1 The following balance sheet information is provided for Greene Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity What is the company's quick (acid-test) ratio? Multiple Choice O C $ 5,400 15,500 18,000 1,600 20,200 19,950 $ 80,650 $ 4,500 11,500 19,000 30,000 15,650 $ 80,650 < Prev 27 of 35 www B MacBook Air Next > SCHFELTEHEEEE Subm

1 The following balance sheet information is provided for Greene Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity What is the company's quick (acid-test) ratio? Multiple Choice O C $ 5,400 15,500 18,000 1,600 20,200 19,950 $ 80,650 $ 4,500 11,500 19,000 30,000 15,650 $ 80,650 < Prev 27 of 35 www B MacBook Air Next > SCHFELTEHEEEE Subm

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...

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Zwilling Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1Accounts receivable $35,000 $39,500Inventory 22,500 18,450Accounts payable 18,500 16,300Dividends payable 43,200 53,100Adjust net income of $320,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
ĮThe following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 Retained Earnings Totals During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Ritter Corporation's accountants prepared the following financial statements for year-end. RITTER CORPORATION Income Statement Revenue Expenses Depreciation. EBT Taxes Net income Dividends 2823 Assets Cash Other current assets Net fixed assets Total assets $ 1,050 720 78 $268 104 $ 156 $ 21 RITTER CORPORATION Balance Sheets December 31 Liabilities and Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and equity a. Change in cash b. Change in net working capital c. Cash flow from assets 2022 $69 217 675 $ 961 $ 269 8 692 $ 961 2023 $90 270 820 $ 1,180 $ 283 78 827 $ 1,180 a. What is the change in cash during the year 2023. Note: Do not round Intermediate calculations. b. Determine the change in net working capital in 2023. Note: Do not round Intermediate calculations. c. Determine the cash flow generated by the firm's assets during the year 2023. Note: A negative answer should be Indicated by a minus sign. Do not round Intermediate calculations.
Huluduey Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1Accounts receivable $18,000 $14,400Inventory 34,800 29,700Accounts payable 27,600 20,700Dividends payable 8,400 10,800Adjust net income of $160,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
The following balance sheet Information is provided for Apex Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity What is the company's working capital? Multiple Choice O $20.300 O $24,500 O $4.900 O $22.900 $ 5,400 15,500 18,000 1,600 20,200 19,950 $ 80,650 $ 4,500 11,500 19,800 30,000 15,650 $ 80,650 35 Next > < Prev 30 of 35 30 of MacBook Air
Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1. 2. 3. 4 5. 6. 7. 8. 9. 10. 11. 12. Common Stock. Discount on Bonds Payable. Treasury Stock (at cost). Notes Payable (short-term). Raw Materials. Equity Investments (long-term). Unearned Rent Revenue. Work in Process. Copyrights. Buildings. Notes Receivable (short-term). Cash. Current Assets Cash 13. Less 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. Prepare a classified balance sheet in good form. (No monetary amounts are necessary.) (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.) Salaries and Wages Payable. Accumulated Depreciation-Buildings. Restricted Cash for Plant Expansion.. Land Held for Future Plant Site. Allowance for Doubtful Accounts. Retained Earnings. Paid-in Capital in Excess…
Alpha Company provided the following balance sheet for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Total assets Liabilities and stockholders' equity Accounts payable Salaries payable Bonds payable (due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity What is the company's plant assets to long-term liabilities ratio? $ 6,150 17,000 19,500 22,300 40,000 $ 104,950 $ 6,000 13,000 10,000 45,000 30,950 $ 104,950
Presented below is the comparative balance sheet for Pearl Company Pearl Company Comparative Balance Sheet As of December 31 Assets Accounts receivable net Short-terminants Inventories Prepaid expenses Plant & ment Accumulated depreciation Liabies and Stockholdersity Accounts payable Accrued Bonds payable Common stock Retiredning (a) Cash Your answer is partially correct Accounts receivable (net) Assets Short-term investments Investories Prepaid expenses Plant and equipment Accumulated depreciation Total Accrued operes Bonds payable (h) Prepare a comparative balance sheet of Pearl Company showing the percent each item is of the total asets or total liabilities and stockholders' equity Round percentages to 2 decimal places.eg 2.25%) Common stock Retained earnings Total Cash Liabilities and Stockholders Equity Accounts payable Assets Account receivable Inet Investments Inventories Prepaid expenses Plant and equipment Accumulated depreciation Total Accuedes Bonds payable Common stock…
Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets. Property, plant, and equipment (net) Liabilities: Current liabilities Mortgage note payable, 10%, ten-year note issued two years ago Total liabilities Stockholders' equity: Preferred $2 stock, $100 par (no change during year) Common stock, $10 par (no change during year) Retained earnings: Balance, beginning of year Net income Preferred dividends Common dividends Balance, end of year Total stockholders' equity Sales Check My Work $1,440,000 566,000 $27,000 179,000 $225,000 1,125,000 $2,006,000 206,000 $1,800,000 $1,350,000 $1,350,000 1,350,000 1,800,000 $4,500,000 $13,614,650 Previous
I need amounts for total current assets, total assets, retained earning, dec 31, year 1, and tiotal stockholders equity:Gross profit $1,554,000Total selling expenses $885,000Total administrative expenses $267,500Total operating expenses $1,152,500Income from operations $401,500Net other expenses and income $68,000Income tax $140,500Net income $329,000Earnings per common share (rounded to the nearest cent) $2.29Retained earnings, January 1, Year 1 $9,319,725Total current assets $Investment in Dream Inc. bonds $90,000Total property, plant, and equipment $11,174,000Total assets $Total current liabilities $238,300Net long-term liabilities $519,000Total liabilities $757,300Total paid-in capital preferred 5% stock $1,750,000Total paid-in capital common stock, $20 par $2,886,800Total paid-in capital $4,649,800Retained earnings, December 31, Year 1 $Total stockholders' equity
Compute the amount of liabilities for Company E at the beginning of the year. End of Year $ Assets Equity, beginning of year Add: Stock issuances Add: Net income 115,920 Less: Cash dividends Equity, end of year Beginning of Year Assets $ = = = 101,010 = $ $ $ Liabilities + 91,576 + 6,500 8,642 15,142 11,000 24,344 Liabilities 101,010 + + GA $ Equity 24,344 Equity
Month ending January 31 Assets Cash Accounts Receivable Inventory Prepaid Rent Property, Plant & Equipment MixMax Company Comparative Balance Sheets Accumulated Depreciation Total Assets Liabilities & Shareowners' Equity Advances from Customers (Deferred Revenue) Accounts Payable Merchandise Accounts Payable Services Interest Payable Tax Payable Current Portion - Long Term Debt Long Term Debt Common Stock Retained Earnings Total Liabilities & Shareowners' Equity Check that Assets = Liabilities + Owners' Equity Notes to the Consolidated Financial Statements: $ $ $ $ 1/1/2021 8,400 1,600 7,000 3,000 0 0 20,000 $ 1,400 3,600 200 0 0 0 0 13,000 1,800 20,000 0 $ 11,000 7,600 10,000 2,500 45,000 $ 1/31/2021 $ (675) 75,425 800 5,100 1,275 450 3,200 6,373 38,627 13,000 6,600 75,425 1 The MixMax Company did not issue common stock during January 20x1 0 Change 2,600 6,000 3,000 (500) 45,000 (675) 55,425 (600) 1,500 1,075 450 3,200 6,373 38,627 0 4,800 55,425 0 MixMax Company Statement of Cash…