Classify each of the following accounts taken from Faust Company's balance sheet Accounts payable Accounts receivable Cash L. Dawn,capital Patents Salaries payable Merchandise inventory Short-term investments to be sold in seven months) Accumulated depreciation-equipment Buildings Land (in use) Notes payable idue in two years) Supplies Equipment Prepaid expenses V < <
Q: The balance sheet for Shaver Corporation reported the following: cash, $5,000; short-term…
A: Debt to assets ratio is calculated by dividing total liabilities by total assets. The times…
Q: Evelyn's Exotics and Aquatics Shoppe is considering investing $540,000 in a project. The project is…
A: The objective of this question is to calculate the payback period of a project. The payback period…
Q: he following information applies to the questions displayed below.] RunHeavy Corporation (RHC) is a…
A: Income statement shows all incomes and all expenses of the business and at the end, it shows net…
Q: Haricot Corporation and Pinto Corporation both have operating profits of $135 million. Haricot is…
A: For investors and analysts, operating profit is an essential indicator or tool because it provides…
Q: Splish Corporation made credit sales of $30,600 which are subject to 7% sales tax. The corporation…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: following information from general fund accounts in themand) Cech in bank Dr. $100.000 5.800.000
A: To compute the appropriation, add the estimated revenues and budgetary Deficit. To determine the…
Q: On January 1, 2024, Robert Unlimited issues 8%, 20-year bonds payable with a face value of $240, 000…
A: When the bonds are issued at a price more than the face value then the bonds are issued at premium.…
Q: Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid…
A: Journal entries, which are used in double-entry accounting systems, need to have both a debit and a…
Q: c. Prepare journal entries to record the transfer of all completed units to Finished Goods Inventory…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Varto Company has 11,200 units of its product in inventory that it produced last year at a cost of…
A: Incremental Analysis :— This analysis shows the comparison between two different alternatives. A…
Q: Lightsey Natural Dying Corporation measures its activity in terms of skeins of yarn dyed. Last…
A: Spending variance is the difference between the budgeted and actual costs incurred, providing…
Q: Assume the following information appears in the standard cost card for a company that makes only one…
A: variance is the difference between the both standard and actual cost data. It can be classified as…
Q: During Heaton Company’s first two years of operations, it reported absorption costing net operating…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: ZZZ INC bought a computer (5-year property) on July 31 with a basis of $5,500 and some machinery…
A: Depreciation is an accounting method which is used to spread the cost of an asset over its useful…
Q: Determine the price of a $1.7 million bond issue under each of the following independent…
A: Coupon Payment (C):The annual interest payment made by the bond issuer to the bondholder. It's…
Q: As the recently appointed auditor for Pharoah Corporation, you have been asked to examine selected…
A: An intangible asset is a non-physical asset without a physical substance that derives its value from…
Q: A Belgium subsidiary's beginning and ending trial balances appear below: Dr (Cr) Cash, receivables…
A: The rate at which one country’s currency can be converted into another country’s currency referred…
Q: Assume that a company provided the following cost formulas for three of its expenses (where q refers…
A: Flexible budget :— This budget is prepared by multiplying standard variable amount per activity…
Q: Selected data from the comparative statements of financial position of Granger Ltd. are shown below:…
A: HORIZONTAL ANALYSISHorizontal Analysis is one of the important analysis techniques for financial…
Q: Dreymon Corp. expects to sell 1,810 units of finished product in January and 2,200 units in…
A: Budgeting is the process of estimating future operations based on past performance. % are estimated…
Q: Compute the profitability index for the following proposal, assuming the desired minimum rate of…
A: The objective of the question is to calculate the profitability index for a project proposal. The…
Q: Grand Corporation reported pretax book income of $609,000. Tax depreciation exceeded book…
A: Deferred tax liability represents the taxes that the company owes but are not due because these are…
Q: Cash equivalents a. will be converted to cash within 120 days. b. are highly liquid investments that…
A: Cash equivalents are defined as short-term, highly liquid investments that are easily convertible…
Q: sales women's Clothing vien s ,000 Men's clothing $ 249,000 Sales return Cash sales $ 490 Men's…
A: The insurance expenses is a common expense that is to be allocated between two departments.The basis…
Q: Gamila, James, Helen, and Carlos each owns an equal interest in GJHC Partnership, a calendar year…
A: When an asset or investment is sold for less than what was paid for it, a recognized loss is…
Q: iv) v) vi) Calculate the cash flow from assets Calculate net capital spending Calculate change in…
A: Cash flow from assets is the total cash flow to creditors and cash flow to stockholders, consisting…
Q: The following data are available pertaining to Household Appliance Company's retiree health care…
