Extracts from the balance sheet of Atlantis Inc. are as follows: 2018 Assets Current Assets: Cash and Cash Equivalents 30,000 Accounts Receivable, Net 65,000 Merchandise Inventory 50,000 Total Current Assets 145,000 Long-Term Investments 150,000 Property, Plant, and Equipment, Net 250,000 Total Assets 545,000 Total Current Liabilities 150,000 Compute the acid test ratio.
Q: The following data are taken from the balance sheet at the end of the current year. Cash Accounts…
A: The current ratio is a liquidity ratio used to measure a company's ability to pay short-term or…
Q: The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented as…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: The Optical frame company reported the following amounts on its balance sheet at December 31, 2018…
A: Vertical analysis: The comparison of an item of a financial statement against the total amount of…
Q: Northern Systems reported the following financial data (in millions) in its annual report: 2018 2019…
A: Return on assets =Net income / Average total assets Where, Average total assets = (total assets,…
Q: comparative balance sheets for Strackman Lux Company as of December 31 are presented below.…
A: Cashflow Statement : It shows Inflow and Outflow of cash from various activities of a company during…
Q: The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc.…
A: Cash flow Statement: This statement showing the inflows and outflows of cash and cash equivalents…
Q: resented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets $…
A: Financial statements are the set of records of the financial transactions and position of a business…
Q: Data for Nobell Inc. is as follows: Nobell Inc.…
A: Horizontal analysis is a method where financial statements are compared to review financial…
Q: Ivanhoe Company’s income statement for the year ended December 31, 2020, contained the following…
A: There are 3 segments in the statement of cash flows: Cash flow from operating activities Cash flow…
Q: The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC.…
A: Particulars Amount Cash $200 Short-term investments 150 Accounts receivable 200 Quick Assets…
Q: d. Compute ROA. e. Compute profit margin (PM). f. Compute asset turnover (AT).
A: ROA i.e Return on Assets = Net income/Average Total Asset Profit Margin = Net income/Sales Asset…
Q: The following information has been extracted from the financial statements and notes of CASAN Ltd.…
A: The following calculations are done in the records of CASAN Ltd.
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: Revenue is an income and statement item and is used to calculate profit and loss. We have the cost…
Q: The Comparative balance sheet of ASAD LIMITED for June 30, 2018 and June 30, 2017 is as follows:…
A: Cash is very important current asset for the business. Management of cash is also important in order…
Q: a) From the information above, prepare a statement of cash flows (indirect method) for Hartman,…
A: The Company has prepared the following comparative balance sheets for 2017 and 2018. Required (a)…
Q: Selected information from the 2018 and 2017 financial statements of Super Ratio Corporation is…
A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…
Q: Current ratio. Inventory turnover. (Inventory on 12/31/16 was $340.) Profit margin. Return on…
A: Current ratio = Current AssetCurrent liabilities Inventory turnover ratio = Cost of goods…
Q: Tamarisk Company’s income statement for the year ended December 31, 2020, contained the following…
A: The operating activities section of the cash flow statement represents the inflows and outflows of…
Q: The balance sheet for Frankie Co. is shown below: Frankie Co. Balance Sheet At December 31, 2021…
A: Times interest earned ratio is very important ratio which shows ability of the business to meet its…
Q: Given is data for General Mills Inc. for its fiscal year ended May 27, 2018 ($ millions). Cost of…
A: Financial Statement - It is record of every business activities and financial performance of the…
Q: Use the information below for Harding Company to answer the questions that follow.…
A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…
Q: Accountants for Putterham, Inc. have assembled the following data for the year ended December 31,…
A: Operating Activities Net Income 68500 Add/ Less- Adjustments from net Income…
Q: Vaughn Manufacturing reported the following selected information at March 31. 2017 Total current…
A: Current ratio is computed by dividing current assets by current liabilities: Total current…
Q: Vaughn Manufacturing reported the following selected information at March 31. 2017 Total current…
A: Current ratio is computed by dividing current assets by current liabilities Total current…
Q: Walstrom's Electronics year-end balance sheet consisted of the following amounts: Cash $75,000,…
A: Introduction: Assets: Assets are of two types: 1 ) Current Assets 2 ) Non current Assets. Assets…
Q: P4-4A. Preparing the Financial Statements Listed below are items reported on the financial…
A: Working Notes: 1. Calculation of Retain earnings: Total assets $102,200 Less: Total…
Q: Prepare a vertical analysis for the balance sheet data given below. (Round to two decimal places.)…
A:
Q: 2018 2017 Current Assets Cash $124,700 $26,000 Accounts Receivable 64,500 69,400 Merchandise…
A: SOLUTIONS- CASH FLOWS STATEMENT- IT IS A FINANCIAL STATEMENT THAT SUMMARIZES THE AMOUNT OF CASH AND…
Q: The following data are taken from the balance sheet at the end of the current year: Cash $154,000…
A: In order to determine the profitability, solvency, and liquidity picture of the company, ratio…
Q: The balance sheet for Frankie Co. is shown below: Frankie Co. Balance Sheet At December 31, 2021…
A: Quick assets=Cash+Short term investments+Accounts receivable=$150+$200+$300=$650
Q: Selected condensed data taken from a recent balance sheet of Carla Vista Inc. are as follows. CARLA…
A: The ratio analysis is a part of management accounting which helps in making decisions for the…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: ANSWER 2018 ( in thousands of dollars) 2019 ( in thousands of dollars) REVENUE…
Q: Use the following excerpts from Yardley Company's financial information. Dec. 31, 2018 Dec. 31, 2017…
A: Statement of cash flows is very important financial statement of business, which shows all cash…
Q: Presented below is the trial balance of Scott Butler Corporation at December 31, 2020. Debit…
A: Income Statement Particualrs Amount Sales $8,100,000 Add: Investment revenue $63,000…
Q: Calculate the Net Asset Value of the company whose balance sheet is given below (prepare the…
A: The Net Asset Value of a company is depicted by the difference between its assets and liabilities…
Q: Flint Company’s income statement for the year ended December 31, 2020, contained the following…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: The condensed financial statements of Marks Company for the years 2017-2018 are presented below:…
A: Solution: Introduction: Return on Common stockholder's equity ratio shows how many dollars of net…
Q: Some selected financial statement items belonging to PXR Company are given in the table below.…
A: Return On Assets (ROA) Ratio is a profitability Ratio that measure the amount of net income produced…
Q: On June 30, 2018, Streeter Company reported the following account balances:…
A: Business consolidation is the combination of various business organization into a single business…
Q: uel Corp. has provided the following information for the year ended December 31, 2018.…
A: Cash flow statement is the reconciliation of opening cash balance with the closing cash balance. It…
Q: Use the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and…
A: SOLUTION- HORIZONTAL ANALYSIS IS USED IN THE REVIEW OF THE COMPANY'S FINANCIAL STATEMENTS OVER…
Q: The condensed financial statements of Murawski Company for the years 2021 and 2022 are presented as…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Use the information below for Harding Company to answer the questions that follow. Harding…
A: For an every business entity it is important to manage working capital effectively so that they can…
Q: The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts…
A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…
Q: The following information pertains to Newman Company. Assume that all balance sheet amounts…
A:
Q: Ivanhoe Automotive’s balance sheet at the end of its most recent fiscal year shows the following…
A: Answer - Calculation of Current Ratio - Current Ratio = Current Assets / Current Liabilities…
Extracts from the balance sheet of Atlantis Inc. are as follows:
| 2018 | |
| Assets | |
| Current Assets: | |
| Cash and Cash Equivalents | 30,000 |
| Accounts Receivable, Net | 65,000 |
| Merchandise Inventory | 50,000 |
| Total Current Assets | 145,000 |
| Long-Term Investments | 150,000 |
| Property, Plant, and Equipment, Net | 250,000 |
| Total Assets | 545,000 |
| Total Current Liabilities | 150,000 |
Compute the acid test ratio.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,200 $1,845Accounts receivable, net 3,450 3,180Inventories 2,639 3,042Other current assets 1,872 1,549Total current assets $11,161 $9,616Current liabilities $4,853 $5,893 (a)Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million (b)The parts of this question must be completed in order. This part will be available when you complete the part above.Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). Current assets 3M Company Balance Sheets (partial) Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities Screenshot Current ratio Working capital 2022 $ $3,180 3,600 2,738 1,932 $11,450 $4,830 2021 $1,836 3,180 3,019 1,590 Suppose that at the end of 2022, 3M management used $183 million cash to pay off $183 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25: 1. Enter working capital answer to million.) $9,625 $5,887 :1 million DoneA comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
- Condensed financial data of Cullumber Company for 2020 and 2019 are presented below. CULLUMBER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,170 Receivables 1,780 1,310 Inventory 1,580 1,900 Plant assets 1,900 1,720 Accumulated depreciation (1,180 ) (1,140 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,180 $6,380 Accounts payable $1,220 $880 Accrued liabilities 210 240 Bonds payable 1,380 1,550 Common stock 1,930 1,660 Retained earnings 2,440 2,050 $7,180 $6,380 CULLUMBER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,690 Cost of goods sold 4,650 Gross margin 2,040 Selling and administrative expenses 930 Income from…Use the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and 2016 presented below to answer the questions that follow. 2017 2016Cash and cash equivalents R 75,000 R 58,800Trade accounts receivable, net 157,500 193,200Inventory 208,200 253,400Other current assets 18,400 15,500Total current assets R 459,100 R 520,900Total assets R2,650,000 R3,430,000Required:Complete a horizontal analysis of the current asset section of Waverley Company’s balance sheet for 2017. Your answers for “% Change” should be rounded to one decimal place, e.g.,…Selected financial statement information for 2018, 2019, and 2023 for End Run Corporation is presented below (amounts in millions of dollars): Accounts receivable Current assets Property, plant, and equipment (net) Total assets Current liabilities Long-term debt Sales Cost of goods sold Selling and administrative expenses Income from continuing operations Cash flow from operations Depreciation expense 2020 A. 2020 SAI B. 2020 LVGI C. 2020 TATA D. 2020 Y E. 2020 earnings manipulation probability 10508 30945 11284 68787 29417 8776 101573 92207 3931 946 4837 518 2019 3905 7438 10744 31289 6595 7223 47860 32090 3315 1063 1127 550 2018 2985 5743 10493 26213 6048 7223 33906 27772 2582 739 1863 550 For 2019 and 2020, compute the following amounts relative to Beneish's eight-factor earnings manipulation model:
- Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 AssetsCash $ 440,000 $ 200,000Short-term investments 600,000 —Accounts receivable (net) 1,020,000 1,020,000Inventory 1,380,000 1,200,000Long-term investments 400,000 600,000Plant assets 3,400,000 2,000,000Accumulated depreciation (900,000)…Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATIONComparative Balance SheetsDecember 31 2020 2019 Cash $16,500 $17,400 Accounts receivable 25,300 22,100 Investments 20,150 15,850 Equipment 59,950 69,850 Accumulated depreciation—equipment (13,850 ) (10,300 ) Total $108,050 $114,900 Accounts payable $14,850 $11,150 Bonds payable 10,600 30,100 Common stock 49,500 45,500 Retained earnings 33,100 28,150 Total $108,050 $114,900 Additional information: 1. Net income was $18,550. Dividends declared and paid were $13,600. 2. Equipment which cost $9,900 and had accumulated depreciation of $1,600 was sold for $3,300. 3. No noncash investing and financing activities occurred during 2020. Prepare a statement of cash flows for 2020 using the…Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan CorporationBalance SheetsDecember 31 2020 2019 2018 Cash $ 30,800 $ 17,600 $ 18,700 Accounts receivable (net) 50,500 44,200 47,100 Other current assets 89,600 94,900 63,900 Investments 55,300 71,000 45,100 Plant and equipment (net) 500,500 370,000 358,500 $726,700 $597,700 $533,300 Current liabilities $85,500 $79,800 $69,400 Long-term debt 144,300 84,100 50,300 Common stock, $10 par 348,000 316,000 304,000 Retained earnings 148,900 117,800 109,600 $726,700 $597,700 $533,300 Jergan CorporationIncome StatementFor the Years Ended December 31 2020 2019 Sales revenue $738,000 $605,500 Less: Sales returns and allowances 39,100 29,900 Net sales…
- Condensed financial data of Martinez Company for 2020 and 2019 are presented below. MARTINEZ COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,780 $1,130 Receivables 1,740 1,290 Inventory 1,610 1,870 Plant assets 1,930 1,710 Accumulated depreciation (1,210 ) (1,150 ) Long-term investments (held-to-maturity) 1,290 1,440 $7,140 $6,290 Accounts payable $1,180 $900 Accrued liabilities 190 240 Bonds payable 1,410 1,590 Common stock 1,920 1,690 Retained earnings 2,440 1,870 $7,140 $6,290 MARTINEZ COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,880 Cost of goods sold 4,650 Gross margin 2,230 Selling and administrative expenses 940 Income from…Condensed financial data of Whispering Company for 2020 and 2019 are presented below. WHISPERING COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,130 Receivables 1,770 1,290 Inventory 1,620 1,920 Plant assets 1,940 1,680 Accumulated depreciation (1,190 ) (1,170 ) Long-term investments (held-to-maturity) 1,300 1,410 $7,270 $6,260 Accounts payable $1,220 $910 Accrued liabilities 210 260 Bonds payable 1,420 1,530 Common stock 1,890 1,710 Retained earnings 2,530 1,850 $7,270 $6,260 WHISPERING COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,100 Cost of goods sold 4,760 Gross margin 2,340 Selling and administrative expenses 930 Income from…Condensed financial data of Flounder Company for 2020 and 2019 are presented below. FLOUNDER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,760 $1,180 Receivables 1,780 1,280 Inventory 1,610 1,920 Plant assets 1,880 1,660 Accumulated depreciation (1,220 ) (1,190 ) Long-term investments (held-to-maturity) 1,310 1,400 $7,120 $6,250 Accounts payable $1,170 $880 Accrued liabilities 190 240 Bonds payable 1,390 1,540 Common stock 1,910 1,730 Retained earnings 2,460 1,860 $7,120 $6,250 FLOUNDER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,020 Cost of goods sold 4,780 Gross margin 2,240 Selling and administrative expenses 910 Income from…
