(1)
Introduction: The financial statements of a company include a
To identify: The amount for Company V.
(2)
Introduction: The financial statements of a company include a balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To identify: The amount for Company W.
(3)
Introduction: The financial statements of a company include a balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To identify: The number of owner investments for Company X.
(4)
Introduction: The financial statements of a company include a balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To identify: The amount of ending assets for Company Y.
(5)
Introduction: The financial statements of a company include a balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To identify: The number of beginning liabilities for Company Z.
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FUND.ACCT.PRIN.
- FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was 38,200. REQUIRED Prepare the following financial ratios: (a)Working capital (b)Current ratio (c)Quick ratio (d)Return on owners equity (e)Accounts receivable turnover and the average number of days required to collect receivables (f)Inventory turnover and the average number of days required to sell inventoryarrow_forwardMultiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders equity. Additional common stock of 7,500 was issued during the year ended June 30, 20Y7. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4. Briefly explain how multiple and single-step income statements differ.arrow_forwardMotorola Credit Corporation's annual report: Net revenue (sales) Net earnings Total assets Total liabilities Total stockholders' equity a. Find the total debt to total assets ratio. Note: Round your answer to the nearest hundredth percent. Total debt to total assets Return on equity b. Find the return on equity ratio. Note: Round your answer to the nearest hundredth percent. (dollars in millions) $ 297 163 2,175 1,880 295 Asset turnover c. Find the asset turnover ratio. Note: Round your answer to the nearest cent. Profit margin % % % d. Find the profit margin ratio on net sales. Note: Round your answer to the nearest hundredth percent.arrow_forward
- Consider the following account balances of Evan McGruder, Incorporated, as of December 31, Year 3: Accounts Payable $ 113,420 Retained Earnings $ 56,000 Equipment 422,900 Notes Payable, due Year 5 344,500 Common Stock 206,500 Accounts Receivable 203,800 Income Tax Payable 4,030 Cash 97,750 Required:Prepare a classified balance sheet at December 31, Year 3.arrow_forwardWhat is the Days Payables Outstanding? Use the attached financial data to calculate the ratios. Round to the nearest decimal. Abercrombie & Fitch Co (ANF) Financial Data Revenues Cost of Sales Total Operating Expenses Interest Expense Income Tax Expense Diluted Weighted Shares Outstanding Cash + Equivalents Accounts Receivable Inventories Total Current Assets Total Assets Accounts Payable Total Current Liabilities Total Stockholders' Equity ANF Stock Price = $10.30 Select one O A. 42.3 days, 37.0 days OB. 76.1 days, 89.4 days OC. 89.4 days, 37.0 days OD. 76.1 days, 97.7 days 2022 $3,659.3 $1,545.9 $2,026.9 $28.5 $37.8 52.8 $257.3 $108.5 $742.0 $1,220.4 $2,694.0 $322.1 $935.5 $656.1 2021 $3,712.8 $1,400.8 $1,968.9 $34.1 $38.9 62.6 $823.1 $69.1 $525.9 $1,507.8 $2,939.5 $374.8 $1,015.2 $826.1arrow_forwardAnswer for Question E. What is Net Income?arrow_forward
- Practice Helparrow_forwardStudy the information in the ledger accounts given below and answer the questions that ACTIVITY 2.14 year INSTRUCTIONS: follow: a) Show all workings b) The accounting period ends on 28 February. NOTE: 1. INFORMATION: Dit, GENERAL LEDGER OF DANKER TRADERS 1.1 BALANCE SHEET ACCOUNTS SECTION H/W EQUIPMENT DR. 20.6 Sept CR. 1 Bank Creditors Control 20.7 200 000 Feb 60 000 260 000 28 Balance c/d 260 000 CR. 260 000 20.7 20.7 1 Balance b/d March 20.7 260 000 Sept ? 20.8 1 Bank 100 000 360 000 Sept Feb 28 Balance c/d 300 000 360 000 CR. 20.8 Mar 1 Balance b/d 300 000 DR. ACCUMULATED DEPRECIATION ON EQUIPMENT CR. 20.7 28 Depreciation 20.7 Sept 20.8 Feb 28 20.7 Sept R. 1 Assets Disposal ? Feb ? NOMINAL ACCOUNTS SECTION LOSS ON SALE OF ASSETS CR. DR. 20.7 Sept 1 600 1 Assets Disposal 1.2 Additional Information: Depreciation is provided for annually at 20 % on the diminishing balance method. Grade 11 Learners book New Generation Accounting Grade 11arrow_forwardSimple Accounting – Balance Sheet. Assets Liabilities Shareholders' Equity $567,005.00 $389,055.00 O a. $567,005.00 O b. $389,055.00 O c. $177,950.00 O d. $744,955.00arrow_forward
- Financial Accounting Question please answerarrow_forward2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,196,500 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14…arrow_forwardOo.86. Subject :- Accountarrow_forward
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