need final answer 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?

1. Cash balance on December 31, 2015:Let's track the cash transactions:Initial cash balance:…

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

Section: Chapter Questions

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…
Please make solve part (d to f)
Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Corporation Wayne EnterprisesCurrent assets:Cash and cash equivalents $ 2,494 $ 541Current investments 125Net receivables 1,395 217Inventory 10,710 8,600Other current assets 773 301Total current assets $15,372 $9,784Current liabilitiesCurrent debt $ 1,321 $ 47Accounts payable 8,871 5,327Other current liabilities 1,270 2,334Total current…
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.…
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)…
The comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…
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…
The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $94,017 Accounts Payable $220,885 Accounts Receivable 11,357 Wages Payable 1,125 Inventory 159,109 Notes Payable 34,625 Prepaid Rent 6,038 Paid-In Capital 274,069 Equipment 326,099 Retained Earnings 65,916 Total Assets $596,620 Total Equities $596,620 The following summary transactions occurred during 2021: paid $86,119 to suppliers for merchandise previously purchased on account paid $25,780 for advertising • sold merchandise for $437,100 on account and $267,900 for cash; the merchandise cost $366,600 • paid $5,191 for land and equipment • received $245,811 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? OA: $375,435 OB: $439,259 Oc: $513,933 OD: $601,301 OE: $703,522 OF: $823,121 Submit Answer Tries 0/99 5. What were total liabilities on December 31,…
The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $96,928 Accounts Payable $205,898 Accounts Receivable 11,528 Wages Payable 1,138 Inventory 151,823 Notes Payable 33,991 Prepaid Rent 6,392 Paid-In Capital 313,317 Retained Earnings Total Equities Equipment 348,579 60,906 Total Assets $615,250 $615,250 The following summary transactions occurred during 2021: • borrowed $4,183 from the bank • purchased $268,201 of merchandise on account and $132,099 for cash • sold merchandise for $448,384 on account and $252,216 for cash; the merchandise cost $399,342 • paid $5,921 for land and equipment • received $8,583 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? O A: $73,440O B: $106,488 Oc: $154,407 OD: $223,890 OE: $324,640 F: $470,729 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? O A: $386,717 O B:…

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