The following data are provided: December 31 2021 2020 Cash $ 1300000 $ 1005000 Accounts receivable (net) 1500000 1150000 Inventories 2600000 2100000 Plant assets (net) 6000000 6600000 Accounts payable 1150000 820000
The following data are provided: December 31 2021 2020 Cash $ 1300000 $ 1005000 Accounts receivable (net) 1500000 1150000 Inventories 2600000 2100000 Plant assets (net) 6000000 6600000 Accounts payable 1150000 820000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
The following data are provided:
December 31 |
|||
2021 |
|
2020 |
|
Cash |
$ 1300000 |
|
$ 1005000 |
1500000 |
|
1150000 |
|
Inventories |
2600000 |
|
2100000 |
Plant assets (net) |
6000000 |
|
6600000 |
Accounts payable |
1150000 |
|
820000 |
Income taxes payable |
220000 |
|
90000 |
Bonds payable |
1400000 |
|
1400000 |
10% |
1800000 |
|
1800000 |
Common stock, $10 par |
2300000 |
|
1700000 |
Paid-in capital in excess of par |
1650000 |
|
1400000 |
4100000 |
|
3400000 |
|
Net credit sales |
12800000 |
|
|
Cost of goods sold |
8500000 |
|
|
Operating expenses |
2900000 |
|
|
Net income |
1600000 |
|
|
Additional information:
At December 31, 2021, the acid-test ratio was
2800 ÷ 2070.
5400 ÷ 1370.
2800 ÷ 1370.
4100 ÷ 1650.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education