The following financial information is from MAKA Construction Company. Accounts payable Buildings Cash Accounts receivable Sales tax payable Retained earnings Supplies $14,500 85,000 11,600 10,000 2,900 46,400 41,800 Notes payable (due in 18 months) 26,000 Interest payable Common stock 1,000 57,600 What is the amount of current assets, assuming the accounts above reflect normal activity?

The following financial information is from MAKA Construction Company. Accounts payable Buildings Cash Accounts receivable Sales tax payable Retained earnings Supplies $14,500 85,000 11,600 10,000 2,900 46,400 41,800 Notes payable (due in 18 months) 26,000 Interest payable Common stock 1,000 57,600 What is the amount of current assets, assuming the accounts above reflect normal activity?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
From the following information for BlueInks Corporation, compute the rate of return on assets. Hint: The numerator is income before interest expense and taxes. Net income $40,878 Total assets at beginning of year $250,100 Total assets at end of year $158,680 a. 15% b. 25% c. 16% d. 20%
The summarized trial balance of XYZ Corporation includes the following accounts on December 31,2022: Debit Credit Cash P 239,738 9,800 31,386 Accounts receivable Dividend receivable Interest receivable Investments at FVPL 956 136,910 Investments at FVOCI 3,760,944 1,310 Deferred tax asset Accounts payable P 20,506 Interest payable 560 Other payables 166 Income tax payable 484 Provision for employee benefits 1,504 Deferred tax liability 112,828 Share capital 2,736,048 Share premium 752,180 Retained Earnings 556,768 P4,181,044 P4,181,044 The provision for employee benefits includes P1,050 payable in the subsequent year. Required: 1. Prepare Statement of Financial Position
The following information is available from the annualreport of Frixell, Inc.: Currentliabilities . . . . $300,000Operatingincome . . . . . 240,000Net income . . . . 80,000 Currentassets . . . . $ 480,000Average totalassets . . . . 2,000,000Average totalequity . . . . 800,000Which of the following statements are correct? (More thanone statement may be correct.)a. The return on equity exceeds the return on assets.b. The current ratio is 0.625 to 1.
Given the data in the following table, accounts receivable in 2023 was…
Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earnings
Cullumber company has these comparative balance sheet data:
Given the data in the following table, the entry for Inventories on the 2023 common-sized balance sheet was %.
*see attached Determine the total current liabilities:a. P 1,300,000b. P 1,800,000c. P 2,200,000d. P 3,600,000
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For Items 9-10 Following are selected financial and operating data taken from the financial statements of Alamona Corporation: Cash Notes and Accounts Receivable, net Merchandise Inventory Marketable Securities short-term Land and Buildings (net) Bonds Payable long-term Accounts Payable - trade Notes Payable - short-term As of December 31 2023 2022 80,000 640,000 400,000 1,200,000 720,000 1,200,000 240,000 80,000 2,720,000 2,880,000 2,160,000 2,240,000 560,000 880,000 160,000 320,000 Sales (20% cash, 80% credit sales) Cost of Goods Sold For the Year-Ended December 31 2023 18,400,000 8,000,000 2022 19,200,000 11,200,000 Compute for the following ratio: 9. Current ratio as of December 31, 2023 a. 0.5:1 b. 2.0:1 c. 2.6:1 d. 3.2:1 10. Quick (acid test) ratio as of December 31, 2023 a. 2.0 to 1 b. 0.5 to 1 c. 1 to 1 d. 0.7 to 1 Page 4 of 4