Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Related questions
infoPractice Pack
Question
infoPractice Pack
Transcribed Image Text:Fcon&ex
ternal_browser=0&launchUrl=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%
December 31, 2019 and 2020
2020
2019
Assets
Current assets:
Cash
$12,800
17,300
9,300
24,800
$64,200 $
$ 9,800
13,300
14,800
10,800
Accounts receivable
Merchandise inventory
Prepaid expenses
Total current assets
Plant and equipment:
Building (net)
Land
$15,300 $11, 800
14,300
$29,600
$93,800
9,800
$ 21, 600
$ 70,300
Total plant and equipment
Total assets
Liabilities
Current liabilities:
Accounts payable
Salaries payable
Total current liabilities
$13,800
7,800
$21,600 $ 13, 600
$ 7,800
5,800
Long-term liabilities:
Mortgage note payable
Total liabilities
22,700
21, 400
$44,300 $35, 000
Stockholders' Equity
$21,800
27,700
$49,500 $ 35,300
$93,800 $ 70, 300
Common stock
$ 21, 800
Retained earnings
13,500
Total stockholders' equity
Total liabilities and stockholders' equity
Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right).
Enter it as a proportion rounded to the nearest hundredth.)
2020
2019
Current ratio
Transcribed Image Text:LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2019 and 2020
2020
2019
Gross sales
$20,600
$16,200
Sales returns and allowances
800
100
Net sales
$19,800
11,600
$ 8,200
$16,100
8,600
$ 7,500
Cost of merchandise (goods) sold
Gross profit
Operating expenses:
Depreciation
Selling and administrative
Research
Miscellaneous
Total operating expenses
Income before interest and taxes
Interest expense
860
680
3,400
2,800
710
580
520
380
sa
$5,490
$ 2,710
$ 4,440
$ 3,060
720
580
Income before taxes
$ 1,990
$2,480
992
Provision for taxes
796
Net income
$ 1,194
$ 1,488
LOGIC COMPANY
Comparative Balance Sheet
December 31, 2019 and 2020
2020
2019
Assets
Current assets:
Cash
Accounts receivable
Merchandise inventory
Prepaid expenses
Total current assets
Plant and equipment:
Building (net)
$12,800
17,300
9,300
24,800
$64, 200 $ 48, 700
$ 9,800
13,300
14,800
10,800
$15,300
14,300
$11, 800
9,800
Land
acer
Σ
%24
%24
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
Includes step-by-step video
Trending nowThis is a popular solution!
Learn your wayIncludes step-by-step video
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- Required information Consider the following factors. 1. (FIP,21%,34) 2. (A/G,21%,45) Find the numerical values of the factors using the appropriate formula. The numerical value of factor 1 is The numerical value of factor 2 isarrow_forwardHow do you calculate for the ratios under the value portion in the table above? (blank spaces)arrow_forwardin Step 4, do you multiply or divide? I am not arriving at the same number.arrow_forward
- Identify whether a debit or credit results in the indicated change for each of the following accounts. To decrease Accounts Receivablearrow_forwardWhat does a checkmark in parentheses below a General column total indicate?arrow_forwardThe quarter in E5 is not found by adding B5,C5,D5. How do I actially find the quarter?arrow_forward
- Use the formula . Calculate FV for each set of values. R = $100, i=0.025, n = 15 R = $200, i=, n = 50 R = $750, i=, n = 36arrow_forwardWhat are age of receivables and how do you calculate them? Please explain.arrow_forwardIf the trial balance does not balance, the preparer should check to see if the difference is evenly divisible by 9. If so there may be a transposition. True Falsearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Essentials Of InvestmentsFinanceISBN:9781260013924Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.Publisher:Mcgraw-hill Education,
Foundations Of FinanceFinanceISBN:9780134897264Author:KEOWN, Arthur J., Martin, John D., PETTY, J. WilliamPublisher:Pearson,
Fundamentals of Financial Management (MindTap Cou...FinanceISBN:9781337395250Author:Eugene F. Brigham, Joel F. HoustonPublisher:Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i...FinanceISBN:9780077861759Author:Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan ProfessorPublisher:McGraw-Hill Education
Essentials Of Investments
Finance
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:9780134897264
Author:KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:Pearson,
Fundamentals of Financial Management (MindTap Cou...
Finance
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i...
Finance
ISBN:9780077861759
Author:Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:McGraw-Hill Education