7- XYZ Co. is a retail company and its selected financial statements items are given as following. Its Total Assets are42300 and 39300 respectively for the year 2020 and 2019. Its Total Current Assets are 20200 and 17700 respectivelyfor the year 2020 and 2019. Its Total Liabilities are 31500 and 29200 respectively for the year 2020 and 2019. Its TotalCurrent Liabilities are 21500 and 18800 respectively for the year 2020 and 2019. Inventory equals to 7500 and 6800respectively for the year 2020 and 2019. Cash and Cash Equivalents equals to 4000 and 3000 respectively for the year2020 and 2019. (All numbers are in dollars).What is cash ratio of XYZ Co. for the year 2020?a)19%b)29%39%49%

Cash ratio =Cash +marketable securities/Current laibilties Marketable securities are cash…

XYZ Co. is a retail company and its selected financial statements items are given as follo 42300 and 39300 respectively for the year 2020 and 2019. Its Total Current Assets are 2 for the year 2020 and 2019. Its Total Liabilities are 31500 and 29200 respectively for the Current Liabilities are 21500 and 18800 respectively for the year 2020 and 2019. Invent respectively for the year 2020 and 2019. Cash and Cash Equivalents equals to 4000 and 2020 and 2019. (All numbers are in dollars). What is cash ratio of XYZ Co. for the year 2020?

XYZ Co. is a retail company and its selected financial statements items are given as follo 42300 and 39300 respectively for the year 2020 and 2019. Its Total Current Assets are 2 for the year 2020 and 2019. Its Total Liabilities are 31500 and 29200 respectively for the Current Liabilities are 21500 and 18800 respectively for the year 2020 and 2019. Invent respectively for the year 2020 and 2019. Cash and Cash Equivalents equals to 4000 and 2020 and 2019. (All numbers are in dollars). What is cash ratio of XYZ Co. for the year 2020?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ending in either 2021 or 2022. All values are in thousands of dollars. Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes Accounts payable Accounts receivable 2021 $ 4.500 1,900 600 290 540 130 420 280 440 Price 5,300 1.800 856 440 850 per share 2022 $ 4.600 2,000 620 350 590 Net fixed assets Long-tern debt Notes payable Dividends paid Cash and marketable securities *Taxes are paid in their entirety in the year that the tax obligation is incurred. 130 440 320 510 6. 190 *Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Suppose that the market value (in thousands of dollars) of Fincorp's fixed assets in 2022 is $6,500 and that the value of its long-term debt is only…
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Simone Inc. reported revenue of P3,000,000 in its accrual basis income statement for the year ended December 31, 2019. Additional information are as follows: Accounts receivable, December 31, 2018, P600,000 and Accounts receivable, December 31, 2019, P1,000,000. Under the cash basis, how much should Simone Inc. report as revenue for 2019?
Wildhorse Inc, a greeting card company, had the following statements prepared as of December 31, 2020. WILDHORSE INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6.000 $6,900 Accounts receivable 62,500 50,900 Short-term debt investments (available-for-sale) 35,200 17.900 Inventory 40,300 59,500 Prepaid rent 4,900 4,100 Equipment 153,100 129,600 Accumulated depreciation-equipment (35.200 ) 45.600 (24,700 ) Copyrights 50,500 Total assets $312.400 $294,700 Accounts payable $45,500 $40,000 Income taxes payable 4,000 6,100 Salaries and wages payable 8,000 3,900 Short-term loans payable 8,000 9.900 Long-term loans payable 59.400 68.800 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 57,500 36,000 Total liabilities & stockholders' equity $312,400 $294,700 WILDHORSE INC. INCOMESTATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $337,300 Cost of goods sold 174,000 Gross profit 163,300…
71. During 2019, Dew Company, a service organization, had P200,000 in cash sales and P3,000,000 in credit sales The accounts receivable balances were P400,000 and P485,000 on December 31,2018 ans 2019 respectively. If the entity desires to prepare a cash basis income statement, what amount should be reported as sales for the current year? а. 3,285,000 b. 3,200,000 с. 3,115,000 d. 2,915,000
Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
subject : Accounting
GALLAGHER CORPORATION Income Statement For the Year Ending December 31, 2021 Sales revenue 950,000 Less: Cost of Goods Sold 600,000 Gross Profit 350,000 Less Operating Expenses 250,000 100,000 Income from Operations Other revenues and expenses 15,000 (3,000) Gain on sale of investments Loss on sale of equipment 12,000 Income before taxes 112,000 Income taxes 45,000 Net Income $ 67,000 Additional Information 1. Equipment costing $10,000 was sold and was 60% depreciated. New equipment was also purchased during the year 2. Cash dividends were declared and paid. 3. Common stock was exchanged for Land. 4. Debt investments costing $35,000 were sold during the year. New debt investment were purchased during the year for $5,000. 5. Accounts receivable are shown net of the allowance for doubtful accounts, because there were no account write-offs during the year. 6. Operating expenses include: Depreciation Expense, $21,000, Amortization Expense, and Interest Expense, $3,300 Instructions: 1.…

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