uce Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: Total assets $ 620,000 Total noncurrent assets 314,000 Liabilities: Notes payable (8%, due in 5 years) 24,000 Accounts payable 55,000 Income taxes payable 10,000 Liability for withholding taxes 1,000 Rent revenue collected in advance 9,000 Bonds payable (due in 15 years) 109,000 Wages payable 9,000 Property taxes payable 5,000 Note payable (10%, due in 6 months) 15,000 Interest payable 800 Common stock 180,000

uce Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: Total assets $ 620,000 Total noncurrent assets 314,000 Liabilities: Notes payable (8%, due in 5 years) 24,000 Accounts payable 55,000 Income taxes payable 10,000 Liability for withholding taxes 1,000 Rent revenue collected in advance 9,000 Bonds payable (due in 15 years) 109,000 Wages payable 9,000 Property taxes payable 5,000 Note payable (10%, due in 6 months) 15,000 Interest payable 800 Common stock 180,000

Name: Cauce Corporation is preparing its year-end balance sheet. The company
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Cauce Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year:Total assets$ 620,000Total noncurrent assets314,000Liabilities: Notes payable (8%, due in 5 years)24,000Accounts

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 19BEA

See similar textbooks

Total assets	$ 620,000
Total noncurrent assets	314,000
Liabilities:
Notes payable (8%, due in 5 years)	24,000
Accounts payable	55,000
Income taxes payable	10,000
Liability for withholding taxes	1,000
Rent revenue collected in advance	9,000
Bonds payable (due in 15 years)	109,000
Wages payable	9,000
Property taxes payable	5,000
Note payable (10%, due in 6 months)	15,000
Interest payable	800
Common stock	180,000

Required:

1-a. What is the amount of current liabilities?

1-b. Compute working capital.

2. Would your computation be different if the company reported $350,000 worth of contingent liabilities in the notes to its financial statements?

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
At the end of the current year, the entity reported the following financial data: Total Assets 1,200,000 Total assets turnover ratio 1.7x Fixed assets turnover ratio 2x Current ratio 2.5x Days Sales outstanding 30 days Inventory turnover ratio 4x Gross profit margin on sales 20% Note: Calcuation is based on a 365-day year. How much should be the accounts receivable balance?
Randall Corporation reported the following revenue data:Year Net revenues (in millions)$$$$6,8007,0046,7327,2762016201720182019Use 2016 as the base year. The trend percentage in 2019 is closest toa. 93%.b. 104%.c. 107%.d. 112%
Green Moose Company has the following end-of-year balance sheet: Green Moose Company Balance Sheet For the Year Ended on December 31 Assets Liabilities Current Assets: Current Liabilities: Cash and equivalents $150,000 Accounts payable $250,000 Accounts receivable 400,000 Accrued liabilities 150,000 Inventories 350,000 Notes payable 100,000 Total Current Assets $900,000 Total Current Liabilities $500,000 Net Fixed Assets: Long-Term Bonds 1,000,000 Net plant and equipment $2,100,000 Total Debt $1,500,000 (cost minus depreciation) Common Equity Common stock 800,000 Retained earnings 700,000 Total Common Equity $1,500,000 Total Assets $3,000,000 Total Liabilities and Equity $3,000,000 The firm is currently in the process of forecasting sales, asset requirements, and required funding for the coming year. In the year that just ended, Green Moose Company generated $350,000 net income on sales of $13,000,000. The firm…
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Company for the year ending 12/31/2024: Year ended 12/31/2024 $ 8,139 4,957 2,099 Net sales Cost of goods sold Selling and administrative expense Interest expense Income before taxes Net income Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets Total current liabilities Long-term debt Total liabilities Total stockholders' equity 606 477 648 Profit margin on sales 12/31/2024 $ 1,165 1,200. 1,245 13,690 $ 17,300 $ 5,937 5,781 $ 11,718 $5,582 Required: Compute the profit margin on sales for 2024. Note: Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%. 12/31/2023 $ 83 854 709 4,034 $ 5,680 $ 2,399 2,411 $ 4,810 $ 870
Below is the Statement of Financial Position of Camille Corporation for the year 2020.Cash 675,000Accounts receivable (net) 2,695,000Inventory 2,185,000Property, plant, and equipment (net) 10,245,000Accounts payable and accrued liabilities 1,800,000Income tax payable 1,500,000Deferred tax liability 750,000Ordinary share (100,000 @ P15 per share) 1,500,000Preference share (50,000 @ P20 per share) 1,000,000Ordinary share premium 3,000,000Retained earnings, January 1 3,350,000Net sales and other revenue 15,000,000Cost and expenses 10,000,000Income tax expense 2,100,00027,900,000 27,900,000a. Supposed that the given values above are the accounting values of the Camille Corporation, what is its book value per share?b. Suppose that the market value of property, plant, and equipment of Camille Corporation increased by P3 million while all other assets remain the same. How much is the liquidation value per share of Camille Corporation?
The following is a partial listing of accounts for XYZ, Inc., for the year ended December 31, 2020. Required: Prepare multiple step income statement for the year of 2020. Finished Goods Current Maturities of Long-Term Debt Accumulated Depreciation Accounts Receivable $ 38,872 2,515 19,960 Sales Revenue 6,273 127,260 Treasury Stock 251 Prepaid Expenses 2,199 Deferred Taxes (long-term liability) 8,506 Interest Expense 2,410 Allowance for Doubtful Accounts 915 Retained Earnings 18,951 Raw Materials 9,576 Accounts Payable 19,021 Cash and Cash Equivalents 8,527 Sales Salaries Expense 872 Cost of Goods Sold 82,471 Investment in Unconsolidated 3,559 Subsidiaries Income Taxes Payable 8,356 Work In Process 1,984 Additional Paid-In Capital 9,614 Equipment 41,905 Long-Term Debt 15,258 Rent Income 2,468 Common Stock 3,895 Notes Payable (short-term) 6,156 Income Tax Expense 2,461
Oak Corporation's financial statements for the current year showed the following: Note: Round your answers to 2 decimal places. Income Statement Revenues Expenses Interest expense Pretax income Income tax (21%) Net income $840,000 (628,000) (14,600) Times interest earned ratio 197,400 (41,454) $155,946 Compute Oak's times interest earned ratio. 13.52
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #1: Based on the above information, determine the cash received for interest during 2020. Choices: P1,900,800 P2,101,000 P2,065,800 P2,136,200
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #3: The cash paid for insurance premiums during 2020 was Choices; P253,000 P286,000 P244,200 P268,400
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…
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #2: The cash paid for salaries during 2020 was Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600