The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $95,217 Accounts Payable $213,873 Accounts Receivable 11,259 Wages Payable 1,458 Inventory 151,704 Notes Payable 34,271 Prepaid Rent 5,574 Paid-In Capital 288,638 Equipment 337,420 Retained Earnings 62,934 Total Assets $601,174 Total Equities $601,174 The following summary transactions occurred during 2021: • paid $80,810 to suppliers for merchandise previously purchased on account • paid $22,120 for advertising sold merchandise for $442,246 on account and $271,054 for cash; the merchandise cost $413,714 • agreed to a five-year rental lease for $10,000 and paid $2,000 in advance • received $209,880 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. S What were total equities on December 31 20212

The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $95,217 Accounts Payable $213,873 Accounts Receivable 11,259 Wages Payable 1,458 Inventory 151,704 Notes Payable 34,271 Prepaid Rent 5,574 Paid-In Capital 288,638 Equipment 337,420 Retained Earnings 62,934 Total Assets $601,174 Total Equities $601,174 The following summary transactions occurred during 2021: • paid $80,810 to suppliers for merchandise previously purchased on account • paid $22,120 for advertising sold merchandise for $442,246 on account and $271,054 for cash; the merchandise cost $413,714 • agreed to a five-year rental lease for $10,000 and paid $2,000 in advance • received $209,880 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. S What were total equities on December 31 20212

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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A company has $1,364 in inventory, $4,809 in net fixed assets, $652 in accounts receivable, $290 in cash, $610 in accounts payable, and $5,404 in equity. What is the company's long-term debt? Multiple Choice O $1,711 $1,138 O$1,280 $1,669
Privett Company Accounts payable $25,706 Accounts receivable 69,080 Accrued liabilities 6,802 Cash 24,669 Intangible assets 39,621 Inventory 80,854 Long-term investments 102,077 Long-term liabilities 71,722 Marketable securities 31,454 Notes payable (short-term) 20,574 Property, plant, and equipment 695,319 Prepaid expenses 2,739 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.19.7 b.3.9 c.2.4 d.1.1
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WD Corporation reports the following year-end balance sheet data. The company's debt-to-equity ratio equals: Cash $ 42,000 Current liabilities $ 77,000 Accounts receivable 57,000 Long-term liabilities 28,000 Inventory 62,000 Common stock 102,000 Equipment 147,000 Retained earnings 101,000 Total assets $ 308,000 Total liabilities and equity $ 308,000
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CABOT CORPORATIONBalance SheetDecember 31 Assets Liabilities and Equity Cash $ 10,000 Accounts payable $ 19,500 Short-term investments 8,000 Accrued wages payable 3,400 Accounts receivable, net 33,600 Income taxes payable 2,900 Merchandise inventory 42,150 Long-term note payable, secured by mortgage on plant assets 66,400 Prepaid expenses 2,800 Common stock 83,000 Plant assets, net 147,300 Retained earnings 68,650 Total assets $ 243,850 Total liabilities and equity $ 243,850 Required:Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.)
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