Constructing Balance Sheets and Applying the Current and Quick Ratios The following balance sheet data are reported for Brownlee Catering at September 30, 2015. Accounts Receivable $25,500 Accounts Payable $31,000 Notes Payable Equipment 23,000 Cash 15,000 51,000 Common Stock 41,250 Supplies Inventory 13,500 Retained Earnings ? Assume that on October 1, 2015, only the following two transactions occurred: October 1 Purchased additional equipment costing $11,000, giving $3,000 cash and signing an $8,000 note payable. Declared and paid a cash dividend of $3,000. Required a. Prepare Brownlee Catering's balance sheet at September 30, 2015. b. Prepare the company's balance sheet at the close of business on October 1, 2015. BROWNLEE CATERING SERVICE Assets BALANCE SHEETS September 30, 2015 October 1, 2015 0 $ 0 Accounts Receivable 0 0 Supplies Inventory 0 0 ÷ 0 0 Total Assets $ 0 $ 0 Liabilities Notes Payable Total Liabilities $ 0 $ 0 0 0 0 0 Stockholders' Equity 0 0 Retained Earnings 0 0 Total Stockholders Equity 0 0 Total Liabilities and Stockholders' Equity $ 0 $ 0 c. Calculate Brownlee's current and quick ratios on September 30 and October 1. (Assume that Notes Payable are noncurrent.) (Round answers to one decimal point.) September 30 October 1 Current Ratio Quick Ratio 0 0 0 0

Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2016. $26,500 Accounts receivable Accounts payable 12,200 Cash 20,500 Common stock 30,000 Land 10,000 Long-term notes payable 17,500 26,300 Merchandise inventory Retained earnings 23,600

The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. Accounts receivable, end of year Sales on account 20Y3 $ 725,000 5,637,500 2012 $ 650,000 4,687,500 20Y1 $600,000 Horizontally analyze the financial data in Exercise 17-9. (b) Calculate how many days it took Sigmon Inc. to collect its recieivables (i.e. Sigmon's average collection period) in 20Y3. Show your work.

Suppose the 2017 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.40 billion at the beginning of the year and $3.54 billion at the end of the year. Compute 3M Company's receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) times Accounts receivable turnover ratio SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Compute 3M Company's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period days

Calculate COGS

Constructing Financial Statements from Account Data Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011. $ 32,000 60,000 400,000 Goodwill 302,000 Retained earnings 96,000 Sales revenue 300,000 Supplies inventory 360,000 Supplies expense 140,000 Wages expense Accounts payable Accounts receivable Bonds payable, long-term Buildings Cash Common stock Cost of goods sold Equipment Barth Company Income Statement For Year Ended December 31, 2011 $ Expenses Total expenses Net income Assets Cash Total current assets Total assets ◆ ◆ → ◆ ◆ ◆ ◆ ◆ ♦ + $ $ $ Inventory $72,000 Land 160,000 16,000 120,000 800,000 6,000 12,000 80,000 Barth Company Balance Sheet December 31, 2011 Liabilities and equity Total liabilities Total equity Total liabilities and equity ◆ ♦ ◆ $

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

The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account Cash 2018 2017 $35,000 $24,000 Accounts Receivable 56,000 52,000 Inventory Current Liabilities 40,000 38,000 76,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 320,000 265,000 Use this information to determine the number of days in inventory for 2018.

General accounting

Read and identify the following balance sheet. Complete the missing information, using the information below the balance sheet: Assets Skretting Arc Ecuador S.A. Balance Sheet December 31, 20 20 Liabilities and Stockholders' Equity Cash $32,720 Marketable securities 25,000 Accounts receivable Inventories Total current assets Net fixed assets Total assets $ Accounts payable Notes payable 2. The gross profit margin was 25%. 3. Inventory turnover was 6.0. 4. There are 365 days in the year. Accruals Total current liabilities The following financial data for year 2020 is available: 1. Sales totaled $1,800,000. Long-term debt Stockholders' equity Total liabilities and stockholders' equity $ $120,000 5. The average collection period was 40 days. 6. The current ratio was 1.60. 7. The total asset turnover ratio was 1.20. 8. The debt ratio was 60%. 20,000 $600,000