The following items are components of a traditional balance sheet.Plant & equipment$42,500Common stock$15,000Cash$6,000Inventory$23,900Bad debt reserve$6,000Additional paid-in capital$6,000Accounts ReceivableAccumulated depreciation $26,500How much are the total assets of the firm?$22,000

Step 1: Introduction to Total AssetsTotal Assets of an individual or a business entity can be the…

Answered: The following items are components of a…

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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The following information pertains to Walrus Inc.: Cash $60,000 Accounts receivable 170,000 Inventory 100,000 Plant assets (net) 430,000 Total assets $760,000 Accounts payable $110,000 Accrued taxes and expenses payable 42,000 Long-term debt 120,000 Common stock ($10 par) 260,000 Paid-in capital in excess of par 50,000 Retained earnings 330,000 Total equities $760,000 Net sales (all on credit) $2,000,000 Cost of goods sold 1,400,000 Net income 120,000 Required: Compute the following: d) Book value per share
Data pertaining to the current position of Forte Company follow:Cash $412,500Marketable securities 187,500Accounts and notes receivable (net) 300,000Inventories 700,000Prepaid expenses 50,000Accounts payable 200,000Notes payable (short-term) 250,000Accrued expenses 300,000 Instructions1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios in parts b through j to one decimal place.2. List the following captions on a sheet of paper:Transaction Working Capital Current Ratio Quick Ratio Compute the working capital, the…
Marin Company provides you with the following condensed balance sheet information: Assets Current assets $ 41,700 Equity investments 60,000 Equipment (net) 227,600 Intangibles 55,500 Total assets $384,800 Liabilities and Stockholders’ Equity Current and long-term liabilities $96,400 Stockholders’ equity Common stock ($5 par) $ 19,700 Paid-in capital in excess of par 107,300 Retained earnings 161,400 288,400 Total liabilities and stockholders’ equity $384,800 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) Marin declares and pays a $0.55 per share cash dividend. (1) Total assets $…
Given the following information, construct the firm’s balance sheet: Cash and cash equivalents $ 400,000 Accumulated depreciation on plant and equipment 660,000 Plant and equipment 5,400,000 Accrued wages 260,000 Long-term debt 4,210,000 Inventory 7,080,000 Accounts receivable 5,430,000 Preferred stock 550,000 Retained earnings 8,680,000 Land 1,070,000 Accounts payable 2,030,000 Taxes due 170,000 Common stock $ 10 par Common shares outstanding 238,000 Current portion of long-term debt $ 440,000 Round your answers to the nearest dollar. Corporation X Balance Sheet as of XX/XX/XX Assets Liabilities and Owners' Equity Cash and cash equivalents $ Accounts payable $ Accounts receivable Taxes due Inventory Accrued wages Total current assets $ Current portion of long-term debt $ Land Total current liabilities Plant and equipment Long-term debt…
Ogden Corporation has a projected balance sheet that includes the following accounts. What is the projected cash balance? Cash $ ? Marketable securities 405,000 Accounts receivable 980,000 Inventory 785,000 Non-current assets, net 2,110,000 Total liabilities 1,636,000 Total equity 3,220,000
Additionally, the company informed the following: Net income = $156,042 Sales = $4,063,589 Determine the following values for the company: Total asset turnover ratio _____________ Fixed asset turnover ratio _____________
Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? Oa. 1.0 Ob. 1.1 Ос. 17 Od. 2.9 MacBook Air
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Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.1.7 b.1.0 c.1.1 d.2.9

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