Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable $ 41,610 Accounts payable 7,315 Cash 16,120 Common stock 42,000 Land 17,000 Long-term notes payable 20,350 Merchandise inventory 30,750 Retained earnings 35,815

Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable $ 41,610 Accounts payable 7,315 Cash 16,120 Common stock 42,000 Land 17,000 Long-term notes payable 20,350 Merchandise inventory 30,750 Retained earnings 35,815

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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Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Υ1 Accounts receivable, end of year $113,600 $120,000 $128,200 Sales on account 829,280 781,830 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Υ3 20Y2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days
On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 23, 300 48, e00 $ 4, 580 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37, 200 72,188 28,980 37,000 63, 0ee 39, 0ee Common Stock Retained Earnings Totals $172,400 $172,480 The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,62e units for $168, 800 on account ($1es cach). January 8 Purchase 1,7e8 units for $187,800 on account ($118 cach). January 12 Purchase 1,88e units for $207, 8ee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
The following items are reported on a company's balance sheet: Cash $225,000 Marketable securities 115,000 Accounts receivable (net) 112,000 Inventory 158,000 Accounts payable 244,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.
Required Information On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $ 58,800 25,200 Credit Allowance for Uncollectible Accounts $ 2,300 Inventory 36,400 Notes Receivable (5%, due in 2 years) 13,200 Land 156,000 Accounts Payable Common Stock 14,900 221,000 51,400 $ 289,600 $ 289,608 Retained Earnings Totals During January 2024, the following transactions occur. January 1 Purchase equipment for $19,680. The company estimates a residual value of $1,600 and a six-year service life. January 4 Pay cash on accounts payable, $9,600. January 8 Purchase additional inventory on account, $83,980. January 15 Receive cash on accounts receivable, $22,100. January 19 Pay cash for salaries, $29,980. January 28 Pay cash for January utilities, $16,500. January 38 Firework sales for January total $221,008. All of these sales are on account. The cost of the units sold is $115,580. Information for adjusting entries: a.…
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $570,000 $442,000 Marketable securities 660,000 497,300 Accounts and notes receivable (net) 270,000 165,700 Inventories 1,485,000 1,110,200 Prepaid expenses 765,000 709,800 Total current assets $3,750,000 $2,925,000 Current liabilities: Accounts and notes payable (short-term) $435,000 $455,000 Accrued liabilities 315,000 195,000 Total current liabilities $750,000 $650,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Nilo has from the preceding year to the current year. The working capital, current ratio, and quick ratio have all v . Most of these changes are the result of an in current assets relative to current liabilities.
On January 1, 2021, the general ledger of Big Blast Fireworks Includes the following account balances: Accounts Debit Credit Cash $ 23, 300 Accounts Receivable Allowance for Uncollectible Accounts 40, 000 $ 4,500 Inventory 37, 000 72,108 Land Accounts Payable Notes Payable (6%, due in 3 years) 28,900 37,e00 Common Stock 63,000 Retained Earnings 39,e00 Totals $172,480 $172,400 The $37,000 beginning balance of Inventory consists of 370 units, each costing $100. During January 2021. Big Blast Fireworks had the following Inventory transactions: January 3 Purchase 1,680 units for $168,8ee on account ($185 each). January 8 Purchase 1,700 units for $187,0ee on account ($11e each). January 12 Purchase 1,800 units for $207,0ee on account ($115 each). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $788,00e. The cost of the units sold is deternined using a FIF0 perpetual inventory system. January 22 Receive $753,80e from…
Brock Company's financial information is listed below. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. What is the current ratio? Round your answer to two decimal places.
The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $418,000 $345,600 Marketable securities 484,000 388,800 Accounts and notes receivable (net) 198,000 129,600 Inventories 290,400 87,800 Prepaid expenses 149,600 56,200 Total current assets $1,540,000 $1,008,000 Current liabilities: Accounts and notes payable (short-term) $319,000 $336,000 Accrued liabilities 231,000 144,000 Total current liabilities $550,000 $480,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Albertini has from the preceding year to the current year. The working capital, current ratio, and quick ratio have all Most of these changes are the result of an in current assets relative to current liabilities.
Use the following information from financial statements of Hamilton Inc. Information from Balance Sheet Accounts: 12/31/2020 12/31/2021 Accounts receivable, gross Allowance for uncollectible accounts 5,000 70,000 90,000 Advances from customers 1,600 600 Information from Income Statement Accounts: Revenue (gross) carned during 2021 277,000 Bad debt expense in 2021 5,200 Other Information: Accounts receivable of 3,900 were written off during the year 2021.
Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018. Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings S 40,730 8,820 14,350 42,000 16,000 20,200 31,475 31,535
Using these data from the comparative balance sheets of Blossom Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2022 Dec. 31, 2021 Amount Percentage Amount Percentage Accounts receivable (net) $424,551 enter Accounts receivable in percentages on Dec. 31, 2022 % $ 333,450 enter Accounts receivable in percentages on Dec. 31, 2022 % Inventory 707,585 enter Inventory in percentages on Dec. 31, 2022 % 589,950 enter Inventory in percentages on Dec. 31, 2022 % Total assets 3,011,000 enter Total assets in percentages on Dec. 31, 2022 % 2,565,000 enter Total assets in percentages on Dec. 31, 2022 %

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Accounts receivable	$	41,610
Accounts payable		7,315
Cash		16,120
Common stock		42,000
Land		17,000
Long-term notes payable		20,350
Merchandise inventory		30,750
Retained earnings		35,815