Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 9, Problem 9E
Comprehensive analysis
The December 31, 2019, balance sheet for Burdette Corporation is presented here. These are the only accounts on Burdette’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information:
Required
Determine the following:
a. The balance in trade accounts payable as of December 31, 2019.
b. The balance in
c. The balance in the inventory account as of December 31, 2019. (Assume that the level of inventory did not change from last year.)
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Required information
[The following information applies to the questions displayed below.]
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, 2022)
Common Stock
Retained Earnings
Totals
View transaction list
Journal entry worksheet
Baggett Company’s balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows:
1. Prepare a December 31,2019, balance sheet for Baggett. 2. Compute the debt-to-assets ratio.
The following information is from the accounts of Neway Ltd for the years 2018 and 2019
Neway Ltd
Summary of the statement of comprehensive income
2019
2018
$m
$m
Sales revenue
650
615
COGS
305
295
Gross profit
Interest expense
Other expenses (including depreciation)
Profit
320
(13)
(100)
345
(15)
(120)
210
207
63
Depreciation expense
Accounts payable at the end of the period
Accounts receivable at the end of the period
|Inventory held at the end of the period
85
30
25
34
46
65
57
Required:
a) Prepare a statement of cash flows from operations for Neway Ltd.
b) Prepare a statement that reconciles the profit with the cash flows from operations.
Chapter 9 Solutions
Survey Of Accounting
Ch. 9 - 1. Why are ratios and trends used in financial...Ch. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - 4. What is the significance of inventory turnover,...Ch. 9 - 5. What is the difference between the current...Ch. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - 9. What are some limitations of the earnings per...Ch. 9 - Prob. 10Q
Ch. 9 - Prob. 11QCh. 9 - Prob. 12QCh. 9 - Prob. 13QCh. 9 - Prob. 14QCh. 9 - Exercise 9-1 Horizontal analysis Winthrop...Ch. 9 - Prob. 2ECh. 9 - Prob. 3ECh. 9 - Prob. 4ECh. 9 - Prob. 5ECh. 9 - Prob. 6ECh. 9 - Prob. 7ECh. 9 - Prob. 8ECh. 9 - Comprehensive analysis The December 31, 2019,...Ch. 9 - Prob. 10ECh. 9 - Prob. 11ECh. 9 - Prob. 12ECh. 9 - Ratio analysis Compute the specified ratios using...Ch. 9 - Prob. 14ECh. 9 - LO 13-2, 13-3, 13-4, 13-5 Exercise 13-15A...Ch. 9 - Prob. 16PCh. 9 - Prob. 17PCh. 9 - Prob. 18PCh. 9 - Prob. 19PCh. 9 - Prob. 20PCh. 9 - Problem 9-21 Ratio analysis Selected data for...Ch. 9 - Prob. 22PCh. 9 - Problem 9-23 Ratio analysis The following...Ch. 9 - Prob. 24PCh. 9 - Prob. 1ATCCh. 9 - Prob. 3ATCCh. 9 - ATC 9-5 Ethical Dilemma Making the ratios look...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.arrow_forwardBalance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of Meadows Company on December 31, 2019; Required: 1. Prepare Meadowss December 31, 2019, balance sheet. 2. Next Level Compute the debt-to-assets ratio. What does it indicate about Meadows at the end of 2019?arrow_forwardList of accounts as of Dec. 31, 2022 of MAN Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2021 for inventory was $17,800. Accounts payable Accounts receivable Accumulated depreciation Advertising expense Allowance for uncollectible accounts. Cash Common Stock Computer supplies Cost of goods sold List of accounts Delivery expense Insurance expense- office building Interest expense Interest revenue Inventory Land Loss on the sale of equipment Notes payable (due in 2 years) Notes receivable (due in 2 months) Office equipment Office salaries expense Prepaid insurance Repairs expense-Office computer Retained earnings Dec. 31, 2022 Salaries payable Sales discounts Sales returns and allowances Sales revenue Sales salaries expense Short term investment Store supplies expense Unearned revenue 7,000 29,470 30,000 1,700 3,500 32,150 70,835 2,425 15,000 8,600 600 950 1,350 20,000 30,000 220 35,000 17,420 64,000 2,945 1.860 800 27,290 12,000 3,500…arrow_forward
