Bundle: Accounting Information Systems, Loose-Leaf Version, 11th + MindTap Accounting, 1 term (6 months) Printed Access Card
11th Edition
ISBN: 9781337587297
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
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Chapter 3, Problem 5SP
Summary Introduction
To determine: The business that operates only for local customers.
Introduction:
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Per the chart for 2019 below I am looking for the line of credit (LOC) at the bottom for 2019?
Stevens Textile Corporation's 2019 financial statements are shown below
Balance Sheet as of December 31, 2019 (Thousands of Dollars)
Cash
$ 1,080
Accounts payable
$ 4,320
Receivables
6,480
Accruals
2,880
Inventories
9,000
Line of credit
0
Total current assets
$16,560
Notes payable
2,100
Net fixed assets
12,600
Total current liabilities
$ 9,300
Mortgage bonds
3,500
Common stock
3,500
Retained earnings
12,860
Total assets
$29,160
Total liabilities and equity
$29,160
Income Statement for December 31, 2019 (Thousands of Dollars)
Sales
$36,000
Operating costs
34,000
Earnings before interest and taxes
$ 2,000
Interest
160
Pre-tax earnings
$ 1,840
Taxes (25%)
460
Net income
$ 1,380
Dividends (40%)
$ 552
Addition to retained earnings
$ 828
Stevens grew rapidly in 2019 and financed the growth with notes…
Solve these questions without gpt pls, thx
Use an appropriate Excel function. You saved $800,000 for your retirement. Suppose you earn 3.5% annually on your savings; how much money will your savings pay you each month over 20 years? Assume you receive your first month's payment a month from today.
Chapter 3 Solutions
Bundle: Accounting Information Systems, Loose-Leaf Version, 11th + MindTap Accounting, 1 term (6 months) Printed Access Card
Ch. 3 - Define E-business.Ch. 3 - Prob. 2RQCh. 3 - Describe the activities associated with a manual...Ch. 3 - Describe the stages of an automated accounting...Ch. 3 - Prob. 5RQCh. 3 - Explain the relationship between the periodic mode...Ch. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 10RQ
Ch. 3 - Prob. 11RQCh. 3 - Prob. 12RQCh. 3 - Prob. 13RQCh. 3 - Explain the advantages of using electronic...Ch. 3 - Prob. 15RQCh. 3 - What is the main advantage of using EDI to capture...Ch. 3 - Prob. 17RQCh. 3 - Prob. 18RQCh. 3 - Prob. 19RQCh. 3 - How does Internet commerce simplify the world of...Ch. 3 - What role do network providers play in the...Ch. 3 - Prob. 22RQCh. 3 - Prob. 23RQCh. 3 - Prob. 24RQCh. 3 - The business environment is increasingly demanding...Ch. 3 - Consider a business where you shop. Could it...Ch. 3 - Consider your favorite fast food chain restaurant....Ch. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Why is it important to have standards, such as X12...Ch. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Why has the Internet enabled an explosion in...Ch. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Some people believe that an automated accounting...Ch. 3 - Prob. 2SPCh. 3 - E-business has allowed companies to reduce...Ch. 3 - Prob. 4SPCh. 3 - Prob. 5SPCh. 3 - Find a merchandising business on the Internet...Ch. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Prob. 5PCh. 3 - Explain how EDM has been (or could he) used in...Ch. 3 - Using the Internet, find and describe an Internet...Ch. 3 - Prob. 8PCh. 3 - Prob. 9PCh. 3 - Using the four methods of conducting E-business...Ch. 3 - Prob. 11P
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- Calculate what $700 would grow to at 6%6% per year compounded daily for 7 years. (Use the Table 12.2.) Note: Round your final answer to the nearest cent.arrow_forwardI am not getting the correct Line of Credit for this question (LOC)? Please assist. Financing Deficit Stevens Textile Corporation's 2019 financial statements are shown below: Just need the correct LOC? Balance Sheet as of December 31, 2019 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit 0 Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2019 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends (40%) $ 552 Addition to retained earnings $ 828 Stevens grew rapidly in 2019 and…arrow_forward[The following information applies to the questions displayed below.] The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the investments of each pool participant was as follows: Investments 12/31/22 2/15/23 City of Albertville General Fund $ 897,000 $ 935,000 Albertville Schools 4,214,000 4,394,500 Richwood Township 4,030,000 4,020,500 Total $ 9,141,000 $ 9,350,000 On June 15, Richwood Township decided to withdraw $3,080,000 for a capital projects payment. At the date of the withdrawal, the fair value of the Treasury notes had increased by $37,000. Assume that the trust fund was able to redeem the CDs necessary to complete…arrow_forward
- Stevens Textile Corporation's 2019 financial statements are shown below Balance Sheet as of December 31, 2019 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit 0 Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2019 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends (40%) $ 552 Addition to retained earnings $ 828 Stevens grew rapidly in 2019 and financed the growth with notes payable and long-term bonds. Stevens expects sales to grow by 20% in the next year but will finance…arrow_forwardAt year-end 2019, Wallace Landscaping’s total assets were $2.30 million, and its accounts payable were $430,000. Sales, which in 2019 were $2.9 million, are expected to increase by 20% in 2020. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $630,000 in 2019, and retained earnings were $330,000. Wallace has arranged to sell $180,000 of new common stock in 2020 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2020. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its net profit margin on sales is 5%, and 50% of earnings will be paid out as dividends. What was Wallace's total long-term debt in 2019? Round your answer to the nearest dollar. $ What were Wallace's total liabilities in…arrow_forwardSolve quicklyarrow_forward
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