Birtle Corporation reports the following statement of financial position Information for 2017 and 2018.Current assetsCashAccounts receivableInventoryTotalFixed assetsNet plant and equipmentTotal assetsAssets2017$ 9,27923,68342,636$ 75,598$272,847$347,645BIRTLE CORPORATION2017 and 2018 Statement of Financial Position2018$ 11,17325,76046,915$ 83,848$297,967$381,815Current liabilitiesAccounts payableNotes payableLiabilities and Owners' EquityTotalLong-term debtOwners' equityCommon stock and paid-in surplusRetained earningsTotalTotal liabilities and owners' equity2017$ 41,06016, 157$ 57,217$ 40,000$ 50,000200,428$250,428$347,6452018$ 43,80516,843$60,648$ 35,000$ 50,000236,167$286,167$381,815 Prepare the 2017 and 2018 common-size statement of financial position for Birtle. (Round the final answers to 2 decimal places.)Current assetsAssetsAccounts receivableInventoryTotalFixed assetsNet plant and equipmentTotal assetsLiabilities and Owners' EquityCurrent liabilitiesAccounts payableNotes payableTotalLong-term debtOwners' equityCommon stock and paid-in surplusAccumulated retained earningsTotalTotal liabilities and owners' equity2017$ 9,27923,68342,636$ 75,598$272,047$347,645§ 41,06016,157$ 57,217$ 40,000$50,000200,428$ 258,428%%%%%%%%%%42018$ 11,17325,76046,915$ 83,848$297,967$381,815$ 43,80516,843$ 68,648$ 35,000236,167+286,167$381,815%%%%%

Working Notes for calculation of common-size statement of financial position for BIrtle.