- Question : Calculate the following ratios for Avartar Sdn. Bhd. for years ended 31 March 2019 and 31 March2018 : 11) Inventory turnover times (using closing inventories); 12) Inventory turnover days (using closing inventories); 13) Receivables collection period; 14) Payables payment period (using cost of sales); 15) Earnings per share; Provide the formulas used for calculating the ratios and all workings should be shown clearly. Answer probably please!!!!!arrow_forwardThe comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…arrow_forward1. The following balances have been extracted from the books of ABC Co.Ltd on 31 March 2022. From them draw up (i) a detailed statement of profit or loss for internal use, for the year ending 31 March 2022, also (ii) a statement of profit or loss for publication for the year to that date. Purchases Revenue Returns inwards Returns outwards Discounts allowed Discounts received Inventory 1 April 2021 Wages and salaries: Sales and distribution Wages and salaries: Administrative Motor expenses: Sales and distribution Motor expenses: Administrative General distribution expenses General administrative expenses Rent and business rates (see Note (c)) Directors' remuneration Retained profits 1 April 2021 Advertising Bad debts Hire of plant and machinery (see Note (b)) Motor vehicles at cost: Sales and distribution Motor vehicles at cost: Administrative Loan-note interest payable Income from shares in group Preference dividend paid Ordinary dividend paid Notes: entities Amount in £ (a) Inventory…arrow_forward
- The condensed balance sheet as of December 31, 1982 of San Matias Company is given below. Figures shown by a question mark (?) may be computed from the additional information given: 1. The balance of inventory of San Matias as of December 31, 1982 is? 2. The balance of trade receivable-net is?arrow_forwardA).What is the inventory for zooey corporation B).what is the notes payable for zooey corporation in 2020 C).what is the accounts receivable of zooey corporation in 2020arrow_forwardAs per the latest annual report, the following information is made available from the financial statements of ABC Inc. for the year 2019. Sales COGS EBIT EBITDA Interest Expense Net Income Total Debt Total Assets. Particulars Net Fixed Assets Total Equity Current Assets Current Liabilities Cash & Cash Equivalents Accounts Receivables Inventories Accounts Payable Required: Amount (in millions) Current Ratio Quick Ratio Cash Ratio Debt to Equity Ratio Debt Ratio Receivables Turnover Ratio Inventory Turnover Ratio. Gross Margin Operating Profit Margin Net Margin £250,174 £151,782 £53,930 (a) You are required to calculate the following ratios: £66,477 £3,576 £45,256 £98,047 £328,516 £27,378 £80,488 £152,819 £95,718 £38,844 £12,926 £4,106 £46,236 b) After calculating all 10 ratios, explain how the above results can aid ABC Inc's decision making process.arrow_forward
- Question: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 Below is the list of nominal ledger balances of Tonson Plc at 31 December 2021. Tonson’s financial year end is at 31 December. Nominal ledger closing balances at 31 December 2021 The following information is relevant. 1. Closing inventory at 31 December 2021 is £45,000 On further investigation of the suspense account in the trial balance above, it was discovered that: An expense of £8,250 for legal services had been posted to the suspense account and a cash receipt of £15,750 had been posted to the suspense account. This represented the disposal proceeds from selling equipment, which had been purchased on 1 March 2017 at a cost of £48,000. Tonson depreciates non-current assets as follows: buildings at 1 per cent on a straight-line basis plant and equipment at 10 per cent on a straight-line basis motor vehicles at 20 per cent on a reducing balance basis.…arrow_forwardHelp me pleasearrow_forwardPrepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY