The following information pertains to Dallas Company. Assume that all balance sheet amounts represent both average and ending balance figures and that a sales were on credit. Assets Cash and short-term investments Accounts receivable (net) Inventory Property, plant, and equipment Total Assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock, $20 par Retained earnings Total Liabilities and stockholders' equity Sales cold Income Statement. $42,758 26,561 32,850 271,715 $373,884 $56,547 89,707 121,840 105,790 $373,884 $92,283 41.527

The following information pertains to Dallas Company. Assume that all balance sheet amounts represent both average and ending balance figures and that a sales were on credit. Assets Cash and short-term investments Accounts receivable (net) Inventory Property, plant, and equipment Total Assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock, $20 par Retained earnings Total Liabilities and stockholders' equity Sales cold Income Statement. $42,758 26,561 32,850 271,715 $373,884 $56,547 89,707 121,840 105,790 $373,884 $92,283 41.527

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Condensed financial data of Granger Inc. follow. Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets GRANGER INC. Comparative Balance Sheets December 31 Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 2022 $80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $682,500 $102,000 16,500 110,000 220,000 234,000 $682,500 2021 $48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 $67,300 21,000 146,000 175,000 105,450 $514,750
Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities Year 2 $219,100 Total liabilities and stockholders' equity 124, 400 19,700 10,000 1,700 20, 100 175,900 $ 43,200 $ 38,500 15,800 54,300 64,300 118,600 Stockholders' equity Common stock (43,000 shares) Retained earnings Total stockholders' equity 159,000 $277,600 $ 4,800 $ 7,200 2,800 2,800 36,600 31, 100 101,600 94, 100 3,900 2,900 149,700 138, 100 106,400 106,400 21,500 0 $277,600 $244,500 Year 1 $182,800 114,900 44, 100 101, 100 17,700 9,000 1,700 16,900 146,400 $36,400 $ 34,200 16, 200 50,400 65,300 115,700 114,900…
Presented below is selected financial data for Teague Industries for the current year: Current assets: Current liabilities Cash and cash equivalents $3503 Accounts payable $5385 Short-term investments 1555 Other current liabilities 2892 Receivables, net 1811 Total current liabilities 8277 Merchandise inventories 6205 Noncurrent liabilities 5196 Other current assets 1975 Shareholders' Equity 6250 Total current assets 15,049 Total liabilities and shareholders' equity $19,723 Noncurrent assets 4674 Total assets $19,723 Revenues $50,826 Costs and Expenses 45,963 Operating Income 4,863 Other income/expense (including interest expense of $60) (36) Income before income tax 4827 Income tax expense (1449) Net income $3378 Previous Years' Financial Data Total Assets $17,020 Shareholders' Equity 4000 The financial leverage for Teague Industries is ________. (Round your answer to two decimal places, X.XX.)
Sheridan Company provides you with the following condensed balance sheet information: Current assets Equity investments Equipment (net) Intangibles Total assets Current and long-term liabilities Stockholders' equity Common stock ($5 par) Paid-in capital in excess of par Retained earnings Total liabilities and stockholders' equity (1) (2) (3) (4) Liabilities and Stockholders' Equity (5) Assets Total assets For each of the following transactions, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders' equity. (Each situation is independent.) a. Sheridan declares and pays a $0.50 per share cash dividend. Common stock Paid-in capital in excess of par Retained earnings $20,200 Total stockholders' equity 120,300 154,200 decrease no effect no effect decrease decrease < $41,300 < 59,400 248,300 55,000 $404,000 $109,300 294,700 $404,000 $ LA tA LA LA
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable. Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 30,800 88,100 111,000 10,900 280,000 $ 520,800 $ 128,400 98,000 163,500 130,900 $ 520,800 Current Year 1 Year Ago $ 35,000 61,500 82,400 9,300 250,500 $ 438,700 $ 478,850 243,350 12,100 9,550 $73,750 101,750 163,500 99,700 $438,700 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $785,000 Interest expense Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: 743,850 $ 41,150 $ 2.52 2…
Selected financial data for Amberjack Corporation follows. Year 1 ($ thousands) 339,270 265,261 Sales Cost of goods sold Net income Cash flow from operations Cash Marketable securities Accounts receivable Inventories Total current assets Accounts payable Accrued liabilities Total current liabilities (171,114) (60,875) 342,780 343,746 22,947 6,681 716,154 30,508 46,294 76,802 a. Current ratio a. Quick ratio b1. Collection period b2. Inventory turnover (X) b2. Payables period (days) b3. Days' sales in cash b4. Gross margin b4. Profit margin Year 2 ($ thousands) a. Calculate the current and quick ratio at the end of each year. Note: Round your answers to 1 decimal place. Year 1 477,721 357,524 b. Assuming a 365-day year for all calculations, compute the following: 1. The collection period each year based on sales. 2. The inventory turnover and the payables period each year based on cost of goods sold. 3. The days' sales in cash each year. 4. The gross margin and profit margin each year.…
Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders Equity Accounts payable Long-term debt Stockholders equity Total liabilities and stockholders equity Joel de Paris, Incorporated Balance Sheet Joel de Paris, Incorporated Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net Income $ 119,000 204,000 1. Average operating assets 2. Margin 2. Turnover 2 ROI 3. Residual income $4,467.000 3703,460 258,540 323,000 $ 435,540 Beginning Balance % $ 130,000 349,000 574,000 867,000 390,000 254,000 1.2.572,000 1% 1383,000 952,000 1,237,000 $ 2,572,000 Ending Balance $ 136,000 483,000 479,000 The company paid dividends of $326,540 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%. 062,000 431,000 251,000 $…
The following items are reported on a company's balance sheet: Cash $195,100 Marketable securities 152,400 Accounts receivable (net) 121,500 Inventory 140,700 Accounts payable 469,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio
Financial statements for Rundle Company follow. Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other Total noncurrent liabilities. Total liabilities Stockholders' equity. Preferred stock, (par value $10, 4% cumulative, non-participating; 7,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Revenues Sales (net) Other revenues RUNDLE COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 Total revenues Expenses Cost of goods sold RUNDLE COMPANY Balance Sheets As of December 31 Selling, general, and administrative Interest expense…
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Line Item Description Current Year Previous Year Current assets: Cash $445,700 $352,000 Marketable securities 516,100 396,000 Accounts and notes receivable (net) 211,200 132,000 Inventories 370,300 241,600 Prepaid expenses 190,700 154,400 Total current assets $1,734,000 $1,276,000 Current liabilities: Accounts and notes payable (short-term) $295,800 $308,000 Accrued liabilities 214,200 132,000 Total current liabilities $510,000 $440,000 a. Determine for each year the quick ratio. Round ratios to one decimal place.
W BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment. Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital. Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Additional Data: Current Year Prior Year $ 29,400 $ 37,300 32,700 28,900 38,300 100,800 (25,300) 42,000 121,500 (30,700) $ 202,800 $36,700 1,400 44,500 89,600 30,600 $ 202,800 Cash flows from operating activities: $ 123,000 73,000 38,100 $ 11,900 BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year $ 172,100 a. Bought equipment for cash, $20,700. b. Paid $6,300 on the…
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $51,900; total assets, $169,400; common stock, $85,000; and retained earnings, $45,550.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $ 22,000 Accounts payable 8,800 Accrued wages payable 33,400 Income taxes payable 34,150 Long-term note payable, secured by mortgage on plant assets 2,850 152,300 Common stock Retained earnings $ 253,500 Total liabilities and equity For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense Net income $ 450,600 298,050 152,550 98,900 4,500 49,150 19,800 $ 29,350 $ 15,500 4,000 3,700…