CashAccounts ReceivableSuppliesInventoryLandBuildingTrademarkTotal AssetsThe dollar amount of current liabilities is$30,100$191,500$166,000$41,000$5,800 Accounts Payable$20,600 Salaries Payable$1,100 Mortgage Payable$164,000 Total Liabilities$104,000 Common Shares$84,700 Retained Earnings$29,800 Total Shareholders' Equity$410,000 Total Liabilities and Shareholders' Equity$30,100$10,900$125,000$166,000$150,000$94,000$244,000$410,000

Current liabilities refer to those liabilities or obligations of an organization, that the…

Answered: sets amount of current liabilities is…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 3DQ

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Cash Accounts receivable (net) Other current assets Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings Blue Corporation Balance Sheets December 31 Net income 2025 $31,000 $21,000 51,000 95,000 60,000 500,000 $86,000 150,000 370,000 $737,000 $612,000 $81,000 325,000 176,000 $737,000 Blue Corporation Income Statements For the Years Ended December 31 Sales revenue Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) 2024 46,000 100.000 2025 75,000 90,000 315,000 $745,000 41,000 704,000 430,000 2023 $19,000 49,000 126,000 114,000 $612,000 $545,000 69,000 2024 50,000 358,000 $545,000 $71,000 55,000 305,000 $605,000 31,000 574,000 355,000 219,000 151,000 274,000 181,000 $93,000 $68,000
Category. Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 429,735.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,152.00 Interest expense 40,500 42,662.00 Inventories 279,000 288,000 Long-term debt 339,349.00 400,985.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,641.00 Retained earnings 306,000 342,000 Sales 639,000 848,846.00 Тахes 24,750 47,931.00
Seminole Corporation reported the following items at December 31, 2021, and 2020: (Click the icon to view the comparative financial information.) Read the requirements. Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2021. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2021. (Abbreviation used: Cash* = Cash and cash equivalents. Round your final answer to two decimal places.) Cash* + Short-term investments + Net current receivables + Total current liabilities = Quick (acid-test) ratio $ Seminole's quick (acid-test) ratio is considered fairly weak. (b) Select the formula and calculate Seminole's days' sales outstanding for 2021. (Round interim calculations to two decimal places, XX.XX. Round the days' sales outstanding up to the next whole day.) Accounts receivable turnover = + Days' sales outstanding Seminole's days'…
Sunland Co. reports the following information: Net cash provided by operating activities Average current liabilities Average long-term liabilities Dividends paid Capital expenditures Purchase of treasury stock Payments of debt Sunland's free cash flow is $192000. $292000. $62000. O $16000. $422000 314000 214000 130000 230000 23000 72000
Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Corporation Wayne EnterprisesCurrent assets:Cash and cash equivalents $ 2,494 $ 541Current investments 125Net receivables 1,395 217Inventory 10,710 8,600Other current assets 773 301Total current assets $15,372 $9,784Current liabilitiesCurrent debt $ 1,321 $ 47Accounts payable 8,871 5,327Other current liabilities 1,270 2,334Total current…
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 428,571.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,035.00 Interest expense 40,500 42,155.00 Inventories 279,000 288,000 Long-term debt 339,577.00 401,377.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,171.00 Retained earnings 306,000 342,000 Sales 639,000 849,094.00 Taxes 24,750 47,192.00 What is the current year's entry for long-term debt on a common-sized balance sheet? (ROUND TO 4 DECIMAL PLACES.)
