On December 31, 2019, Clean and White Linen Supplies Ltd. had the following account balances: Cash S90,000 Accumulated Depreciation, Equipment S90,000 Accounts Receivable 96,000 Accounts Payable 60,000 Inventory 60,000 Wages Payable 8,000 Supplies 2,000 Bank Loan Payable 150,000 Long-Term Investment 80,000 Common Shares 250,000 Equipment 330,000 Retained Earnings 100,000 In 2020, the following transactions occurred: On January 1, paid S4,200 for a three-year fire insurance policy. 1. 2. Purchased additional uniform inventory on credit for $147,100. Sold uniforms for S192,100 on account. The inventory that was sold had been purchased for $100,000. 3. Performed cleaning services for customers for $544,400. One-quarter of this amount was paid in cash and the remainder was on account. 4. 5. Paid S139,200 to suppliers to settle some of the accounts payable. 6. Received $246,000 from customers to settle amounts owed to the company. 7. Paid $15,200 for advertising. At the end of 2020, paid the interest on the bank loan for the year at the rate of 7%, as well as S34,500 on the principal. The remaining principal balance is due in three years. 8. 9. Received a $3,000 dividend from the long-term investment. 10. Paid S19,800 for utilities for the year. 11. Declared and paid dividends of $13,100 at the end of the year. 12. Paid S102,000 for wages during the year. At year end, the company owed another $2,000 to the employees for the last week of work in December. Depreciated the equipment for the year. The company had bought its equipment at the beginning of 2017, and it was expected to last 10 years and have a residual value of S30,000. The company depreciates its equipment using the straight-line method. 13. 14. Made an adjustment for the cost of the insurance that expired in 2020. Prepare a statement of financial position for 2020. (LIst Current Assets In order of liguldity.)

Wildhorse Inc., had the following condensed balance sheet at the end of operations for 2019. Cash Current assets other than cash Equity invesments Plant assets (net) Land 1. During 2020, the following occurred. 2. 3. 4. 5. 6. 7. WILDHORSE INC. BALANCE SHEET DECEMBER 31, 2019 $8,400 28,800 8. 20,000 67,100 40,300 $164,600 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $9,900 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $30,600 after allowing depreciation of $13,300. Land was purchased through the issuance of $22,800 in bonds. $15,200 25,500 25,000 75,000 23,900 $164,600 Wildhorse Inc. sold part of its investment portfolio for $12,900. This transaction resulted in a gain of $1,900 for the company. No unrealized gains or losses were recorded on these investments in 2020. Both…

Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE INC.BALANCE SHEETDECEMBER 31, 2019 Cash   $8,500   Current liabilities   $15,000 Current assets other than cash   29,100   Long-term notes payable   25,700 Equity invesments   19,900   Bonds payable   25,000 Plant assets (net)   66,800   Common stock   75,000 Land   39,700   Retained earnings   23,300     $164,000       $164,000 During 2020, the following occurred. 1.   A tract of land was purchased for $9,100. 2.   Bonds payable in the amount of $15,000 were redeemed at par. 3.   An additional $9,900 in common stock was issued at par. 4.   Dividends totaling $9,300 were paid to stockholders. 5.   Net income was $30,500 after allowing depreciation of $13,700. 6.   Land was purchased through the issuance of $22,400 in bonds. 7.   Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain…

According to the balance sheet of Free Inc, at the end of the 2020 fiscal year, the cash balance is $200,000, account available balance is $500,000, inventory balance is $750,000; the net fixed asset is $1,500,000. On the other side, the account payable is $250,000, the accrual $40,000, the notes payable is $300,000, long-term debt is $510,000, common stock is $1,200,000, retained earnings is $650,000. The net income is $900,000; the interest payment is $45,600; the tax rate is 25%. If the sales is $10,000,000, what is the operating margin?b. 13.26%c. 11.45%d. 10.66%