UTT Co. shows the following information on its 2019 financial statement: interest expense = $6,900; dividends = $7,950. In addition, you're told that the firm issued $4,100 in new equity during 2019 and redeemed $6,900 in outstanding long-term debt. What is the 2019 cash flow to creditors?
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- Finance Schwert Corp. shows the following information on its 2019 income statement: sales = $246,000; costs = $135,000; other expenses = $7,100; depreciation expense = $19,100; interest expense = $10,000; taxes = $18,876; dividends = $9,800. In addition, you’re told that the firm issued $7,900 in new equity during 2019 and redeemed $6,800 in outstanding long-term debt. Net capital spending is X. There is no change in net working capital. What is X?The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,455,000 and the Decembrr 31, 2019, balance sheet showed long-term debt of $1,690,000. The 2019 income statement showed an interest expense of $99,500. What was the firm's cash flow to creditors during 2019?Bernard King Co.'s (BKC) balance sheet shows $7150 in long term debt at the end of 2020. BKC paid $740 in interest during 2020 and cash flow to creditors for 2020 was -$850. How much long term debt was on BKC's balance sheet at the end of 2019?
- Able Inc. borrowed $60,000 on October 1, 2019 and agreed to pay back $75,000 on October 1, 2022. How much did Able show in interest payable and interest expense in its annual financial statements at December 31, 2021? O Interest expense $5,000; interest payable $11,250 Interest expense $5,000; interest payable $3,750 O Interest expense $5,000; interest payable $5,000 Both interest expense and interest payable $11,250 O Interest expense is $11,250 and interest payable is $5,00OHokusai Creative's 2018 balance sheet showed long-term debt of $450,000, the 2019 balance sheet showed long-term debt of $490,000, and the 2019 income statement showed an interest expense of $15,750. Cash flow to creditors in 2019 was:At the beginning of 2019, Blue Devil Inc. had net Accounts Receivable of $49,000. At the end of 2019, Blue Devil had cash of $41,000; net Accounts Receivable of $51,000; and short-term investments of $15,000. It also has $28,000 in current liabilities and $39,000 in long-term liabilities. The sales of 2019 is $120,000 and net income is $18,000. Required: Calculate the quick ratio and the account receivable turnover for 2019. Please show your calculation steps.
- Consider the following liabilities of Future Brands, Inc., at December 31, 2018, the company’s fiscal year-end.Should they be reported as current liabilities or long-term liabilities?1. $77 million of 8% notes are due on May 31, 2022. The notes are callable by the company’s bank, beginningMarch 1, 2019.2. $102 million of 8% notes are due on May 31, 2023. A debt covenant requires Future to maintain a currentratio (ratio of current assets to current liabilities) of at least 2 to 1. Future is in violation of this requirementbut has obtained a waiver from the bank until May 2019, since both companies feel Future will correct thesituation during the first half of 2019.AGT Inc., had the following condensed Statement of Financial Position(Balance Sheet) at the end of operations for 2019.AGT INC.STATEMENT OF FINANCIAL POSITIONDECEMBER 31, 2019Cash $ 8,500 Other Current Liabilities $ 15,000Other Current Assets 29,000 Long-term Loan payable 25,500Long TermInvestments20,000 Short-term LoanPayable25,000Plant assets (net) 67,500 Capital 75,000Land 40,000 Retained Earnings 24,500$165,000 $165,000 During 2020 the following occurred.1. A tract of land was purchased for $9,000 (cash)2. A short term loan in the amount of $15,000 were retired (paid off).3. The owner invested an additional $10,000 in Capital.4. The Owner withdrew cash totaling $9,375 for personal expenses.5. Net Income was $35,250 after charging depreciation of $13,5006. AGT Inc., purchased land for $22,500 by taking an additionallong term loan.7. AGT Inc. sold part of its long term investments for $12,875. Thistransaction resulted in a gain of $2,000 for the company. This gainwas included in the…Prepare a Projected Statement of Financial Position of Sky Company dated December 31, 2019. Below is the list of accounts. Follow the Pro-forma Statement of Financial Position. Lists of accounts & their respective amount: Net, PPE – 7,627,900 Cash - 640,000 Accounts payable -5,189,350 Accounts receivable -4,224,948 Owner’s Equity -16,240,316 Short-term investments – 9,495,393 Short-term borrowings: Inventories – 1,076,000 Payable to PPE supplier - 1,200,000 Accrued taxes – 434,575
- Mimi Company revealed the following account balances on December 31, 2020 Accounts payable. 1,500,000 Bonds payable, due 2021. 2,500,000 Discount on bonds payable. 300,000 Dividends Payable 800,000 Note payable, due 2022. 2,000,000 What amount should be reported in the statement of financial position as current liabilities?Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?The 2020 balance sheet of Osaka’s Tennis Shop, Incorporated, showed long-term debt of $2.25 million, and the 2021 balance sheet showed long-term debt of $2.66 million. The 2021 income statement showed an interest expense of $305,000. During 2021, Osaka’s Tennis Shop, Incorporated, realized the following: Cash flow to creditors –$ 105,000 Cash flow to stockholders $ 209,000 Suppose you also know that the firm’s net capital spending for 2021 was $1.5 million and that the firm reduced its net working capital investment by $55,000. What was the firm’s 2021 operating cash flow, or OCF?