FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
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Use the table for the questions below.
Consider the following balance sheets:
PharmPic
DosageDoc
Reported Dec. 31,
2020
2021
2020
2021
Assets
Cash
224,224
200,400
301,540
230,876
Accounts Receivable
129,000
118,125
130,316
110,345
Inventories
154,890
171,147
184,717
186,000
Total Current Assets
508,114
489,672
616,573
527,221
Net Property Plant & Equipt.
421,162
431,795
456,462
460,000
Patents and Trademarks
212,770
210,110
201,348
199,990
Total Assets
1,142,046
1,131,577
1,274,383
1,187,211
Liabilities and Stockholders' Equity:
Short Term Borrowings (Bank)
257,000
264,023
302,453
270,000
Accounts Payable
212,900
209,000
267,004
225,000
Current Portion of LTD (Interest Bearing Debt)
39,532
29,081
32,611
46,048
Total Current Liabilities
509,432
502,104
602,068…
The following selected account balances were taken from ABC Company'sgeneral ledgers for 2025:January 1, 2025 December 31, 2025 Accounts payable 49,000 53,000 Cash 35,000 38,000Common stock 46,000 76,000Land 27,000 64,000 Notes payable 45,000 40,000Retained earnings ? 29,000The following information was taken from ABC Company's 2025 incomestatement:Total revenues 500,000Total expenses <430,000>Net income 70,000The following information was taken from ABC Company's 2025 cashflow statement:Net cash flow from operating activities 93,000Net cash flow from investing activities <60,000>Net cash flow from financing activities <30,000>Net change in cash 3,000Calculate the balance in the retained earnings account at January 1, 2025.
The following items are reported on a company's balance sheet:
Line Item Description
Amount
Cash
$277,000
Marketable securities
101,400
Accounts receivable
234,300
Inventory
217,800
Accounts payable
315,500
Determine the (a) current ratio and (b) quick ratio. Round answers to one decimal place.
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- Complete the 20xx balance sheet for ABD Industries using the information that follows it. Balance Sheet Assets Cash 32,700 Marketable Securities 25,000 Accounts receivable a Inventories b Total current assets Net fixed assets e Total assets Liabilities and Stockholders' Equity Accounts payable 120,000 Notes payable Accruals 20,000 Total current liabilities Long-term debt i Total liabilities h Stockholders' equity 600,000 Total liabilities and stockholders' equity The following financial data are also available: а. Sales totaled PhP1,800,000 b. The gross profit margin was 25%. С. Inventory turnover was 6.0. d. There are 365 days in the year. е. The average collection period was 40 days. f. The current ratio was 1.60 g. The total asset turnover ratio was 1.20. h. The debt ratio was 60%arrow_forwardThe comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) 2024 2023 Assets Cash $ 121 $ 40 Accounts receivable 43 71 Less: Allowance for uncollectible accounts (5) (4) Dividends receivable 4 3 Inventory 100 95 Long-term investment 54 50 Land 95 85 Buildings and equipment 162 200 Less: Accumulated depreciation (38) (80) $ 536 $ 460 Liabilities Accounts payable $ 46 $ 82 Salaries payable 6 9 Interest payable 7 2 Income tax payable 5 6 Notes payable 10 0 Bonds payable 80 50 Less: Discount on bonds (5) (6) Shareholders' Equity Common stock 210 200 Paid-in capital—excess of par 24 20 Retained earnings 163 97 Less: Treasury stock (10) 0 $ 536 $ 460 DUX COMPANY Income Statement For the Year…arrow_forwardHancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ Sarrow_forward
- The following items are reported on a company's balance sheet: Cash $270,600 Marketable securities 83,600 Accounts receivable 263,100 Inventory 211,800 Accounts payable 315,200 Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place. a. Current ratio b. Quick ratioarrow_forwardSelected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $576,843 $305,088 Marketable securities 166,106 187,064 Accounts receivable (net) 258,387 289,100 Inventories 424,493 391,135 Prepaid expenses 55,369 25,509 Other current assets 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,516,471 $2,333,346 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 254,111 286,257 Accrued liabilities 273,658 166,983 Income taxes payable 97,735 178,911 Total Current Liabilities 1,086,880 970,570 Long-term debt 500,000 300,000 Deferred income taxes 215,017 262,404 Total Liabilities 1,801,897 1,532,974 Common stock $425,250…arrow_forwardSuppose these selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands). Cash Accounts receivable Inventory Other current assets Total current assets Total current liabilities 2022 Current ratio $13,057 25,199 29,385 19,579 $87,220 $249,200 2021 2022 $8,124 19,231 31,244 10,746 Compute the current ratio for each year. (Round answers to 2 decimal places, e.g. 2.12.) $69,345 $301,500 :1 2021 :1arrow_forward
- < The following items are reported on a company's balance sheet: $296,600 Marketable securities 185,000 Accounts receivable (net) 121,000 Inventory 127,000 Accounts payable 228,000 Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place. Cash a. Current ratio b. Quick ratioarrow_forwardThe following items are reported on a company's balance sheet: Cash $579,700 Marketable securities 452,900 Accounts receivable (net) 520,200 Inventory 258,800 Accounts payable 647,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratioarrow_forwardSelected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…arrow_forward
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