts payable Salaries payable Total current liabilites Noncurrent liabilities Bonds payable Other Total noncurrent liabilities Total abilities Stockholders' equity FRANKLIN COMPANY Horizontal Analysis of Balance Sheets Preferred stock (par value $10, 4% cumulative, nonparticipating: 6,300 shares authorized and issued) EMAIA Common stock (no par; 50,000 shares authorized, 10,000 shares issued) Retained earnings Total stockholders' equity Total habilities & stockholders equity…
Prepare a vertical analysis of the balance sheets for Year 4 and Year 3. (Percentages may not add exactly due to rounding Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45).) Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total long-term assets Total assets Liabilities and stockholders' equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other RUNDLE COMPANY Vertical Analysis of Balance Sheets Year 4 Total noncurrent liabilities Total liabilities Stockholders' equity Preferred stock (par value $10, 4% cumulative, nonparticipating; 6,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities & stockholders' equity Amount $ 16,900 21,000 55,100…
Benchmark Assignment - Coca-Cola Co. & Pepsico Inc. You will need to use the data below from the two companies to calculate problems and answer the following questions. Note: Round your answer to 2 decimal places. Coca-Cola Co. (in millions) $38,655 $9,771 $22,545 1 2 3 Net Revenue (Sales) Net Income Current Assets Current Liabilities Cash & Cash Equivalents Accounts (Trade) Receivables Total Assets (12/31/21) Total Assets (12/31/20) Total Liabilities (12/31/21) Stockholders Equity (12/31/21) Stockholders Equity (12/31/20) Calculate the debt ratio and debt/equity ratio for each company. B C Coca-Cola Co. Pepsico Inc. A $19,950 $12,625 $3,512 $94,354 $87,296 $69,494 $23,000 $19,300 Debt Ratio Debt/Equity Ratio Pepsico Inc. (in millions) $79,474 $7,618 $21,783 $26,220 $5,988 $8,680 $92,377 $92,918 $76,226 $16,043 $13,454 @

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