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 81,900 Accounts payable $ 136,000 Accounts receivable 188,000 Bonds payable (long term) 89,500 Inventory 51,200 Long-Term Assets Stockholders' Equity Gross fixed assets $ 555,000 Common stock $ 150,000 Less: Accumulated depreciation 151,000 Paid-in capital 70,000 Net fixed assets* 404,000 Retained earnings 279,600 Total assets $ 725,100 Total liabilities and equity $ 725,100 Sales (on credit) $ 1,255,000 Cost of goods sold 816,000 Gross profit $ 439,000 Selling and administrative expense† 266,000 Depreciation expense 55,500 Operating profit $ 117,500 Interest expense 10,000 Earnings before taxes $ 107,500 Tax expense 96,200 Net income $ 11,300 *Use net fixed assets in computing fixed asset turnover.†Includes $11,700 in lease payments.…
Balance Sheet Current assets Cash 870,000 Acc receivable not given Inventories 1,340,000 Fixed assets 4,190,000 TOTAL ASSETS 7,900,000 Current liabilities Acc payable not given Long-term debt 4,000,000 Common stock 950,000 Retained earnings 2,390,000 TOTAL LIAB and EQUITY 7,900,000 Income Statement Sales 31, 600,000 Operating expense 24, 650,000 EBIT 6,950, 000 nterest expense 520,000 EBT 6, 430, 000 Taxes 2,572,000 Net income 3,858,000 What is the firm's return on common equity? 161.42% 406.11% 115.51% 48.84% 52.56%
Cash Accounts receivable (net) Inventories Plant assets (net) Accounts payable Income taxes payable Bonds payable 10% Preferred stock, $50 par Common stock, $10 par -in capital in excess of par y Retained earnings Net credit sales Cost of goods sold Operating expenses Net income 1,500/7,200 1,300/7,200 2021 2020 $1,500,000 $1,000,000 o 1,500/8,000 1,300/8,000 December 31 " 1,600,000 2,600,000 7,000,000 1,100,000 200,000 1,400,000 2,000,000 2,400,000 1,600,000 4,000,000 12,800,000 8,400,000 2,900,000 1,500,000 67. The return on common stock holders' equity for 2021 is 1,200,000 2,200,000 6,500,000 800,000 100,000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1,220,000. On May 1, 2021, 60,000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. 1,400,000 2,000,000 1,800,000 1,300,000 3,500,000
Lydex Company Comparative Balance Sheet Assets Current assets: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Note payable, 10% Total liabilities Stockholders' equity: $ 1,260,000 This Year Last Year $960,000 0 2,700,000 3,900,000 240,000 7,800,000 9,300,000 $ 17,100,000 300,000 1,800,000 2,400,000 180,000 5,940,000 8,940,000 $ 14,880,000 $ 3,900,000 3,600,000 7,500,000 7,800,000 1,800,000 9,600,000 $ 2,760,000 3,000,000 5,760,000 7,800,000 1,320,000 9,120,000 Common stock, $ 78 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Lydex Company $ 17,100,000 $ 14,880,000 Comparative Income Statement and Reconciliation Sales (all on account) Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes…
The McLaughlin Corporation declared a 6 percent stock dividend. Construct a pro forma balance sheet showing the effect of this action. The stock was selling for $37.50 per share, and a condensed version of McLaughlin's balance sheet as of December 31, 2008, before the dividend, follows ($ millions):
Given the following Year 9 selected balance sheet data: Assets Cash on Hand Total Current Assets Total Fixed Asset Investments Total Assets Liabilities and Shareholder Equity Accounts Payable Overdraft Loan Payable 1-Year Bank Loan Payable Current Portion of Long-Term Loans $116,000 235,000 230,000 $465,000 $ 56,000 0 0 17,000 Total Current Liabilities 73,000 Long-Term Bank Loans 46,000 Total Liabilities 119,000 Year 8 Year 9 Shareholder Equity: Balance Change Common Stock (at a par value of $0.50 per share 10,050 0 10,050 Additional Capital 81,500 0 81,500 Retained Earnings Total Shareholder Equity Total Liabilities and Shareholder Equity 162,450 92,000 254,450 254,000 +92,000 346,000 $465,000 Based on the above figures and the definition of the debt:equity percentages (or debt%:equity%) presented in the Help section for p. 5 of the Camera and Drone Journal, the company's debt:equity percentages (rounded to the nearest whole percentage--like 25% and 75%) and its current ratio are

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