FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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Concord Company has been operating for several years, and on December 31, 2020, presented the following balance sheet. CONCORD COMPANY BALANCE SHEET DECEMBER 31, 2020 Cash Receivables Inventory Plant assets (net) $39,300 79,300 101,500 223,000 $443,100 Acid-test ratio Debt to assets ratio Accounts payable Return on assets Mortgage payable Common stock ($1 par) Retained earnings $78,100 143,200 146,500 The net income for 2020 was $26,600. 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%.) enter the Current ratio rounded to 2 decimal places Current ratio enter the Acid-test ratio rounded to 2 decimal places enter the Debt to assets ratio in percentages rounded to 2 decimal places % enter the Return on assets in percentages rounded to 2 decimal places % 75,300 $443,100
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Transcribed Image Text:Concord Company has been operating for several years, and on December 31, 2020, presented the following balance sheet. CONCORD COMPANY BALANCE SHEET DECEMBER 31, 2020 Cash Receivables Inventory Plant assets (net) $39,300 79,300 101,500 223,000 $443,100 Acid-test ratio Debt to assets ratio Accounts payable Return on assets Mortgage payable Common stock ($1 par) Retained earnings $78,100 143,200 146,500 The net income for 2020 was $26,600. 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%.) enter the Current ratio rounded to 2 decimal places Current ratio enter the Acid-test ratio rounded to 2 decimal places enter the Debt to assets ratio in percentages rounded to 2 decimal places % enter the Return on assets in percentages rounded to 2 decimal places % 75,300 $443,100
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