Financial Accounting: Tools for Business Decision Making, 8th Edition
8th Edition
ISBN: 9781118953808
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: WILEY
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Chapter 1, Problem 1.6E
To determine
Introduction:
Retained Earnings Statement is one of the financial statement, which shows the amount of the net income retained by a company at a particular point of time for reinvestment and used to pay its debts and obligations. It shows the amount of earnings that is not paid as dividends to the shareholders.
To determine: Prepare a retained earnings statement of Incorporation Z for the year ended December 31, 2017.
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Cullumber Company provides you with the following balance sheet information as of December 31, 2017. Â
Current assets
Â
$14,720
Â
Current liabilities
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$15,360
Long-term assets
Â
32,860
Â
Long-term liabilities
Â
16,860
   Total assets
Â
$47,580
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Stockholders’ equity
Â
15,360
Â
Â
Â
Â
   Total liabilities and stockholders’ equity
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$47,580
In addition, Cullumber reported net income for 2017 of $20,480, income tax expense of $3,904, and interest expense of $1,664.
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Assume that at the end of 2017, Cullumber used $3,720 cash to pay off $3,720 of accounts payable. How would the current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Current ratio
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enter current ratio rounded to 2 decimal places
:1
Working capital
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$enter a dollar amountÂ
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Compute the debt to assets ratio and…
Need asap please and thank you.Â
Cullumber Company provides you with the following balance sheet information as of December 31, 2017.
Current assets
Â
$14,720
Â
Current liabilities
Â
$15,360
Long-term assets
Â
32,860
Â
Long-term liabilities
Â
16,860
   Total assets
Â
$47,580
Â
Stockholders’ equity
Â
15,360
Â
Â
Â
Â
   Total liabilities and stockholders’ equity
Â
$47,580
In addition, Cullumber reported net income for 2017 of $20,480, income tax expense of $3,904, and interest expense of $1,664.
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Compute the current ratio and working capital for Cullumber for 2017. (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Current ratio
Â
enter current ratio rounded to 2 decimal places
:1
Working capital
Â
$enter a dollar amount
The following is a summary of information presented on the financial statements of a company on December 31, 2018
Account
2018
2017
Current Assets
 $       86,000.00
 $      70,000.00
Accounts Receivable
 $       61,000.00
 $      69,000.00
Merchandise Inventory
 $       63,000.00
 $      56,000.00
Current Liabilities
 $       56,000.00
 $      49,000.00
Long-term Liabilities
 $       40,000.00
 $      53,000.00
Common Stock
 $       71,000.00
 $      57,000.00
Retained Earnings
 $       69,000.00
 $      49,000.00
With respect to Long-term Liabilities, a horizontal analysis reveals ________.
A
long-term liabilities decreased by 24.56%
B
long-term liabilities decreased by 24.53%
C
long-term liabilities decreased by $14,000
D
long-term liabilities decreased by $7,000
Chapter 1 Solutions
Financial Accounting: Tools for Business Decision Making, 8th Edition
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Accounting is ingrained in our society and is...Ch. 1 - Prob. 5QCh. 1 - Prob. 6QCh. 1 - What are the three main types of business...Ch. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - What are the three main categories of the...Ch. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Which of these items are liabilities of White...Ch. 1 - How are each of the following financial statements...Ch. 1 - What is the purpose of the management discussion...Ch. 1 - Prob. 19QCh. 1 - Prob. 20QCh. 1 - Prob. 21QCh. 1 - Prob. 1.1BECh. 1 - Match each of the following types of evaluation...Ch. 1 - Indicate in which part of the statement of cash...Ch. 1 - Prob. 1.4BECh. 1 - Prob. 1.5BECh. 1 - Prob. 1.6BECh. 1 - Indicate which statement you would examine to find...Ch. 1 - Prob. 1.8BECh. 1 - Prob. 1.9BECh. 1 - Prob. 1.10BECh. 1 - Prob. 1.11BECh. 1 - Prob. 1.1DIECh. 1 - Prob. 1.2DIECh. 1 - Prob. 1.3ADIECh. 1 - Prob. 1.3BDIECh. 1 - Here is a list of words or phi uses discussed in...Ch. 1 - Prob. 1.3ECh. 1 - Prob. 1.4ECh. 1 - Prob. 1.5ECh. 1 - Prob. 1.6ECh. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - Prob. 1.11ECh. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15ECh. 1 - Prob. 1.16ECh. 1 - Prob. 1.17ECh. 1 - Prob. 1.1APCh. 1 - Financial decisions often place heavier emphasis...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.4APCh. 1 - Prob. 1.5APCh. 1 - Prob. 1.1EYCTCh. 1 - Prob. 1.2EYCTCh. 1 - Prob. 1.3EYCTCh. 1 - INTERPRETING FINANCIAL STATEMENTS Xerox was not...Ch. 1 - Prob. 1.5EYCTCh. 1 - Prob. 1.6EYCTCh. 1 - Prob. 1.7EYCTCh. 1 - Prob. 1.8EYCTCh. 1 - Prob. 1.9EYCTCh. 1 - Prob. 1.10EYCTCh. 1 - Prob. 1.1IFRSCh. 1 - Prob. 1.2IFRSCh. 1 - Prob. 1.3IFRS
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