Homework Answers
| 1 | (a) | (b) | (c ) | (d) | (e ) | (f) | (g) | (h) | (i) | (j) | (k) | (l) | ||
| Current liabilities | 150000 | 170000 | 150000 | 120000 | 150000 | 150000 | 150000 | 125000 | 190000 | 150000 | 150000 | 150000 | 165000 | |
| Long term liability | 375000 | 375000 | 375000 | 375000 | 375000 | 375000 | 375000 | 375000 | 375000 | 375000 | 375000 | 375000 | 375000 | |
| a | Total | 525000 | 545000 | 525000 | 495000 | 525000 | 525000 | 525000 | 500000 | 565000 | 525000 | 525000 | 525000 | 540000 |
| b | Stockholder's equity | 400000 | 400000 | 400000 | 400000 | 400000 | 400000 | 400000 | 400000 | 400000 | 355000 | 400000 | 370000 | 370000 |
| Ratio(a/b) | 1.3125 | 1.3625 | 1.3125 | 1.2375 | 1.3125 | 1.3125 | 1.3125 | 1.25 | 1.4125 | 1.478873 | 1.3125 | 1.418919 | 1.459459 |
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Trect of Transactions on Debt-to-Equity Ratio The following account balances are taken from the records of...
Effect of Transactions on Working Capital, Current Ratio, and Quick Ratio The following account balances are...
Effect of Transactions on Working Capital, Current Ratio, and Quick Ratio The following account balances are taken from the records of Redon Corp.: Cash Short-term investments Accounts receivable Inventory Prepaid Insurance Accounts payable Taxes payable Salaries and wages payable Short-term loans payable Required: $69,000 58,000 72,000 100,000 10,000 75,000 25,000 40,000 210,000 1. Use the information provided to compute the amount of working capital and Redon's current and quick ratios (round to three decimal points). Use the minus sign to...
E10-5 Determining the Impact of Current Liability Transactions, including Analysis of the Debt-to-Assets Ratio [LO...
E10-5 Determining the Impact of Current Liability Transactions, including Analysis of the Debt-to-Assets Ratio [LO 10-2, LO 10-5) Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $28,000. The company uses a perpetual Inventory system. b. On March 1, borrowed $60,000 cash...
CP 13 – 6 In the left‐hand column, a series of independent transactions is listed; in the right‐hand column, a series of ratios is listed. Effect on ratio No Transaction Ratio Increase Decrease change...
CP 13 – 6 In the left‐hand column, a series of independent
transactions is listed; in the right‐hand column, a series of
ratios is listed. Effect on ratio No Transaction Ratio Increase
Decrease change Wrote‐off an uncollectible account receivable
Accounts receivable collection period Issued 10‐year bonds to
acquire plant assets Return on total assets Declared a stock
dividend on common shares Earnings per share Paid a current
creditor in full Acid‐test ratio Required: For each transaction
indicate whether the ratio...
Required ndicate the effect of each of the following transactions on (1) the current ratio, (2)...
Required ndicate the effect of each of the following transactions on (1) the current ratio, (2) working capital, (3) stockholders' equity. (4) book value per share of common stock, and (5) retained earnings. Assume that the current ratio is greater than 1:1. (Indicate the effect of each transactions by selecting"" for increase, "-" for decrease, and "NC" for no change.) a. Collected account receivable. b. Wrote off account receivable. c. Converted a short-term note payable to a long-term note payable....
Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a...
Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year a. On January 10, purchased merchandise on credit for $27,500. The company uses a perpetual inventory system. b. On March 1, borrowed $59,000 cash from City Bank and signed a promissory note with a face amount of $59,000, due at the end...
Selected amounts from Reingold Company's balance sheet from the beginning of the year follow $ 74,000...
Selected amounts from Reingold Company's balance sheet from the beginning of the year follow $ 74,000 14,000 $ 359,600 $ 470,400 $ 10,800 $ 990,000 207,200 $63,600 108,000 $ 144,000 Cash Marketable Securities Accounts receivable, net Inventory Prepaid expenses Plant and equipment, net Accounts payable Accrued liabilities Notes due within one year Bonds payable in five years During the year, the company completed the following transactions: x. Purchased inventory on account, $53,000. a. Declared a cash dividend, $34,000. b. Paid...
Florida Hospital Apopka, a not-for profit organization, began 2018 with the following account balances on January...
Florida Hospital Apopka, a not-for profit organization, began 2018 with the following account balances on January 1: Cash $70,000 Accounts receivable 245,000 Allowance for doubtful accounts 18,000 Supplies inventory 24,000 Property and Equipment 1,500,000 Accumulated depreciation 300,000 Accounts payable 21,000 Notes payable (short-term bank loans) 500,000 Net assets 1,000,000 During 2018, the accounting clerk recorded the following transactions (Florida Hospital Apopka’s year end is December 31): Transaction Number Event Amount 1. Billed patients for services rendered $1,700,000 2. Purchased medical...
9) Your new firm just purchased a storage building and property for $40,000 that was paid...
