Culver Company has been operating for several years, and on December 31, 2020, presented the following balance sheet. Cash Receivables Inventory Plant assets (net) (a) (b) (c) (d) The net income for 2020 was $23,700. Assume that total assets are the same in 2019 and 2020. (a) Compute each of the following ratios. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%) Current ratio CULVER COMPANY BALANCE SHEET DECEMBER 31, 2020 $39,900 Accounts payable Mortgage payable Common stock ($1 par) Retained earnings 90,100 231,700 $436,800 Acid-test ratio 75,100 Debt to assets ratio Return on assets % $82,700 % 129,000 146,500 78,600 $436,800
Q: Windsor, Inc. issues 8,500 shares of $105 par value preferred stock for cash at $114 per share.…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: How do you determine relevant costs associated with special sales offer
A: Relevant costs are costs that are directly related to a specific decision and will be affected by…
Q: The following amounts were reported on the December 31, 2022, balance sheet: Retained earnings…
A: Current ratio is the liquidity ratio that is determined by the entity to know the liquidity…
Q: The acquisition of capital assets by a special revenue fund would be shown as:
A: A special revenue fund is a type of government fund used to account for specific revenue sources…
Q: Conner purchased a new laser cutting machine for her business (seven-year asset) on September 22,…
A: Depreciation is a method of allocating the cost of a tangible asset over its useful life. It…
Q: The following units of an item were available for sale during the year: Line Item Description Units…
A: FIFO : It stands for First -In-First -Out. It is a method of inventory valuation where materials are…
Q: Don't give answer in image format
A: A One step model is used for impairment testing for fixed assets under IFRS. Under this model, the…
Q: Metlock Company uses the LCM method, on an individual-item basis, in pricing its inventory items…
A: NRV minus NP is calculated by deducting the normal profit (NP) from net realizable value (NRV) for…
Q: When a government receives a donated capital asset, it should be reported at:
A: Dear student, as per bartleby Q&A authoring guidelines, experts are allowed to answer only the…
Q: The income statement for Huerra Company for last year is provided below: Total Unit Sales $…
A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Required: Prepare Shadee's budgeted income statement for the months of May and June Note: Do not…
A: Budget-making is a continuous process and requires discipline, commitment, and regular monitoring.…
Q: Ending common stock-$342,800 Beginning common stock = $287,500 Interest expense = $11,640 Dividends…
A: The cash flow to shareholders is calculated by adjusting dividend paid and new equity investment by…
Q: egon Co.'s employees are eligible for retirement with benefits at the end of the year in which both…
A: Companies provide the retirement options to the employees and companies make provisions for that in…
Q: On April 30, 2021, Marie Company purchased for cash 18,000 of the 60,000 voting shares of Robbie…
A: Calculation of goodwill on the date of acquisition: Annual amortization of equipment = 30,000 / 5…
Q: Break-even sales and sales to realize operating income For the current year ended March 31, Cosgrove…
A: Cost volume profit analysis is the technique used by management for decision-making. The methods…
Q: Vaughn Manufacturing, Inc. can produce 100 units of a component part with the following costs:…
A: Direct material = $21,500 Direct labor = $7,000 variable Overhead = $22,000 Fixed Overhead = $14,000…
Q: An automated assembly robot that cost $378,000 has a depreciable life of 5 years with a $80,000…
A: MACRS is modified accelerated method of depreciation in which the more is the depreciation during…
Q: Peter, James, and John are partners with capital investments of P450,000,P350,000 and P500,000…
A: The total partnership capital is the sum of all the capital balance of the old partners plus the…
Q: Susan would like to buy a car. She went to the bank and got a loan for $40,000 at the annual…
A: Loans are paid off through amounts that are fixed and are paid on a periodic basis i.e. monthly or…
Q: Problem 5-18 (AICPA Adapted) Ladd Company provided the following information for the current year:…
A: Bad debt means where the amount receivable from debtor is not expected to realize and hence it…
Q: _________ Determine the accumulated investment amount for A’s investment for the 10-year period…
A: The concept being illustrated in this problem is the time value of money, which is the idea that…
Q: ! Required information [The following information applies to the questions displayed below.] A…
A: DIRECT LABOUR COST VARIANCE Direct Labour Cost Variance is the difference between the actual direct…
Q: Perpetual inventory using Beginning inventory, purchases, and sales data for DVD players are as…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. LIFO stands for…
Q: Problem 08-43 (LO 08-2) (Static) Ramona and Hermione formed Wiley Corporation on January 2. Ramona…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: A marketing company prides itself on its sales prowess and is looking for ways to increase profits.…
A: Profits are necessary for growth and expansion but the increase in profit can be done by increase in…
Q: Pearl Ltd is preparing financial statements for the year ended on 30 June 2021. Identify and match…
A: Preparing financial statements is an essential aspect of accounting that requires a company to…
Q: Estimated Income Statements, using Absorption and Variable Costing Prior to the first month of…
A: There are two types of costing systems in accounting: absorption and variable. The variable costs…
Q: Assume you are the department 8 manager for Marley's Manufacturing. Marley's operates under a…
A: Operation Income: Operating income is an accounting metric that indicates the amount of profit…
Q: Eagle Limited has a factory situated away from established commuter routes and provides bus…
A: A lease is recorded in the books of the lessee as the right to use asset and a lease liability is…
Q: Loss is generally considered a tax relief and can be carried forward to the following trading year…
A: LMP Limited had a trading profit of $5,000,000 in 2022 and had tax losses brought forward from…
Q: Holmes Company reported the following year-end amounts: Net Sales Beginning Inventory Net Cost of…
A: Ending inventory is the amount of inventory in hand at the end of the period. It is reported in the…
Q: Required information [The following information applies to the questions displayed below.] Hudson…
A: Sales revenue = units sold * sales per unit = 12,200 * $280 = $3,416,000 Total variable Cost =…
Q: 5. On 1 September 2019, Syarikat Hijau ordered a machine to be used in its production process.…
A: Fixed assets recognition refers to the process of recording and reporting the acquisition or…
Q: DATE 20X1 April 1 Purchased camera film on credit from Camera & Film Products, Invoice 825, $1,015,…
A:
Q: Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering…
A: By examining the relationships between various financial factors, ratio analysis is a technique for…
Q: Munoz Manufacturing Company makes tents that it sells directly to camping enthusiasts through a…
A: Direct cost are those cost which are directly charge to cost of production such as material cost ,…
Q: The information that follows relates to equipment owned by Waterway Limited at December 31, 2023:…
A: Under ASPE undiscounted cash flows is used to determine the impairment process to determine the…
Q: During 2021, tesa Company experienced financial difficulties and is likely to default on a…
A: This question belongs to the loan and notes payable. Due to the financial crisis faced by the…
Q: Baxter Company reported a net loss of $16,214 for the year ended December 31. During the year,…
A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…
Q: How was the answer attained for question 4
A: In 4th point mortgage interest @5% is given. The rate of 5% is annual rate. The mortgage is taken on…
Q: Which of the following items are normally classified as current liabilities for a company that has a…
A: Current liabilities are financial obligations that a company owes and is expected to settle within…
Q: Segment Contribution Margin Analysis The operating revenues of the three largest business segments…
A: MARGINAL COSTING INCOME STATEMENT Marginal Costing Income Statement is One of the Important Cost…
Q: 13.3 (LO 1) (Compensated Absences) Broderick Company began operations on January 2, 2019. It employs…
A: Paid leaves are the benefit offered by the employer to its employees. The paid leaves arise when an…
Q: ollowing are accounts and year-end adjusted balances of Cruz Company as of December 31. Number…
A: Post- Closing trial balance is prepared after all the temporary accounts are closed. Therefore,…
Q: Specific provisions for bad debts are deductible for tax purposes once the taxpayer is able to…
A: Bad debts are debts that are owed to a business or individual but are considered uncollectible…
Q: A machine costing $210,400 with a four-year life and an estimated $18,000 salvage value is installed…
A: Depreciation refers to the charge that represents the decline in the value of fixed asset due to its…
Q: On january 1, 2022, Sarah Company purchased a machine for 8,500,000 and received a government grant…
A: DEPRECIATION EXPENSE Depreciation means gradual decrease in the value of an asset due to normal wear…
Q: With asset exchanges, a transaction can ONLY have commercial substance. TRUE OR FALSE
A: An asset exchange is a type of transaction where two parties exchange assets or goods. Asset…
Q: If your company earned net profit of $50 million in Round 7 and paid $10 million in dividends,…
A: Increase in net profit will result in Increase in assets of company and Increase in retained…
Q: Shella's Society Clothing Manufacturer has collection centres around the country to speed up cash…
A: Cash management refers to the method under which the managers are able to maintain the cash balance…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million Link to TextSuppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $3,040 $1,908 Accounts receivable, net 3,370 3,180 Inventories 2,774 3,016 Other current assets 1,956 1,628 Total current assets $11,140 $9,732 Current liabilities $4,882 $5,875 Calculate the current ratio and working capital for 3M for 2019 and 2020.Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,200 $1,845Accounts receivable, net 3,450 3,180Inventories 2,639 3,042Other current assets 1,872 1,549Total current assets $11,161 $9,616Current liabilities $4,853 $5,893 (a)Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million (b)The parts of this question must be completed in order. This part will be available when you complete the part above.
- Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $3,200 $1,881 Accounts receivable, net 3,500 3,175 Inventories 2,702 3,044 Other current assets 1,896 1,582 Total current assets $11,298 $9,682 Current liabilities $4,791 $5,869 1.Calculate the current ratio and working capital for 3M for 2019 and 2020. 2.Suppose that at the end of 2020, 3M management used $198 million cash to pay off $198 million of accounts payable. How would its current ratio and working capital have changed?Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…Condensed financial data of Cullumber Company for 2020 and 2019 are presented below. CULLUMBER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,170 Receivables 1,780 1,310 Inventory 1,580 1,900 Plant assets 1,900 1,720 Accumulated depreciation (1,180 ) (1,140 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,180 $6,380 Accounts payable $1,220 $880 Accrued liabilities 210 240 Bonds payable 1,380 1,550 Common stock 1,930 1,660 Retained earnings 2,440 2,050 $7,180 $6,380 CULLUMBER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,690 Cost of goods sold 4,650 Gross margin 2,040 Selling and administrative expenses 930 Income from…
- Condensed financial data of Whispering Company for 2020 and 2019 are presented below. WHISPERING COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,130 Receivables 1,770 1,290 Inventory 1,620 1,920 Plant assets 1,940 1,680 Accumulated depreciation (1,190 ) (1,170 ) Long-term investments (held-to-maturity) 1,300 1,410 $7,270 $6,260 Accounts payable $1,220 $910 Accrued liabilities 210 260 Bonds payable 1,420 1,530 Common stock 1,890 1,710 Retained earnings 2,530 1,850 $7,270 $6,260 WHISPERING COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,100 Cost of goods sold 4,760 Gross margin 2,340 Selling and administrative expenses 930 Income from…Selected balance sheet accounts for Tibbetts Company on September 30, 2019. are as follows: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses $ 48,000 87,000 129,000 135, 000 21,000 Total current assetS $420,000 Accounts payable Other accrued liabilities $147,000 33,000 60,000 Short-term debt Total current liabilities $240,000 Required: a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30. 2019 b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2020. Prepare Journal entries for the below transactions and Indicate the effect of each item on Tibbetts Company's working capital, current ratio, and acid-test ratio. Use + for Increase, - for decrease, and (NE) for no effect. 1. Credit sales for the year amounted to $360,000. The cost of goods sold was $234.000 2 Collected accounts recelvable, $378,000. 3. Purchased inventory on account, $252,000. 4.…Blossom Company has been operating for several years, and on December 31, 2025, presented the following balance shee Cash Receivables Inventory Plant assets (net) (a) (b) (c) (d) BLOSSOM COMPANY Balance Sheet December 31, 2025 Current ratio $44,000 Accounts payable Mortgage payable Common stock ($1 par) Retained earnings 69.600 Acid-test ratio 79,200 238,500 $431,300 The net income for 2025 was $25,878. Assume that total assets are the same in 2024 and 2025. Compute each of the following ratios. (Round answers to 2 decimal places, eg. 1.59 or 45.87%.) Debt to assets ratio Return on assets $80,000 % 178,780 % 152.300 20.220 $431,300
- Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends $ 24,960 38,400 10, 240 20,480 7,600 18,800 104,000 77,600 39,800 109,600 32,800 108,400 38,400 26,920 263, 200 120, 800 Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2023 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse The company uses an income summary account in the closing process. 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list Journal entry worksheet 2 4 Record to close the revenue account to the income summary. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Record entry Clear entry View general journal 2. Calculate the post-closing balance in Retalned Earnings at December 31, 2020. (Amounts…Condensed financial data of Sheridan Company for 2025 and 2024 are presented below. Cash Receivables Inventory Plant assets Sheridan Company Comparative Balance Sheet As of December 31, 2025 and 2024 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 2025 $1,780 1,760 1,620 1,910 1,670 (1,210) (1,160) 1,330 1,440 $7,190 $6,280 $1,230 210 2024 $1,170 1,370 1,920 2,460 $7,190 1,280 1,880 $920 250 1,560 1,680 1,870 $6,280Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total Total assets 2020 Net plant and equipment $240,750 $310,600 a. Current ratio b. Quick ratio c. Cash ratio d. NWC ratio e. Debt-equity ratio e. Equity multiplier f. Total debt ratio f. Long-term debt ratio $8,850 $14,200 15,750 23,000 34,650 52,200 $ 59,250 $89,400 JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 300,000 400,000 2020 times times times % times times times times Liabilities and Owners' Equity Current liabilities 2021 Accounts payable Notes payable Based on the balance sheets given for Just Dew It: a. Calculate the current ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Calculate the quick ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate the cash ratio for…