Answered: Birtle Corporation reports the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following is the comparative balance sheet of Manish Ltd. Prepare a Cash Flow Statement for the year ended 31 December, 2016 from the details given below: Liabilities Assets 31st Dec., 31st Dec., 2015 31st Dec., 31st Dec., 2015 2016 2016 Share Capital Reserves & Surplus 730,000 755,000 Long-term loans Current Liabilities Fixed assets 760,000 792,500 Depreciation 717,500 27,500 Inventory Accounts 740,000 740,000 720,000 30,000 715,000 26,000 740,000 735,000 20,000 734,000 Receivable Dividend Provision 78,000 マ1,05,000 1,59,000 Cash 72,500 725,000 そ1,05,000 マ1,59,000 The Income statement for Manish Ltd. for the year ended 31 December 2015 shows the following information: Amount(*) 1,45,000 99,000 12,500 8,000 Sales Cost of Sales Tax provisions Dividend provided
The balance sheets of Charles & Co Ltd for the years ended 2017, 2018 and 2019 are as follows: Choolwe & Co Ltd Balance sheets at 31 December 2017 2018 2019 $000 $000 $000 Non-current assets Plant and equipment 13,200 16,110 16,410 Current assets Inventory 2,190 2,280 2,490 Trade debtors 2, 040 2,100 2,430 Short-term investments 4,200 1,800 1,290 Cash at bank and in hand 1,920…
Presented below is selected financial data for Teague Industries for the current year: Current assets: Current liabilities Cash and cash equivalents $3503 Accounts payable $5385 Short-term investments 1555 Other current liabilities 2892 Receivables, net 1811 Total current liabilities 8277 Merchandise inventories 6205 Noncurrent liabilities 5196 Other current assets 1975 Shareholders' Equity 6250 Total current assets 15,049 Total liabilities and shareholders' equity $19,723 Noncurrent assets 4674 Total assets $19,723 Revenues $50,826 Costs and Expenses 45,963 Operating Income 4,863 Other income/expense (including interest expense of $60) (36) Income before income tax 4827 Income tax expense (1449) Net income $3378 Previous Years' Financial Data Total Assets $17,020 Shareholders' Equity 4000 The financial leverage for Teague Industries is ________. (Round your answer to two decimal places, X.XX.)
Financial statements for Benson Company follow. BENSON COMPANY Balance SheetsAs of December 31 2019 2018 Assets Current assets Cash $ 17,500 $ 13,500 Marketable securities 20,300 6,300 Accounts receivable (net) 44,000 36,000 Inventories 129,000 137,000 Prepaid items 28,000 13,000 Total current assets 238,800 205,800 Investments 27,000 20,000 Plant (net) 270,000 255,000 Land 29,000 24,000 Total assets $ 564,800 $ 504,800 Liabilities and Stockholders’ Equity Liabilities Current liabilities Notes payable $ 17,200 $ 8,500 Accounts payable 88,800 75,000 Salaries payable 24,000 18,000 Total current liabilities 130,000 101,500 Noncurrent liabilities Bonds payable 130,000 130,000 Other 27,000 22,000 Total…
Samuel Corp. has provided the following information for the year ended December 31, 2018. Samuel Corp Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Inc/(dec) Current Assets: Cash $33,000 $13,000 $20,000 Accounts Receiveable 29,000 36,000 (7,000) Inventory 56,000 29,000 27,000 Plant Assets, net 126,000 92,000 34,000 Total Assets $244,000 $170,000 $74,000 Accounts Payable $9,000 $13,000 $(4,000) Accrued Liabilities 7,000 3,000 4,000 Long-Term Notes Payable 70,000 79,000 (9,000) Total Liabilities 86,000 95,000 (9,000) Common Stock $55,000 $3,000 $52,000 Retained Earnings 115,000 78,000 37,000 Treasury Stock (12,000) (6,000) (6,000) Total Stockholders' Equity $158,000 $75,000 $83,000 Total Liabilities and Stockholders Equity $244,000 $170,000 $74,000 Samuel Corp Income…
Use the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and 2016 presented below to answer the questions that follow. 2017 2016Cash and cash equivalents R 75,000 R 58,800Trade accounts receivable, net 157,500 193,200Inventory 208,200 253,400Other current assets 18,400 15,500Total current assets R 459,100 R 520,900Total assets R2,650,000 R3,430,000Required:Complete a horizontal analysis of the current asset section of Waverley Company’s balance sheet for 2017. Your answers for “% Change” should be rounded to one decimal place, e.g.,…
Consider the following abbreviated financial statements for Raines Corp: Current Assets Net fixed assets Raines Corp 2018 and 2019 Partial Balance Sheet Assets 2018 $4,810 2019 $5,930 13,650 16,800 -$3,848.8 -$1,165.8 $381.2 $4,562.8 Liabilities and Owners' Equity 2018 2019 $2,900 $3,150 Current liabilities Common Stock 8,310 8,700 Raines Corp 2019 Income Statement Sales Costs Depreciation Interest paid $25,800 16,050 4,050 The tax rate for 2019 was 34%. Dividends paid during 2019 were $1,300. What is the cash flow from assets for 2019? 1,880
[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…
Some recent financial statements for Earl Grey Golf Corp. follow. EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners' Equity 2017 2018 2017 Current assets Cash Accounts receivabl 12,448 e Fixed assets 15, 235 Inventory 25,392 27,155 Total $ 61,886 $ 66,645 Net plant and equipment $ 24,046 Total assets $386,58 1 2018 $ 24, 255 $324,65 $365,73 Sales Cost of goods sold Depreciation $ 432,37 9 Current liabilitie S Accounts payable Notes payable 12,000 11,571 Total $46,755 $ 80,000 Other Long-term debt Owners' equity Earnings before interest and taxes Interest paid Taxable income Taxes (35%) Common stock and $ 23,184 $ 27,420 Total liabilitie s and owners' equity $40,000 paid-in surplus Retained 219,82 earnings Total 6 $ 259,82 6 EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income 386,58 1 $366,996 253, 122 32,220 $ 81,654 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 $ $ 14,300 $ 67,354 23,574 243, 60 6 283, 60 6 432, 37 Net income Dividends…
Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…
Financial Statement Analysis Compute for Activity Ratios/Asset Management Ratios with Analysis for year 2018 - 2020: Average Age of Inventory Operating Cycle Fixed-Asset Turnover Ratio Total Asset Turnover

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS