Kindly solve all of this The following balance sheet is for X Company:Balance SheetJanuary 1, 2015AssetsEquitiesCash$51,211Accounts Payable $227,585Accounts Receivable $13,689Wages Payable$1,425Inventory$151,100 Notes Payable$30,956Prepaid Rent$5,583Paid-In Capital$228,489Equipment$333,814 Retained Earnings $66,942Total Assets$555,397 Total Equities$555,397The following summary transactions occurred during 2015:1. Borrowed $4,854 from the bank.2. Paid $82,114 to suppliers for merchandise purchased on account.3. Paid for $56,070 of advertising.4. Purchased $251,776 of merchandise on the account and $197,824 for cash.5. Sold merchandise for $524,286 on the account and $193,914 for cash; the merchandise cost $373,464.6. Signed a four-year rental lease for $8,000; paid for one year in advance.7. Paid $5,718 for land and equipment.8. Received $210,281 from customers for merchandise sold on account.9. Received $8,537 in cash contributions from new owners.Required:1. What was the cash balance on December 31, 2015?2. What were the total assets on December 31, 2015?3. What were the total liabilities on December 31, 2015?4. What was net income in 2015?

Question 1Cash balance on December 31, 2015:Starting cash: $51,211Borrowed: $4,854Paid to suppliers:…

Answered: The following balance sheet is for X…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

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Problem 13.10E

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JUST DEW IT CORPORATION2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 10,150 $ 10,350 Accounts payable $ 74,500 $ 61,250 Accounts receivable 27,100 27,250 Notes payable 48,500 49,250 Inventory 62,900 63,500 Total $ 123,000 $ 110,500 Total $ 100,150 $ 101,100 Long-term debt $ 59,400 $ 64,900 Owners' equity Common stock and paid-in surplus $ 80,000 $ 80,000 Fixed assets Retained earnings 171,750 192,700 Net plant and equipment $ 334,000 $ 347,000 Total $ 251,750 $ 272,700 Total assets $ 434,150 $ 448,100 Total liabilities and owners' equity $ 434,150 $ 448,100 Based on the balance sheets given for Just Dew It, calculate the following…
Cash Accounts receivable (net) Inventories Total current assets Noncurrent assets Current liabilities Long-term liabilities Shareholders' equity Net income Interest expense Income tax expense Sanchez Corporation Selected Financial Information The debt to equity ratio for 2016 is: OA) 0.80 OB) 0.44 Oc) 0.67 OD) 0.13 12/31/16 $ 20,000 100,000 190,000 310,000 230,000 200,000 40,000 300,000 $40,000 10,000 20,000
A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
Given the data in the following table, the entry for Inventories on the 2023 common-sized balance sheet was %.
Comparative balance sheets for Hamilton Company are presented below. Hamilton Company Comparative Balance Sheet Decemebr 31 Assets 2017 2016 Cash 78000 12000 Accoutns Receivable 93000 76000 Inventory 180000 189000 Land 75000 100000 Equipemnt 250000 210000 Accu Dep - Equipment (66,000) (42,000) Total 610000 545000 Liability and Equity Accounts Payable 34000 47000 Bonds Payable 150000 200000 Common Stock ($1 Par ) 214000 164000 Retained Earnings 212000 134000 Total 610000 545000 Additional information: 1. Net income for 2017 was $134000 2. Cash dividends of $65,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.…
Use the common-size financial statements found here: ommon-Size Balance Sheet 2016Cash and marketable securities $ 480 1.5 %Accounts receivable 6,030 18.2Inventory 9,540 28.8Total current assets $ 16,050 48.5 %Net property, plant, and equipment 17,020 51.5Total assets $33,070 100.0 %Accounts payable $ 7,150 21.6 %Short-term notes 6,850 20.7Total current liabilities $ 14,000 42.3 %Long-term liabilities 7,010 21.2Total liabilities $ 21,010 63.5 %Total common shareholders’ equity 12,060 36.5Total liabilities and shareholders’ equity $33,070 100.0 %Common-Size Income Statement 2016Revenues $ 30,000 100.0 %Cost of goods sold (20,050) 66.8Gross profit $ 9,950 33.2 %Operating expenses (7,960) 26.5Net operating income $ 1,990 6.6 %Interest expense (940) 3.1Earnings before taxes $ 1,050 3.5 %Income taxes (382) 1.3Net income $668 2.2 % Specifically, write up a brief narrative that responds to the following questions: a. How much cash does Patterson have on hand relative to its total…
Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANYBalance SheetsDecember 31 2022 2021 Cash $ 16,350 $ 32,700 Accounts receivable (net) 76,300 65,400 Inventory 65,400 54,500 Plant assets (net) 218,000 196,200 $376,050 $348,800 Accounts payable $ 54,500 $ 65,400 Mortgage payable (15%) 109,000 109,000 Common stock, $10 par 152,600 130,800 Retained earnings 59,950 43,600 $376,050 $348,800 Additional information for 2022: 1. Net income was $34,000. 2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $200,600. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $26,400, and cash dividends were $16,500. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal…
Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANYBalance SheetsDecember 31 2022 2021 Cash $ 16,350 $ 32,700 Accounts receivable (net) 76,300 65,400 Inventory 65,400 54,500 Plant assets (net) 218,000 196,200 $376,050 $348,800 Accounts payable $ 54,500 $ 65,400 Mortgage payable (15%) 109,000 109,000 Common stock, $10 par 152,600 130,800 Retained earnings 59,950 43,600 $376,050 $348,800 Additional information for 2022: 1. Net income was $34,000. 2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $200,600. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $26,400, and cash dividends were $16,500. (d) Inventory turnover. enter inventory turnover in times rounded to 2 decimal places times (e)…
Crane Company has these comparative balance sheet data: CRANE COMPANYBalance SheetsDecember 31 2022 2021 Cash $ 27,105 $ 54,210 Accounts receivable (net) 126,490 108,420 Inventory 108,420 90,350 Plant assets (net) 361,400 325,260 $623,415 $578,240 Accounts payable $ 90,350 $ 108,420 Mortgage payable (15%) 180,700 180,700 Common stock, $10 par 252,980 216,840 Retained earnings 99,385 72,280 $623,415 $578,240 Additional information for 2022: 1. Net income was $27,900. 2. Sales on account were $382,300. Sales returns and allowances amounted to $29,000. 3. Cost of goods sold was $207,500. 4. Net cash provided by operating activities was $57,000. 5. Capital expenditures were $28,900, and cash dividends were $17,900. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal…
HCB, Inc.'s financial partial statements are shown below. HCB Income Statement 2021 Sales 2,000.0 Assets 2021 Cash 86.0 Accounts receivable 360.0 Inventory 320.0 Short-term investments 223.0 Total current assets 989.0 Net fixed assets 1,940.0 Total assets 2,929.0 Liabilities and equity 2021 Accounts payable 200.0 Accruals 240.0 Short-term debt 292.9 Total current liabilities 732.9 Long-term debt 1,757.4 Total liabilities 2,490.3 Par + paid in capital less treasury 238.7 Retained earnings 200.0…
Compared to the ROE in 2020, the ROE in 2021 has Improved / 6.65% Improved / 3.43% Worsened / -6.65% Worsened / -3.43% Stayed the same / 0% by

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