Accounts payable $18,200 Accounts receivable 8,500 Accumulated depreciation—equipment 5,300 Bonds payable 17,500 Cash 25,000 Common stock 26,800 Cost of goods sold 28,800 Depreciation expense 5,000 Dividends 5,900 Equipment 45,500 Interest expense 2,300 Patents 7,260 Retained earnings, January 1, 2022 19,300 Salaries and wages expense 6,100 Sales revenue 53,800 Supplies 6,540find Earning per share

Earnings per share means how much net income has been earned by each and every common stockholder in…

Answered: Accounts payable $18,200 Accounts…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…
Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…
Privett Company Accounts payable $25,706 Accounts receivable 69,080 Accrued liabilities 6,802 Cash 24,669 Intangible assets 39,621 Inventory 80,854 Long-term investments 102,077 Long-term liabilities 71,722 Marketable securities 31,454 Notes payable (short-term) 20,574 Property, plant, and equipment 695,319 Prepaid expenses 2,739 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.19.7 b.3.9 c.2.4 d.1.1
Daidnice oneels as of December 2021 2020 Assets Cash and equivalents $ 14,000 $ 12,000 Accounts receivable Inventories 35,000 30,000 34,845 29,000 Total current assets $ 83,845 $ 71,000 Net plant and equipment 49,000 46,000 Total assets $132,845 $117,000 Liabilities and Equity Accounts payable $10,500 $9,500 Accruals 8,000 5,000 Notes payable 6,600 5,300 Total current liabilities $ 25,100 $ 19,800 Long-term bonds 20,000 20,000 Total liabilities $ 45,100 $ 39,800 Common stock (4,000 shares) 60,000 60.000 Retained earnings Common equity Total liabilities and equity 27,745 17,200 $ 87,745 $ 77,200 $132,845 $117,000 Income Statement for Year Ending December 31, 2021 Sales $215,000 Operating costs excluding depreciation and amortization EBITDA 170,000 $ 45,000 Depreciation & amortization 7,000 EBIT Interest $ 38,000 EBT Taxes (25%) Net income Dividends paid 700 $ 37,300 9,325.00 $27.975.00 $17,430.00 Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered…
Privett Company Line Item Description Amount Accounts payable $27,815 Accounts receivable 70,978 Accrued liabilities 6,525 Cash 22,970 Intangible assets 43,640 Inventory 74,446 Long-term investments 100,209 Long-term liabilities 78,528 Marketable securities 34,768 Notes payable (short-term) 25,264 Prepaid expenses 2,065 Property, plant, and equipment 646,687 Based on the data for Privett Company, what is the amount of working capital? a. $205,227 b. $995,763 c. $128,716 d. $145,623
BALANCE SHEET Liabilities Amt Assets Amt Accounts payable 5,000 Machine and equipment 15,000 Long term debt 8,700 Cash on hand 1,500 Current portion of long term debts 1,700 Merchandise inventory 12,400 Accrued interest payable 1,400 Buildings and improvements 20,000 Mortgage payable 14,500 Accounts receivables 6,200 Capital 74,500 Land 50,000 Prepaid expenses 700 105,800 105,800 Compute for and interpret the following:a. Current ratiob. Working capitalc. Acid-test ratiod. Net capital ratioe. Networth ratiof. Debt/Asset ratiog. Debt/Equity ratio3. What can you say about the short-run and long-run financial conditions of Farm A?4. What do you think is the main limitation of the given information? Can you effectively analyze both the short-run and long-run positions of Farm A? Why or why not?
Privett Company Accounts payable $38,093 Accounts receivable 71,875 Accrued liabilities 6,498 Cash 16,564 Intangible assets 41,063 Inventory 87,647 Long-term investments 116,936 Long-term liabilities 79,257 Marketable securities 32,769 Notes payable (short-term) 20,641 Property, plant, and equipment 672,905 Prepaid expenses 1,699 Based on the data for Privett Company, what is the amount of quick assets? a.$809,885 b.$121,208 c.$49,333 d.$1,640,789
ABC Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 17. Total current assets reported in the December 31, 2021 balance sheet is a. 176,000 b. 156,000 c. 173,000 d. 170,000
Cash $ 152,000 Liabilities Accounts receivable 1,308,720 Accounts payable $ 763,800 Raw materials inventory 374,300 Loan payable 12,000 Finished goods inventory 1,237,052 Long-term note payable 1,900,000 $ 2,675,800 Equipment $ 2,280,000 Equity Less: Accumulated depreciation 570,000 1,710,000 Common stock 1,273,000 Retained earnings 833,272 2,106,272 Total assets $ 4,782,072 Total liabilities and equity $ 4,782,072 To prepare a master budget for April, May, and June, management gathers the following information. Sales for March total 77,900 units. Budgeted sales in units follow: April, 77,900; May, 74,100; June, 76,000; and July, 77,900. The product’s selling price is $24.00 per unit and its total product cost is $19.85 per unit. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month’s ending materials inventory to equal 50% of the next month’s direct materials…
Harding Company Accounts payable $40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 What is the amount of quick assets? Oa. $66.000 Ob. $205,000 Oc. $203.000 Od. $131.000
Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable - bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet is
Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers’ accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet is

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Accounts payable		$18,200
Accounts receivable		8,500
Accumulated depreciation—equipment		5,300
Bonds payable		17,500
Cash		25,000
Common stock		26,800
Cost of goods sold		28,800
Depreciation expense		5,000
Dividends		5,900
Equipment		45,500
Interest expense		2,300
Patents		7,260
Retained earnings, January 1, 2022		19,300
Salaries and wages expense		6,100
Sales revenue		53,800
Supplies		6,540