A: Calculation of the given requirements:Formulas for the above table are given below:
Q: A B C DE E 56,000 81,000 246,000 208,000 S 28,000 6,000 18,000 28,000 5 8 10 8 DDB SL SL DDB S…
A: Depreciation is considered an expense charge on the value of the asset. It can be calculated by…
Q: ed and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: PA10-1 (Algo) Calculating Return on Investment, Residual Income, Determining Effect of Changes…
A: Return on investment can be defined as the measure to assess the profitability of an investment or…
Q: Chavez Company most recently reconciled its bank statement and book balances of cash on August 31…
A: A bank reconciliation statement is a document that compares the cash balance as per company's books…
Q: Nicole sold the equipment in 2022 for $4,500. How does Nicole report the $4,500 on her 2022 tax…
A: Nicole needs to report the sale of the fitness equipment on her 2022 tax return, and the treatment…
Q: Required information Problem 6-9B Record transactions and prepare a partial income statement using a…
A: The multi-step Income Statement is a detailed vertical format income statement in which we can have…
Q: Lakewood Incorporated uses a standard cost system. Materials standards are 7 components per widget…
A: Variance is the difference between standard and actual costs. If the standard cost is more than…
Q: E. A new building was bought on July 1, 20-1, for $846 000. It is depreci- ated using the…
A: Depreciation is defined as the accounting method implemented to allocate the cost of a long-term…
Q: Year 2007 2008 2009 Net income $40,000 125,000 160,000 Dividends declared so 50,000 50,000 The…
A: Retained earnings are all of a company's net income that is retained and used for internal business…
Q: Tractor Supply Co offers its customers payment terms of 4/10 EOM, net 60. Assuming 365 days in a…
A: The implicit cost of trade credit represents the interest rate incurred by a buyer who opts not to…
Q: PT Partnership begins with 2 partners. Parrot contributes assets with a FMV of $50,000 and an…
A: In a partnership, the initial contributions made by partners are generally not taxable events for…
Q: on the last day of its fiscal year ending December 31, 2024, the Safe & Reliable (S&R) Glass Company…
A: As part of the larger accounting changes brought about by these standards, lease liabilities are…
Q: A company has the following expenditures during the year Advertising Employee training Customer…
A: IAS 36, the International Accounting Standard dealing with Impairment of Assets, specifies that…
Q: Pharoah Music Shop gives its customers coupons redeemable for a poster plus a Bo Diddley CD. One…
A: The practice of accounting for discounts or coupons that a business offers to clients is known as…
Q: Becah's Boutique is a retail store carrying a wide selection of designer clothing. Becah's Boutique…
A: Budgeting is a method of estimating expected future outcomes based on past events. Budgeting…
Q: Required: Journalize the entries to record the transactions
A: Stockholders' equity includes common stock, preferred stock, retained earnings, and treasury…
Q: The staff auditor originally failed to give due consideration to the apparent warning signs of…
A: Auditing is a systematic and objective examination and evaluation of a company’s financial…
Q: Pooler Corporation is working on its direct labor budget for the next two months. Each unit of…
A: DIRECT LABOUR BUDGET Direct Labor Budget is prepared to estimate the direct labor hours to be used…
Q: Required Record the following in general journal form on May 31: a. Accrual of the monthly payroll.…
A: The salaries due to the employee is debited with the gross amount to salaries and wages expense by…
Q: Lemke Industries purchased and consumed 80,000 gallons of direct material that was used in the…
A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…
Q: changes in operating assets and liabilities to arrive at net cash flows from operating activities.
A: Operating cash flow is the amount of cash generated from the company normal business operations.It…
Q: 20140.01 35 On September 1, 2024, Daylight Donuts signed a $160,000,8%, six-month note payable with…
A: For an accounting purposes the interest on a note payable is recorded as an expense on the income…
Q: Bledsoe Corporation has provided the following data for the month of November: Ending Beginning $…
A: Cost of goods manufactured :— It is the total cost of completed finished goods transferred from work…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earningsScanned with CamScanner Scanned with CamScanner Balance Sheets as at 31 December Non current asse Current assets ess depreciation Accounts reco Total assets Accounts pavable oan hotes Net awetse entory at 1 January 2018 was E50,000. Required: 2018 and 2019 Cn Net promt capons for and signi of any changes in the ratios shown by your calaton Scanned with CamScanner given below. Income Statements for the years ending 31 December 2018 2019 £00 £000 £000 E000 Sales Less Cost of sales Gross profit 200 (150) 50 280 (210) 70 Less Administration expenses 38 46 Loan note interest 4 (50) (38) 12 Net profit 20Required: (a) You are required to calculate the following ratios:(iv) Return on Capital Employed(v) Asset turnover(vi) Non-current asset turnover(vii) Current Ratio(viii) Quick Ratio(ix) Inventory days(x) Receivables days(xi) Payable days(xii) Interest cover (b) In light of your calculations comment on the performance of the company over thelast two years.
