FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- On its latest
balance sheet , a firm had $2,993,000,000 in net property, plant and equipment, $626,000,000 in other long-term assets, $1,158,000,000 in total current liabilities, $1,019,000,000 in total long-term liabilities and $4,387,000,000 in total owners’ equity. What were total current assets equal to?
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- Comparative data from the statement of financial position of Munchies Ltd. are shown below. Current assets Property, plant, and equipment Goodwill Total assets Current assets Property, plant, and equipment Total assets 2021 $1,519,000 2021 3,114.000 $4.730,000 % %6 97,000 2020 $1,164.000 2,827,000 107,000 $4,098,000 Using horizontal analysis, calculate the percentage of the base-year amount, using 2019 as the base year. (Round answers to 1 decimal place, e.g. 52.7%) 2020 2019 % $1,227,000 2.871,000 -0- $4,098,000 2019arrow_forwardFollowing this balance sheet of chevron's company, provide me with a horizontal analysis comparative balance sheets.arrow_forwardExtracts from the balance sheet of Atlantis Inc. are as follows: 2018 Assets Current Assets: Cash and Cash Equivalents 30,000 Accounts Receivable, Net 65,000 Merchandise Inventory 50,000 Total Current Assets 145,000 Long-Term Investments 150,000 Property, Plant, and Equipment, Net 250,000 Total Assets 545,000 Total Current Liabilities 150,000 Compute the acid test ratio.arrow_forward
- Additionally, the company informed the following: Net income = $156,042 Sales = $4,063,589 Determine the following values for the company: Total asset turnover ratio _____________ Fixed asset turnover ratio _____________arrow_forwardBased on the following information, compute the (1) current ratio and (2) working capital. (Round current ratio to 1 decimal place, e.g. 52.5.) Current assets $144,320 Total assets 738,000 Current liabilities 65,600 Total liabilities 410,000arrow_forwardUsing the following Balance Sheet summary information, calculate for the two companies presented:working capitalcurrent ratio Company L and Company M, respectively: Current assets $124,680, $180,550. Current liabilities 63,250, 153,250.arrow_forward
- Splish Brothers Limited had the following statement of financial position for the current year, 2023: Current assets Investments Property, plant, and equipment Intangible assets Other assets SPLISH BROTHERS LIMITED Statement of Financial Position December 31, 2023 1. 2. $125,020 80,840 199,280 30,080 35,720 $470,940 Current liabilities Long-term liabilities Shareholders' equity $91,180 159,800 219,960 The following additional information is available and provides information regarding errors in classification which need to be corrected: to $470,940 Current Assets include the following: bank account with an overdraft balance of $14,100; inventory with a FIFO cost of $81,780 and a net realizable value of $79,900; accounts receivable of $62,040 less allowance for expected credit losses of $2,820. Investments include the following: a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280; FV-OCI…arrow_forwardPrepare a balance sheet for Alaskan Peach Corporation as of December 31, 2022, based on the following information: cash = $199,000; patents and copyrights = $853,000; accounts payable = $290,000; accounts receivable = $259,000; tangible net fixed assets = $5,160,000; inventory = $544,000; notes payable = $183,000; accumulated retained earnings = $4,646,000; long-term debt = $1,190,000. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Cash Accounts receivable Inventory Total assets Current assets Intangible net fixed assets Tangible net fixed assets Accounts payable Notes payable Balance Sheet Current liabilities Long-term debt Assets Liabilities Total liabilities Accumulated retained earnings Common stock Total liabilities & owners' equity $ 199,000 259,000 544,000arrow_forwardAngela Corporation has the following selected assets and liabilities: Given the said data, determine the company’s net working capital. (check the photo) Choose the letter of correct answer a. P35,000.00b. P39,000.00c. P33,000.00d. P72,000.00e. P52,000.00arrow_forward
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