None Ivanhoe Incorporated had the following transactions involving current assets and current liabilities during February 2027.Feb. 3Collected accounts receivable of $17,600.7Purchased equipment for $28,200 cash.11Paid $4,700 for a 1-year insurance policy.14Paid accounts payable of $11,400.18Declared cash dividends of $8,200.Additional information:As of February 1, 2027, current assets were $131,445 and current liabilities were $34,500.Compute the current ratio as of the beginning of the month and after each transaction. (Round answers to 2 decimal places, e.g. 1.83.)Current ratio as of February 1, 2027:1Feb. 3Feb. 7Feb. 11:1:1:1

Current ratio as of February 1,20273.81:1131445/34500Current Assets / Current Liabilities Current…

Answered: Ivanhoe Incorporated had the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Windsor, Inc. had the following transactions involving current assets and current liabilities during February 2022. Feb. 3 Collected accounts receivable of $17,100. 7 Purchased equipment for $36,200 cash. 11 Paid $5,500 for a 1-year insurance policy. 14 Paid accounts payable of $13,400. 18 Declared cash dividends, $6,400. Additional information:As of February 1, 2022, current assets were $133,940 and current liabilities were $36,200.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of Feb. 1, 2022 Enter the current ratio :1 3 Enter the current ratio :1 7 Enter the current ratio :1 11 Enter the current ratio :1 14 Enter the current ratio :1 18 Enter the current ratio :1
Skysong, Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,900. 7 Purchased equipment for $36,800 cash. 11 Paid $3,500 for a 1-year insurance policy. 14 Paid accounts payable of $12,400. 18 Declared cash dividends, $8,500. Additional information:As of February 1, 2019, current assets were $135,000 and current liabilities were $35,400.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of February 1, 2019 enter current ratio :1 Feb. 3 enter the current ratio as of February 3 :1 Feb. 7 enter the current ratio as of February 7 :1 Feb. 11 enter the current ratio as of February 11 :1 Feb. 14 enter the current ratio as of February 14 :1 Feb. 18 enter the current ratio as of February 18 :1
The following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?
The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At December 31, 2021 Cash Notes receivable (due August 15, 2022) Accounts receivable (net) Merchandise inventory Property, plant, and equipment (net) Intangible assets $ 19,500 30,000 48,600 70,900 255, 000 12,600 Total assets $436, 600 Current liabilities Bonds payable(10%) (long-term) Common stock Retained earnings Total liabilities and equity $104,000 105, 000 71,000 156, 600 $436, 600 MARJORAM COMPANY Income Statement For the Year ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense $719,000 427, 400 $291,600 167, 400 $124, 200 10,500
The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) $ 6,300 33,000 73,000 Inventory Property, plant, and equipment (net) 185,000 Accounts payable 52,000 Salaries payable Paid-in capital 24,000 165,000 The only asset not listed is short-term investments. The only liabilities not listed are $43,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments 3. Retained earnings
Flounder Associates Inc. reports the following account balances for the year ending June 30, 2025: Accounts payable Accounts receivable Cash and cash equivalents Goodwill Inventory Notes payable (due 2028) Interest payable Notes payable (due Jan. 2026) Property, plant, and equipment Accumulated depreciation Prepaid insurance Salaries and wages payable Bonds payable $24,000 36,000 17,800 130,000 82,000 104,000 4,900 12,000 540,000 107,000 10,810 13,400 300,000 Compute the company's (a) current ratio and (b) debt to assets ratio. (Round current ratio to 2 decimal places, e.g. 1.55:1 and debt to assets ratio to O decimal place, e.g. 55%.)
Required: Statement of financial position as at December 31, 2020. Relevant information are as follows:1) Dividends of 5% were declared on June 30 and on December 31, 2020.2) All depreciable assets should be depreciated at 10% per year.3) Doubtful accounts are estimated to be 5% of year-end accounts receivable. The accounts receivable totaled P200,000on December 31, 2020.4) Cash receipts for 2020 are summarized as follows:Advances from customers P 70,000Cash sales and collections from accounts receivable 2,960,000Sales of equipment on December 31, 2020 costingP50,000 on which P30,000 of depreciationhad been accumulated 45,000P3,075,0005) Cash disbursements for 2020 are summarized as follows:Insurance premium P 80,000Purchase of equipment on October 1 200,000Cash purchases and payments on accounts payable 1,640,000Salaries 390,000Dividends paid 125,000Other expenses 135,000P2,570,0006) Additional data on December 31, 2020 are as follows:Inventory P245,000Prepaid insurance…
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $66,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $40,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of $232,0o00. The notes are payable in annual installments of $36,000 each, with the first installment payable on March 1, 2022. d. Accrued interest payable of $28,000 related to the notes payable. e. Investment in equity securities of other corporations, $112,000. Cone intends to sell one-half of the securities in 2022. Required: Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported. CONE CORPORATION Balance Sheet (Partial) At December 31, 2021 Assets
The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet December 31, 2024 Cash $ 19,000 Notes receivable (due August 15, 2025) 35,000 Accounts receivable (net) 48,400 Inventory 70,600 Property, plant, and equipment (net) 250,000 Intangible assets 12,400 Total assets $ 435,400 Current liabilities $ 108,400 Bonds payable (11%) (long-term) 100,000 Common stock 70,000 Retained earnings 157,000 Total liabilities and equity $ 435,400 MARJORAM COMPANY Income Statement For the Year ended December 31, 2024 Sales $ 704,000 Cost of goods sold 422,400 Gross profit $ 281,600 Operating expenses 166,200 Operating income $ 115,400 Interest expense 11,000 Income before income tax $ 104,400 Income tax expense 31,320 Net income $ 73,080 Required: Compute the acid-test ratio for Marjoram Company. Note: Round your answer to 2 decimal places.
Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…
Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…
The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet December 31, 2024 Cash $ 19,000 Notes receivable (due August 15, 2025) 35,000 Accounts receivable (net) 48,400 Inventory 70,600 Property, plant, and equipment (net) 250,000 Intangible assets 12,400 Total assets $ 435,400 Current liabilities $ 108,400 Bonds payable (11%) (long-term) 100,000 Common stock 70,000 Retained earnings 157,000 Total liabilities and equity $ 435,400 MARJORAM COMPANY Income Statement For the Year ended December 31, 2024 Sales $ 704,000 Cost of goods sold 422,400 Gross profit $ 281,600 Operating expenses 166,200 Operating income $ 115,400 Interest expense 11,000 Income before income tax $ 104,400 Income tax expense 31,320 Net income $ 73,080 Required: Compute the current ratio for Marjoram Company. Note: Round your answer to 2 decimal places.

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