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Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.)
Yearly sales (credit) $420,000
Inventory turnover 7 times
Current liabilities $80,000
Current ratio 2
Average collection period 36 days
Current assets: $
Cash ______
Accounts receivable ______
Inventory ______
Total current assets ______
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- Tabor Company has just prepared the following comparative annual financial statements for the current year: TABOR COMPANY Comparative Income Statement For the Years Ended December 31 Sales revenue (one-half on credit) Cost of goods sold. Gross profit Expenses (including $7,200 interest expense each year). Pretax income Income tax expense (30%) Net income Assets Cash Accounts receivable Inventory Property & equipment (net) Total assets Liabilities Accounts payable Income taxes payable Note payable, long-term Stockholders' equity TABOR COMPANY Comparative Balance Sheet At December 31 Capital stock ($5 par value) Retained earnings Total liabilities and stockholders' equity Current Year Prior Year $ 198,000 $ 257,400 93,600 124,800 132,600 96,200 36,400 10,920 $ 25,480 104,400 72,000 32,400 9,720 $ 22,680 Current Year $ 51,100 61,000 28,200 103,000 $ 243,300 $ 43,400 2,600 56,000 98,000 43,300 $ 243,300 Prior Year $ 39,600 40,000 44,400 121,000 $ 245,000 $ 46,200 1,300 56,000 106,000…Profile Co has the following assets and liabilities: Assets: Cash $100 , account receivable,$150 ; Inventory,$240 ,land $200, plant net of accumulated amortization $300 : liabilities short term bank loan, $60 : accounts payable long term loan mortage loan ,$160 ,profolio co long term assets total wasPerform a horizontal analysis for the balance sheet entry "Cash" given below. That is, find the amount of increase or decrease and the associated percent (rounded to the nearest tenth). Increase/Decrease Assets 2019 2018 Amount Percent Current Assets Cash $18,800 $12,900 ??? ??? Accounts Receivable 22,300 18,100 Merchandise Inventory 30,100 25,900 Supplies 5,600 7,600 Total Current Assets 76,800 64,500 Property, Plant, and Equipment Machinery and Equipment 56,000 57,100 Total Assets $132,800 $121,600 Step 1 In horizontal analysis, each item of the current period is compared in dollars and percent with the corresponding item from a previous period. First, the dollar difference between the most recent and previous periods will be found and entered in the Amount column for each entry. If the amount is a decrease, it is entered in parentheses. A horizontal analysis is to be done on the…
- Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.) (Use a 360-day year. Do not round intermediate calculations.) Yearly sales (credit) $ 570,000 Inventory turnover 10 times Current liabilities $ 97,000 Current ratio 2 Average collection period 36 days Current Assets:________ Cash:_________ Accounts Receivable_________ Inventory:__________ Total Current assets:_________-Perform a horizontal analysis for the balance sheet entry "Cash" given below. That is, find the amount of increase or decrease (in $) and the associated percent (rounded to the nearest tenth). Increase/Decrease Assets 2019 2018 Amount Percent Current Assets Cash $18,400 $11,800 Accounts Receivable 22,300 18,100 Merchandise Inventory 30,100 25,900 Supplies 5,600 7,600 Total Current Assets 76,400 63,400 Property, Plant, and Equipment Machinery and Equipment 56,000 57,100 Total Assets $132,400 $120,500Calculate 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 earnings
- Calculating ROA Using the Dupont Financial System. The following Accounts are included in Marks financial statements:Cash $15,000, Revenue 2,200,000, Current assets $400,000, Prepaid expenses $43,500 Non-current assets $1,500,000, Trade receivables $157,000, Depreciation/amortization $25,000, Cost of sales $1,700,000, Distribution costs $165,000Prepare the balance sheet and income statement by rearranging the above items. Note: Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values. Cash Receivables Inventories BALANCE SHEET Assets Liabilities and Shareholders' Equity $ 15 Payables $ 35 35 Debt due for repayment 25 50 Total current assets $ 100 Total current liabilities $ 60 Property, plant, and equipment 520 Long-term debt Total liabilities 350 $ 410 Net fixed assets Total assets $ 520 Shareholders' equity 90 $ 620 Total liabilities and shareholders' equity $ 500Construct a balance sheet using the following information: Gross fixed assets $75,000 Cash $10,000 Other assets $15,000 Accounts payable $40,000 Retained earnings $15,000 Accumulated depreciation $20,000 Accounts receivable $50,000 Long-term note $5,000 Mortgage $20,000 Common stock $100,000 Inventory $70,000 Short-term notes $20,000 what is this ?
- The followimg assets were among those that appeared on Baird’s Co.’s books at the end of the year:Demand bank deposits P650,000Net Long-Term Receivables 400,000Patents and Trademarks 150,000 In preparing constant peso financial statements, how much should Baird classify as monetary assets?a.1,200,000b.1,050,000c.800,000d.650,000Based on the following data, what is the amount of quick assets? Accounts payable $30,200 Accounts receivable 45,200 Accrued liabilities 7,100 Cash 20,200 Intangible assets 40,100 Merchandise inventory 72,100 Long-term investments 101,000 Long-term liabilities 75,300 Marketable securities 36,100 Notes payable (short-term) 20,100 Property, plant, and equipment 627,000 Prepaid expenses 2,300 a.$65,400 b.$173,600 c.$101,500 d.$175,900Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Cash Accounts receivable Equipment, net Land Total assets QS 17-6 (Algo) Vertical analysis LO P2 Current Year $ 12,700 64,000 64,000 100,500 $ 241,200 Cash Accounts receivable Equipment, net Express the items in common-size percents. (Round your percentage answers to one decimal place.) Land Total assets Current Year Prior Year $ 16, 200 29,900 56,000 76,000 $ 178,100 % % % % 0.0 % Prior Year % % % % 0.0 %