9) Your new firm just purchased a storage building and property for $40,000 that was paid for with a $20,000 long-term loan and a new infusion of $20,000 from the owners. Which of the following accounting entries is most appropriate? A) $40,000 increase in plant, property and equipment, a $20,000 decrease in long-term debt, and a $20,000 decrease in owners equity. B) $40,000 increase in plant, property and equipment, a $20,000 increase in long-term debt, and a $20,000 increase in...
Find current ratio, debt ratio and earnings per share Transactions a. Purchased merchandise inventory of $48,000...
Find current ratio, debt ratio and earnings per
share
Transactions a. Purchased merchandise inventory of $48,000 on account. b. Borrowed $127,000 on a long-term note payable. c. Issued 1,000 shares of common stock, receiving cash of $106,000. d. Received cash on account, $5,000 Data Table Cash S 21,000 79,000 186.000 639,000 102.000 38,000 49000 221.000 69 000 10/000 Accounts Receivable Net (Round Merchandise Inventory Total Assets Accounts Payable Accrued Liabilities Short-term Notes Payable Long-term Liabilities Net Income Common Shares Outstanding...
Florida Hospital Apopka, a not-for profit organization, began 2018 with the following account balances on January...
Florida Hospital Apopka, a not-for profit organization, began 2018 with the following account balances on January 1: Cash Accounts receivable Allowance for doubtful accounts Supplies inventory Property and Equipment Accumulated depreciation Accounts payable Notes payable (short-term bank loans) Net assets $70,000 245,000 18,000 24,000 1,500,000 300,000 21,000 500,000 1,000,000 During 2018, the accounting clerk recorded the following transactions (Florida Hospital Apopka's year end is December 31): Transaction Number Event Amount Billed patients for services rendered $1,700,000 12,000 712,000 683,000 150,000...
Effect of Transactions on Working Capital, Current Ratio, and Quick Ratio The following account balances are taken from the records of Redon Corp.: Cash Short-term investments Accounts receivable Inventory Prepaid Insurance Accounts payable Taxes payable Salaries and wages payable Short-term loans payable Required: $69,000 58,000 72,000 100,000 10,000 75,000 25,000 40,000 210,000 1. Use the information provided to compute the amount of working capital and Redon's current and quick ratios (round to three decimal points). Use the minus sign to...
E10-5 Determining the Impact of Current Liability Transactions, including Analysis of the Debt-to-Assets Ratio [LO 10-2, LO 10-5) Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $28,000. The company uses a perpetual Inventory system. b. On March 1, borrowed $60,000 cash...
CP 13 – 6 In the left‐hand column, a series of independent
transactions is listed; in the right‐hand column, a series of
ratios is listed. Effect on ratio No Transaction Ratio Increase
Decrease change Wrote‐off an uncollectible account receivable
Accounts receivable collection period Issued 10‐year bonds to
acquire plant assets Return on total assets Declared a stock
dividend on common shares Earnings per share Paid a current
creditor in full Acid‐test ratio Required: For each transaction
indicate whether the ratio...
Required ndicate the effect of each of the following transactions on (1) the current ratio, (2) working capital, (3) stockholders' equity. (4) book value per share of common stock, and (5) retained earnings. Assume that the current ratio is greater than 1:1. (Indicate the effect of each transactions by selecting"" for increase, "-" for decrease, and "NC" for no change.) a. Collected account receivable. b. Wrote off account receivable. c. Converted a short-term note payable to a long-term note payable....
Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year a. On January 10, purchased merchandise on credit for $27,500. The company uses a perpetual inventory system. b. On March 1, borrowed $59,000 cash from City Bank and signed a promissory note with a face amount of $59,000, due at the end...
Selected amounts from Reingold Company's balance sheet from the beginning of the year follow $ 74,000 14,000 $ 359,600 $ 470,400 $ 10,800 $ 990,000 207,200 $63,600 108,000 $ 144,000 Cash Marketable Securities Accounts receivable, net Inventory Prepaid expenses Plant and equipment, net Accounts payable Accrued liabilities Notes due within one year Bonds payable in five years During the year, the company completed the following transactions: x. Purchased inventory on account, $53,000. a. Declared a cash dividend, $34,000. b. Paid...
Find current ratio, debt ratio and earnings per
share
Transactions a. Purchased merchandise inventory of $48,000 on account. b. Borrowed $127,000 on a long-term note payable. c. Issued 1,000 shares of common stock, receiving cash of $106,000. d. Received cash on account, $5,000 Data Table Cash S 21,000 79,000 186.000 639,000 102.000 38,000 49000 221.000 69 000 10/000 Accounts Receivable Net (Round Merchandise Inventory Total Assets Accounts Payable Accrued Liabilities Short-term Notes Payable Long-term Liabilities Net Income Common Shares Outstanding...
Florida Hospital Apopka, a not-for profit organization, began 2018 with the following account balances on January 1: Cash Accounts receivable Allowance for doubtful accounts Supplies inventory Property and Equipment Accumulated depreciation Accounts payable Notes payable (short-term bank loans) Net assets $70,000 245,000 18,000 24,000 1,500,000 300,000 21,000 500,000 1,000,000 During 2018, the accounting clerk recorded the following transactions (Florida Hospital Apopka's year end is December 31): Transaction Number Event Amount Billed patients for services rendered $1,700,000 12,000 712,000 683,000 150,000...
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