The statement of financial position of Trend, Inc. is presented below. These are the only accounts in Trend's statement of financial position. Amounts indicated by question mark (?) can be calculated from the additional information given Cash Accounts rereivahle(net) Inventory Property. Dant and equipment (net ota LIabilitieS and Stockholders Equity Accounts Davable trade Income taxes Davable (current) Long-term debt Common stock Retained earnings Total Additional Information Gurrent ratio (at vear end) Total liabilities divided by total stockholders' equity 25,000 294,000 432,000 25.000 300.000 slavento turnover based on sales and ending inventor Inventor turnover based on cost of goods sold and ending inventory Gross margin for the year 1,5 to 1 0.8 15 times 10.5 times P315,000 What was rend' balance in trade accounts payable at year-end? What was Trend's balance in retained earnings at year-end? Was rends Dalance in the inventory account at year-end?
The statement of financial position of Trend, Inc. is presented below. These are the only accounts in Trend's statement of financial position. Amounts indicated by question mark (?) can be calculated from the additional information given Cash Accounts rereivahle(net) Inventory Property. Dant and equipment (net ota LIabilitieS and Stockholders Equity Accounts Davable trade Income taxes Davable (current) Long-term debt Common stock Retained earnings Total Additional Information Gurrent ratio (at vear end) Total liabilities divided by total stockholders' equity 25,000 294,000 432,000 25.000 300.000 slavento turnover based on sales and ending inventor Inventor turnover based on cost of goods sold and ending inventory Gross margin for the year 1,5 to 1 0.8 15 times 10.5 times P315,000 What was rend' balance in trade accounts payable at year-end? What was Trend's balance in retained earnings at year-end? Was rends Dalance in the inventory account at year-end?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The statement of financial position of Trend, Inc. is presented below. These are the only accounts in Trend's statement of financial position. Amounts indicated by question mark (?) can be calculated from the additional information
given
Cash
Accounts rereivahle(net)
Inventory
Property. Dant and equipment (net
ota
LIabilitieS and Stockholders Equity
Accounts Davable trade
Income taxes Davable (current)
Long-term debt
Common stock
Retained earnings
Total
Additional Information
Gurrent ratio (at vear end)
Total liabilities divided by total stockholders' equity
25,000
294,000
432,000
25.000
300.000
slavento
turnover based on sales and ending inventor
Inventor turnover based on cost of goods sold and ending inventory
Gross margin for the year
1,5 to 1
0.8
15 times
10.5 times
P315,000
What was rend' balance in trade accounts payable at year-end?
What was Trend's balance in retained earnings at year-end?
Was rends Dalance in the inventory account at year-end?
The balance of Accounts Receivables as at the end of the year is?
The balance of Long-term debt as at the end of the year is?
Transcribed Image Text:The statement of financial position of Trend, Inc. is presented below. These are the only accounts in Trend's statement of financial position. Amounts indicated by question mark (?) can be calculated from the additional information given.
Assets:
Cash
25,000
Accounts receivable (net)
Inveritory
Property, plant and equipment (net)
294. 000
Total
432.000
Liabilities and Stockholders' Equity
Accounts payable (trade)
Income taxes payable (current)
25,000
Long-term debt
Common stock
300,000
Retained eanings
Total
Additional Information:
Current ratio (at year end)
1.5 to 1
Total liabilities divided by total stockholders' equity
0.8
Inventory turmover based on sales and ending inventory
15 times
Inventory turnover based on cost of goods sold and ending inventory
10.5 times
Gross margin for the year
P315,000
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