Managerial Accounting: Tools for Business Decision Making
7th Edition
ISBN: 9781118334331
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Chapter 13, Problem 13.7E
Rojas Corporation’s comparative balance sheets are presented below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
| 2017 | 2016 | |
| Cash | $ 14,300 | $ 10,700 |
| 21,200 | 23,400 | |
| Land | 20,000 | 26,000 |
| Buildings | 70,000 | 70,000 |
| Accumulated depreciation—buildings | (15,000) | (10,000) |
| Total | $110,500 | $120,100 |
| Accounts payable | $ 12,370 | $ 31,100 |
| Common stock | 75,000 | 69,000 |
| sRetained earnings | 23,130 | 20,000 |
| Total | $110,500 | $120,100 |
Additional information:
1. Net income was $22,630. Dividends declared and paid were $19,500.
2. No noncash investing and financing activities occurred during 2017.
3. The land was sold for cash of $4,900.
Instructions
(a) Prepare a statement of
(b) Compute
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Mulder Corporation's comparative balance sheets are presented below:
MULDER CORPORATION
Balance Sheets
December 31
2017 2016
Cash $10,300 $3,900
Accounts receivable 6,200 14,400
Inventory 11,000 8,000
Land 32,000 28,000
Buildings 74,000 74,000
Accumulated depreciation - buildings (15,000) (12,000)
Total $118,500 $116,300
Accounts payable $17,370 $31,100
Common stock ($5 par) 60,000 60,000
Retained Earnings 41,130 25,200
Total $118,500 $116,300
Mulder's 2017 income statement included net sales of $140,000, cost of goods sold of $80,000 and net income of $20,000.
Compute the current ratio for 2017 of Mulder Corporation.
Wiemers Corporation’s comparative balance sheets are presented below.
WIEMERS CORPORATIONBalance SheetsDecember 31
2017
2016
Cash
$ 3,400
$ 4,000
Accounts receivable (net)
21,700
23,400
Inventory
10,200
7,500
Land
20,100
25,600
Buildings
69,700
69,700
Accumulated depreciation—buildings
(15,500
)
(10,700
)
Total
$109,600
$119,500
Accounts payable
$ 12,000
$ 31,400
Common stock
75,600
69,200
Retained earnings
22,000
18,900
Total
$109,600
$119,500
Wiemers’s 2017 income statement included net sales of $107,000, cost of goods sold of $59,700, and net income of $15,100.Compute the following ratios for 2017. (Round Debt to assets ratio to 1 decimal place, e.g. 1.6, or 1.6% and all other answers to 2 decimal places, e.g. 1.64, or 1.64% .)
(a)
Current ratio
enter your answer rounded to 2 decimal places
:1
(b)
Acid-test ratio…
Delta Designs, Inc.
Comparative Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Total Current Assets
$32,250
$66,600
Property, Plant, and Equipment, Net
180,750
168,720
Other Assets
37,000
60,680
Total Assets
$250,000
$296,000
Liabilities
Total Current Liabilities
$30,500
$45,880
Long-term Debt
80,750
204,536
Total Liabilities
111,250
250,416
Stockholders' Equity
Total Stockholders' Equity
138,750
45,584
Total Liabilities and Stockholders' Equity
$250,000
$296,000
Perform a vertical analysis of
DeltaDelta
Designs' balance sheet for each year.
(Round the percent of total amounts to one decimal place, X.X%.)
Delta Designs, Inc.
Balance Sheet
December 31, 2018 and 2017
2018
Percent of Total…
Chapter 13 Solutions
Managerial Accounting: Tools for Business Decision Making
Ch. 13 - (a) What is a statement of cash flows? (b) Mark...Ch. 13 - Prob. 2QCh. 13 - Prob. 3QCh. 13 - Prob. 4QCh. 13 - Prob. 5QCh. 13 - Prob. 6QCh. 13 - Prob. 7QCh. 13 - Contrast the advantages and disadvantages of the...Ch. 13 - Prob. 9QCh. 13 - Prob. 10Q
Ch. 13 - Prob. 11QCh. 13 - Prob. 12QCh. 13 - Prob. 13QCh. 13 - Prob. 14QCh. 13 - Prob. 15QCh. 13 - During 2017. Doubleday Company converted 1,700.000...Ch. 13 - Prob. 17QCh. 13 - Prob. 18QCh. 13 - Prob. 19QCh. 13 - Prob. 20QCh. 13 - Prob. 21QCh. 13 - Prob. 13.1BECh. 13 - Classify items by activities. (LO 1), C Classify...Ch. 13 - Prob. 13.3BECh. 13 - Prob. 13.4BECh. 13 - Prob. 13.5BECh. 13 - Prob. 13.6BECh. 13 - Prob. 13.7BECh. 13 - Prob. 13.8BECh. 13 - Prob. 13.9BECh. 13 - Prob. 13.10BECh. 13 - The management of Morrow Inc. is trying to decide...Ch. 13 - Prob. 13.12BECh. 13 - Prob. 13.13BECh. 13 - Prob. 13.14BECh. 13 - Prob. 13.1DICh. 13 - Prob. 13.2DICh. 13 - Prob. 13.3DICh. 13 - Tabares Corporation had these transactions during...Ch. 13 - An analysis of comparative balance sheets, the...Ch. 13 - Cushenberry Corporation had the following...Ch. 13 - Prob. 13.4ECh. 13 - The current sections of Scoggin Inc.s balance...Ch. 13 - Prob. 13.6ECh. 13 - Rojas Corporations comparative balance sheets are...Ch. 13 - Here are comparative balance sheets for Velo...Ch. 13 - Prob. 13.9ECh. 13 - Compute net cash provided by operating...Ch. 13 - Suppose a recent income statement for McDonalds...Ch. 13 - Compute cash flow from operating activitiesdirect...Ch. 13 - The following information is taken from the 2017...Ch. 13 - You are provided with the following transactions...Ch. 13 - The following account balances relate to the...Ch. 13 - The income statement of Whitlock Company is...Ch. 13 - Prob. 13.4APCh. 13 - Prob. 13.5APCh. 13 - Prob. 13.6APCh. 13 - Prob. 13.7APCh. 13 - Prob. 13.8APCh. 13 - Prob. 13.9APCh. 13 - Prob. 13.10APCh. 13 - Prob. 13.11APCh. 13 - Prob. 13.1BYPCh. 13 - Prob. 13.2BYPCh. 13 - Comparative Analysis Problem: Amazon.com, Inc. vs....Ch. 13 - Prob. 13.4BYPCh. 13 - Prob. 13.5BYPCh. 13 - Prob. 13.7BYPCh. 13 - Ethics Case Wesley Corp. is a medium-sized...Ch. 13 - Prob. 13.9BYP
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