Given the following information for Smashville, Inc., construct a balance sheet: Current liabilities: $42,000 Cash: $ 21,000 Long-term debt: $ 102,000 Other assets: $ 36,000 Fixed assets: $ 150,000Other liabilities: $ 11,000 Investments: $ 32,000 Operating assets: $ 64,000

Step 1: Calculation of stockholders' equityTotal assets = Cash + Operating assets + Fixed assets +…

Answered: Given the following information for…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 62BE: Brief ExerciseRatio Analysis Valiant Corporation has $1,800,000 in total liabilities, $800,000 of...

See similar textbooks

Similar questions

how do i determine the working capital from the following information Sunland CompanyBalance SheetDecember 31, 2022 Assets Current assets Cash $ 61,800 Debt investments 87,000 Accounts receivable (net) 169,800 Inventory 155,150 Total current assets 473,750 Plant assets (net) 570,000 Total assets $ 1,043,750 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 153,500 Income taxes payable 36,000 Total current liabilities 189,500 Bonds payable 186,250 Total liabilities 375,750 Stockholders’ equity Common stock 351,000 Retained earnings 317,000 Total stockholders’ equity 668,000 Total liabilities and stockholders’ equity $1,043,750
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
Balance Sheet You are evaluating the balance sheet for Cypress Corporation. From the balance sheet you find the following balances: Cash and marketable securities = $670,000, Accounts receivable = $870,000, Inventory = $570,000, Accrued wages and taxes = $111,000, Accounts payable = $207,000, and Notes payable = $1,070,000. What is Cypress's net working capital? Multiple Choice $1,388,000 O $2,110,000 $722,000 O $3,498,000
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets $ 608,000 Investments 506,000 Property, plant, and equipment 2,056,000 Intangible assets 204,000 Total assets $ 3,374,000 Current liabilities $ 408,000 Long-term liabilities 1,046,000 Shareholders' equity 1,920,000 Total liabilities and shareholders' equity $ 3,374,000 The captions shown in the summarized statement above include the following: Current assets: cash, $152,000; accounts receivable (net), $202,000; inventory, $227,000; and prepaid insurance, $27,000. Investments: investment in equity securities, short term, $92,000, and long term, $162,000; and restricted cash, long term, $252,000. Property, plant, and equipment: buildings, $1,520,000 less accumulated depreciation, $602,000; equipment, $520,000 less accumulated depreciation, $202,000; and land, $820,000. Intangible assets net of amortization: patent, $112,000; and…
Given the following Year 9 selected balance sheet data: Assets Cash on Hand $136,000 255,000 230,000 $485,000 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 Total Current Liabilities $ 66,000 10,000 17,000 93,000 46,000 139,000 Long-Term Bank Loans Total Liabilities Year 8 Year 9 Shareholder Equity: Balance Change Common Stock (at a par value of $0.50 per share Additional Capital Retained Earnings Total Shareholder Equity Total Liabilities and Shareholder Equity 10,050 81,500 162,450 254,000 10,050 81,500 254,450 346,000 $485,000 92,000 +92,000 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 2 decimal places) and its current ratio are: Copyright © by Glo-Bus Software,…
Presented below are data taken from the records of Sheffield Company. December 31,2020 December 31,2019 Cash $15,100 $7,900 Current assets other than cash 85,800 59,800 Long-term investments 10,100 53,000 Plant assets 335,200 214,500 $446,200 $335,200 Accumulated depreciation $20,200 $40,200 Current liabilities 39,600 22,000 Bonds payable 75,800 –0– Common stock 252,800 252,800 Retained earnings 57,800 20,200 $446,200 $335,200 Additional information: 1. Held-to-maturity debt securities carried at a cost of $42,900 on December 31, 2019, were sold in 2020 for $33,600. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2. Plant assets that cost $49,600 and were 80% depreciated were sold during 2020 for $7,900. The loss was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the…
Presented below is the balance sheet of Sargent Corporation for the current year, 2020. Sargent CorporationBalance SheetDecember 31, 2020 Current assets $ 485,000 Current liabilities $ 380,000 Investments 640,000 Long-term liabilities 1,000,000 Property, plant, and equipment 1,720,000 Stockholders' equity 1,770,000 Intangible assets 305,000 $3,150,000 $3,150,000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and unearned rent revenue $5,000. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $40,000; investments in common stock, short-term $80,000 and long-term $270,000; and bond sinking fund $250,000. The cost and fair value of investments in common stock are the same. 3.…
The following totals are taken from the statement of financial position of Eden Company: Current Assets 350,000 Long-term Assets 800,000 Current Liabilities 240,000 Long-term Liabilities 270,000 Additional information: a. Cash of P38,000 has been placed in a fund for the retirement of long-term debt. The cash and long-term debt have been offset and are not reflected in the financial statements. b. Long-term assets include P50,000 in treasury shares. c. Cash of P14,000 has been set aside to pay taxes due. The cash and taxes payable have been offset and do not appear in the financial statements. d. Advances on salespersons' commissions in the amount of P21;000 have been made. Also, sales commissions payable total P24,000. The net liability of P3,000 is included in Current Liabilities. 1. Adjusted total current assets a. P350,000 b. P364,000 c. P385,000 d. P423,000 2. Adjusted total current liabilities a. P240,000 b. P254,000 c. P275,000 d. P278,000
The following totals are taken from the statement of financial position of Eden Company: Current Assets 350,000 Long-term Assets 800,000 Current Liabilities 240,000 Long-term Liabilities 270,000 Additional information: a. Cash of P38,000 has been placed in a fund for the retirement of long-term debt. The cash and long-term debt have been offset and are not reflected in the financial statements. b. Long-term assets include P50,000 in treasury shares. c. Cash of P14,000 has been set aside to pay taxes due. The cash and taxes payable have been offset and do not appear in the financial statements. d. Advances on salespersons' commissions in the amount of P21;000 have been made. Also, sales commissions payable total P24,000. The net liability of P3,000 is included in Current Liabilities. 1. Adjusted total current liabilities a. P240,000 b. P254,000 c. P275,000 d. P278,000
Given the following information for Smashville, Ic., construct a balance sheet: $22,000 $21,000 $102,000 $37,000 $120,000 $12,000 $33,000 $64,000 Current liabilities: Cash: Long-term debt: Other assets: Fixed assets: Other liabilities: Investments: Operating assets: Total assets Total liabilities and equity
Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…
You find the following financial information about a company: net working capital = $7, 809; total assets $11,942; and long-term debt Multiple Choice $9, 115 $4, 507 $10, 339 $6, 129 $4, 133 = = = $1, 287; fixed assets $4,589. What is the company's total equity?

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Given the following information for Smashville, Inc., construct a balance sheet: Current liabilities: $ 42,000 Cash: $ 21,000 Long-term debt: $ 102,000 Other assets: $ 36,000 Fixed assets: $ 150,000 Other liabilities: $ 11,000 Investments: $ 32,000 Operating assets: $ 64,000