Wichita, Inc. reported the following amounts on its financial statements prepared as of the end of the current accounting period: Revenues Expenses Net income Current assets; Long-term assets Total assets Current liabilities Long-term liabilities Total liabilities. Common stock Retained earnings Total equity Total liabilities and equity What is the company's debt-to-assets ratio? $200,000 180,000 $50,000 150,000 $ 20,000 80,000 $ 40,000 60,000 $ 20,000 $200,000 100,000 100,000 $200,000

Wichita, Inc. reported the following amounts on its financial statements prepared as of the end of the current accounting period: Revenues Expenses Net income Current assets; Long-term assets Total assets Current liabilities Long-term liabilities Total liabilities. Common stock Retained earnings Total equity Total liabilities and equity What is the company's debt-to-assets ratio? $200,000 180,000 $50,000 150,000 $ 20,000 80,000 $ 40,000 60,000 $ 20,000 $200,000 100,000 100,000 $200,000

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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What amount of total assets does the company report on its balance sheet? What amount of total liabilities does the company report on its balance sheet?
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The balance sheet for Shankland Corporation follows: 000'009 $ 000006 Current assets Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings 000 0000 000 00 000 009' 000 006 Total liabilities and stockholders' equity 000'00s Required Compute the following. (Round "Ratios" to 1 decimal place.) Working capital Current ratio Debt-to-assets ratio Debt-to-equity ratio
The financial statements for Armstrong and Blair companies for the current year are summarized below: Blair Company Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other non-current assets Total assets Current liabilities. Long-term debt (10%) Share capital Contributed surplus Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales revenue (1/3 on credit) Cost of sales Expenses (including interest and income tax) Net earnings Accounts receivable (net) Inventory Long-term debt Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding $ Selected data from the financial statements for the previous year follows: Blair Company Armstrong Company 30,000 82,000 94,000 $ 50,000 28,000 86,000 $ $ 18 30% 46,000 15,000 Armstrong Company $ 36,000 $ 32,000 30,000 40,000 205,000 35,000 170,000 95,000 $ 536,000 $ 125,000 94,000 180,000 40,000 97,000 $ 536,000 $ 550,000…
The balance sheet for Campbell Corporation follows: Current assets $233,000 763,000 $996, 000 $141,000 456,000 597,000 399,000 $996,000 Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity
Stark Company's most recent balance sheet reported total assets of $1,840,000, total liabilities of $830,000, and total equity of $1,010,000. Its debt-to-equity ratio is: 1.00 0.82 0.55 1.22 0.45
Ariel Corporation reports the following year-end balance sheet data. The company's working capital equals: Cash Accounts receivable $ Current 54,000 liabilities Long-term liabilities Inventory 74,000 Common stock 114,000 Retained earnings Total assets Equipment 159,000 $218,000 $197,000 $356,000 $108,000 $89,000 69,000 $ 89,000 $ 356,000 and equity 49,000 104,000 Total liabilities $ 356,000
Anderson Inc has total assets of $18,797, current assets of $3,777, current liabilities of $4,999 and total equity of $7,036. Given this information what is the long term debt of the company?
WD Corporation reports the following year-end balance sheet data. The company's debt-to-equity ratio equals: Cash $ 42,000 Current liabilities $ 77,000 Accounts receivable 57,000 Long-term liabilities 28,000 Inventory 62,000 Common stock 102,000 Equipment 147,000 Retained earnings 101,000 Total assets $ 308,000 Total liabilities and equity $ 308,000
Based on the above information, analyze the changes in the company's profitability and liquidity, in addition to the management of accounts receivable and inventory from 2022 to 2024. (Round answers to 1 decimal place, eg 13.5% or 13.5.) 2023 Sales Cost of goods sold Gross margin Other expenses Income taxes Net income Current ratio Quick ratio A/R turnover Average collection period Inventory turnover Days to sell inventory Debt to equity Return on assets 2022 Return on equity % 2022 % % 2022 :1 :1 times days times days 56 2023 % % % 2023 times days times days 2024 Based on the above information, analyze the company's use of leverage from 2022 to 2024. (Round answers to 1 decimal place, eg 15.1%) % 2024 % % % 2024
The current year financial statements for Blue Water Company and Prime Fish Company are presented below. Balance sheet Cash Accounts receivable (net) Inventory Property & equipment (net) Blue Water Prime Fish $ 42,400 45,000 $ 19,600 35,200 Other assets Total assets Current liabilities Long-term debt (interest rate: 10%) Capital stock ($10 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity $ 425,800 Income statement Sales revenue (1/3 on credit) Cost of goods sold Operating expenses Net income Other data Per share stock price at end of current year Average income tax rate $ 426,000 (234,000) (163,800) 92,000 161,000 85,400 $ 425,800 $ 92,000 74,800 157,800 30,400 70,800 48,400 417,800 319,000 $ 840,000 $ 70,000 62,800 526,000 107,400 73,800 $ 840,000 $ 788,000 (401,400) (312,400) $ 28,200 $ 74,200 $ 23.4 30% $ 29 30% Dividends declared and paid in current year $ 34,400 $ 155,000 Both companies are in the fish catching and manufacturing…
On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows: Current assets Items Noncurrent assets Total assets Current liabilities Long-term debt Stockholders' equity Total liabilities and equities Park $ 92,500 114,500 $ 207,000 $ 44,000 64,000 99,000 Strand $ 31,050 49,700 $ 80,750 $ 30,750 0 50,000 $ 207,000 $ 80,750 On January 2, Park borrowed $58,400 and used the proceeds to obtain 80 percent of the outstanding common shares of Strand. The acquisition price was considered proportionate to Strand's total fair value. The $58,400 debt is payable in 10 equal annual principal payments, plus interest, beginning December 31. The excess fair value of the investment over the underlying book value of the acquired net assets is allocated to inventory (60 percent) and to goodwill (40 percent). Required: On a consolidated balance sheet as of January 2, calculate the amounts for each of the following: a. Current assets b. Noncurrent assets c. Current…