+Use the following information to calculate total Assets for the year ended December 31,2011:Supplies$500Revenues$17,000Operating Expenses10,000 Cash16,000Accounts Payable 11,000 DividendsAccounts Receivable 4,000 Notes payable 2,0006,000Common stock10,000 EquipmentRetained earnings4,0007,500

Total Assets = Supplies + Accounts Receivable + Cash + Equipment= 500 + 4000 + 16000 + 7500= 28,000…

Answered: + Use the following information to…

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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Recent financial statements ior Madison Company follow : AssetsCurrent assets: Madison Company Balance Sheet June 30 Cash$ 21,000Accounts receivable , net160,000Merchandise inventory prepaid expenses;300,0009,000Total current assets490 ,000Plant and equipment , net810,000Total assets$1 ,300,000Liabilities and Stockholders' EquityLiabilities:Current liabilities$ 200,000Bonds payable, 10%300,000Totalliabil ies500,000Stockholders' equ:Common stock, $5 par value$100,000Retained earnings700,000Total stockholders' equity600,000Totalliabil ies and stockholders' equ$1 ,300,000Madison Company Income StatementFor the Year Ended June 30Sales$2,100,000Cost of goods sold1,260,000Gross rna rgin840,000Selling and administrative expenses660,000Net operating income180,000Interest expense30,000Net income before taxes150,000Income taxes45,000Net income$ 105,000Account balances at the beginning of the company 's fiscal year were : accounts receivable , $140,000 ;and…
Data extracts from Gamma's accounts are shown below Turnover Gross Profit Expenses Operating Profit Interest and Tax Profit for Year Non-current assets Inventory Receivables Cash at Bank Payables Other Current Liabilities Net current assets Shareholder funds 10% Debenture (2030) Required: Ye-Dec-20 Ye-Dec-19 18,500 16,000 4,500 4,000 1,500 2,400 3,000 1,600 1,100 700 1,900 900 19,600 16,400 840 640 2,790 1,890 450 350 830 570 340 460 2,910 1,850 15,510 13,250 7,000 5,000 22,510 18,250 A) Calculate the following accounting ratios for each year-end 1) Return on Capital Employed 2) Profit Margin on Sales 3) Gearing Ratio 4) Interest Cover Ratio 5) Return to Shareholders 6) Quick Asset or Acid test Ratio 7) Cash Conversion Period (Operating Cash Cycle) B) Outline the limitations of accounting ratios
CALCULATE SPACEX'S NET CAPITAL SPENDING IN FY24
Carr Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet Ending Balance Beginning Balance Cash and cash equivalents $ 3,060 $ 25,070 Accounts receivable 88,000 77,390 Inventory 41,300 48,410 Prepaid expenses 9,810 16,500 Long-term investments 252,000 208,000 Property, plant, and equipment 566,500 489,600 Less accumulated depreciation 339,200 318,600 Total assets $ 621,470 $ 546,370 Accounts payable $ 9,180 $ 27,250 Accrued liabilities 25,680 17,850 Income taxes payable 53,900 50,600 Bonds payable 176,000 210,000 Common stock 152,000 140,000 Retained earnings 204,710 100,670 Total liabilities and stockholders' equity $ 621,470 $ 546,370 Income Statement Sales $ 926,500 Cost of goods sold 486,000 Gross margin 440,500 Selling and administrative expense 286,200 Net operating income 154,300 Income taxes 41,300 Net income $ 113,000 The company declared and paid…
Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %
This Year Last Year Assets Current assets: Cash $360,000 $310,000 Marketable securities 220,000 80,000 Accounts receivable, net 775,000 700,000 Inventory 925,000 750,000 Other current assets 355,000 195,000 Total current assets 2,635,000 2,035,000 Plant and eqipment, net 1,975,000 1,800,000 Other assets 75,000 100,000 Total assets $4,685,000 $3,935,000 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $250,000 $225,000 Short-term bank loans 750,000 600,000 Accrued payables 550,000 395,000 Other current liabilities 275,000 223,400 Total current liabilities 1,825,000 1,443,400 Bonds payable, 10% 575,000 400,000 Total liabilities 2,400,000 1,843,400 Stockholders' equity: Common stock 1,150,000 1,150,000 Retained earnings 1,135,000 941,600 Total stockholders' equity 2,285,000 2,091,600 Total liabilities and stockholders' equity $4,685,000 $3,935,000…
Sh19
Current Assets Cash A/R Inventory Total Net Plant & Equip Total Assets Tomson Corporation 2013 and 2014 Statement of Financial Position Assets 2013 $ 8,436 21,530 38.760 $ 68,726 $ 226.706 $295,432 2014 $ 10,157 23,406 42.650 $ 76,213 Current Liabilities A/P Notes Payable Total 1. The current ratio for each year 2. The quick ratio for each year Long-term Debt Owner's Equity Common Stock & Paid-in Surplus Retained Earnings $248,306 Total Total Liabilities & $324,519 Owners Equity Liabilities 3. The cash ratio for each year 4. The NWC to total assets ratio for each year 2013 5. The debt-equity ratio and the equity multiplier for each year 6. The total debt ratio and the long-term debt ratio for each year Round all answers to 2 decimal places. $ 43,050 18.384 $61.434 $ 25.000 $ 40,000 168.998 $ 208,998 $ 295,432 2014 1. Prepare: The 2014 combined common-size, common-base year statement of financial position for Tomson. Round your intermediate calculations to 2 decimal places…
calculate spaceX net capital spending in FY24
Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $661,910Interest expense 116,810Average total assets 6,280,000Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). Current assets 3M Company Balance Sheets (partial) Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities Screenshot Current ratio Working capital 2022 $ $3,180 3,600 2,738 1,932 $11,450 $4,830 2021 $1,836 3,180 3,019 1,590 Suppose that at the end of 2022, 3M management used $183 million cash to pay off $183 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25: 1. Enter working capital answer to million.) $9,625 $5,887 :1 million Done
Lydex Company Comparative Balance Sheet Assets Current assets: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Note payable, 10% Total liabilities Stockholders' equity: $ 1,260,000 This Year Last Year $960,000 0 2,700,000 3,900,000 240,000 7,800,000 9,300,000 $ 17,100,000 300,000 1,800,000 2,400,000 180,000 5,940,000 8,940,000 $ 14,880,000 $ 3,900,000 3,600,000 7,500,000 7,800,000 1,800,000 9,600,000 $ 2,760,000 3,000,000 5,760,000 7,800,000 1,320,000 9,120,000 Common stock, $ 78 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Lydex Company $ 17,100,000 $ 14,880,000 Comparative Income Statement and Reconciliation Sales (all on account) Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes…

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