- The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec 31 20Y9 Dec 31 20Y8ASSETSCash $ 70,720 $ 47,940Accounts Receivable 207,230 188,190Inventories 298,520 289,850Investments - 102,000Land 295,800 -Equipment 438,600 358,020Accumulated Depreciation-Equipment (99,110) (84,320)Total Assets $ 1,211,760 $ 901,680LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable $ 205,700 $ 194,140Accrued Expenses Payable (operating expenses) 30,600 26,860Dividends Payable 25,500 20,400Common Stock, $1 par 202,000 102,000Paid-in Capital; Excess of issue price over par-common stock 354,000 204,000Retained Earnings 393,960 354,280Total Liabilities and Stockholders Equity: $ 1,211,760 $ 901,680Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:A. Equipment and land were acquired for cashB. There were no disposals of equipment during the year.C. The investments were sold for $91,800 cash.D. The common stock was…Required: 1. Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) Sales Current assets: Cash Accounts receivable, net Inventory Total current assets Current liabilities Year 1 % % % % % % Year 2 % % % % % % Year 3 % % % % % % Year 4 % % % % % Year 5 % % % % %Pritchett Company reported the following year-end data: Cash Short-term investments Accounts receivable (current) Inventory Prepaid (current) assets Total current 1iabilities $ 20, 100 8, 500 13,400 24, 000 6,800 28, 000 Compute the (a) current ratio and ( acid-test ratio. Complete this question by entering your answers in the tabs below. Currlat Ratio Acid Test Ratio Compute the current ratio. Current Ratio Current Ratio Numerator: Denominator: Current assets Current liabilities Current ratio 72.800 %24 28,000 2.6 to 1 %3 Acid Test Ratio>
- Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…Financial Statements Prepare the Financial Statements for the fiscal year ended December 31, 2021 for MaBak Inc. Inc. Don't forget the statement dates and dollar signs. Complete the Horizontal and Vertical analysis. Round answers to the whole percent. Account Name Accounts Payable Accounts Receivable (net) Accrued Liabilities Administration Expense Bonds Payable Car (net) Cash Cost of Goods Sold Current Maturities of Long Term Debt Equipment (Net) Income Tax Expense Inventory Amount Account Name Investments - Long Term Land- not in use, to be sold in 5 Marketable Securities $ 42,000 30,000 3,000 30,000 Net Sales 20,000 Notes Payable - Long 32,000 Notes Receivable 50,000 20,000 Other Income Other Expense (interest) 12,250 Selling Expense 12,000 Supplies 4,400 Taxes Payable 40,000 Unearned Sales Revenue 12,000 25,000 5,000 135,000 13,000 2,000 7,600 4,000 44,000 7,500 17,750 13,000Balance sheet preparation Use the appropriate items from the following list to prepare in good form Mellark's Baked Goods balance sheet at the end of the year. Complete the fragment of the balance sheet below ($000): (Select the correct account from the drop-d Mellark's Baked Goods Balance Sheet as of December 31, 2021 Assets Current assets: Total current assets $ $ Data table Accounts payable Accounts receivable Accruals Accumulated depreciation Buildings Cash Common stock (at par) Cost of goods sold Depreciation expense Equipment Furniture and fixtures General expense Inventories Land Long-term debts Machinery Marketable securities Notes payable Paid-in capital in excess of par Preferred stock Retained earnings Sales revenue Vehicles $219 447 51 260 225 217 92 2,503 50 148 166 320 380 95 421 416 76 479 360 96 218 3,567 26 - X
- Find the following using the data bellow Accounts receivable = 111,100,000 Current assets = 316,500,000 Total assets = 600,000,000 A. Return on assets B. Common equity C .Quick ratioReturn on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $661,910Interest expense 116,810Average total assets 6,280,000Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…