Homework Answers
Current ratio=Current assets/Current liabilities
=118,000/60,000
which is equal to
=1.97(Approx)
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Current Year Prior Year $25.000 $17.000 Cash $26.000 $35.000 Accounts receivable, net 565.000 560.000 Inventory $2,000...
13. Current Year Prior Year Cash $25,000 $17.000 $26,000 $35.000 Accounts receivable, net $65,000 $60,000 Inventory...
13.
Current Year Prior Year Cash $25,000 $17.000 $26,000 $35.000 Accounts receivable, net $65,000 $60,000 Inventory $2,000 Prepaid expenses $1.000 Total current assets $118,000 $113,000 Total long-term assets $162,750 $187.750 Total current liabilities $60,000 $90.000 Total long-term liabilities $22,000 $78,000 Common stock, no par $40,000 $40,000 2,500 shares, market value $96 per share Retained earnings $158.750 $92.750 The following information is for Thomas Corporation for the past two years. The current year's current ratio is: 1.26 O 3.42 0 7.40...
ASSETS Current Assets Cash $ $ $ $ Accounts receivable Inventory Other current assets $ S...
ASSETS Current Assets Cash $ $ $ $ Accounts receivable Inventory Other current assets $ S Balance Sheet as of December 31, 2012, 2013, and 2014 (s in thousands) 2014 2013 2012 LIABILITIES 2014 2013 2012 Current liabilities 6,937 s 9,365 17,515 Accounts payable s $ 74,383 S 66 116 26,766 $ 25,735 Short-term debt $ 155 $ $ 241 $ 16,317$ 12,647 Total current liabilities $ 80,897 $ 74,637 11,462 $ 10,919 $ Long-term debt $ 60.997 s $...
HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory...
HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 120,000 shares of no par stock) Retained earnings Total liabilities and shareholders equity $ 770,000 310,000 80,000 160,000 280,000 300,000 120,000 100,000 $2,120,000 $ 235,000 275,000 540,000 100,000 480,000 490,000 $ 2, 120,000 Additional information: 1. The...
Data Table 2014 2013 2012 ASSETS Current Assets Cash $ $ Accounts receivable Inventory Other current...
Data Table 2014 2013 2012 ASSETS Current Assets Cash $ $ Accounts receivable Inventory Other current assets Barron Pizza, Inc. Balance Sheet as of December 31, 2012, 2013, and 2014 ($ in thousands) 2014 2013 2012 LIABILITIES Current liabilities 7,010 $ 9,387 $ 17,662 Accounts payable 26,604 $ $ 25,881 Short-term debt 16,394 $ 12,595 Total current liabilities 11,504 $ 10,814 Long-term debt 62,401 $ 57,485 $ 65,181 Other liabilities 19,125 $ $ 20,977 Total liabilities OWNERS' EQUITY 203,828 $...
Bronco Electronics' current assets consist of cash, short-term investments, accounts receivable, and inventory. The following data...
Bronco Electronics' current assets consist of cash, short-term investments, accounts receivable, and inventory. The following data were abstracted from a recent financial statement: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio $ 180,000 $1,580,000 3.0 2.40 1.5 Required: Compute the long-term liabilities for Bronco: Long-term liabilities
2015 2014 2015 Awets Current Assets Cash Accounts Receivable Credit Card Receivable Marketable Securities Notes Receivable...
2015 2014 2015 Awets Current Assets Cash Accounts Receivable Credit Card Receivable Marketable Securities Notes Receivable Inventory Prepaid Expenses Total Current Assets $25,000 $5,000 57.000 $20.000 $30,000 $32000 $40.000 $159.000 $23,000 $4.500 $6,000 $18,000 $25.000 $27.000 $36.000 $129.500 Revenues Sales Cash Sales AR Sales Credit Card Sales Total Sales Cost of Sales Gross Profit $45,000 $21,000 $76,000 $142,000 $38.340 $103,660 Direct Operating Expenses Payroll Expenses Other Expenses Total Departmental perses Fund Avusts $14.200 $12,780 526,900 Gross Operating Income 576.GRO tau...
Account Current Year Prior Year Net sales (all credit) $445,400 $362,000 Costs of goods sold $220,000...
Account Current Year Prior Year Net sales (all credit) $445,400 $362,000 Costs of goods sold $220,000 $185,000 Gross profit $225,400 $177,000 Income from operations $72,000 $80,000 Interest expense $8,000 $14,000 Net income $40,000 $35,000 Cash $34,000 $28,000 Accounts receivable, net $42,000 $62,000 Inventory $120,000 $100,000 Prepaid expenses $4,000 $2,000 Total current assets $200,000 $192,000 Total long-term assets $200,000 $230,000 Total current liabilities $100,000 $165,000 Total long-term liabilities $44,000 $95,000 Common stock, no par, $8,000 shares, value $120/share $80,000 $80,000 D....
Assets 2017 2018 Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2017 and 2018...
Assets 2017 2018 Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 15,120 Accounts payable $ 61,600 25,200 Notes payable 14,400 89,040 $ 7,400 23,400 76,200 $ 62,160 18,240 Total $ 107,000 $ 129,360 Total $ 76,000 $ 80,400 $ 48,000 $ 36,000 Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings $ 60,000 216,000 $ 60,000 303,600 Net plant and equipment $293,000...
Account Current Year Prior Year Net sales (all credit) $445,400 $362,000 Costs of goods sold $220,000...
Account Current Year Prior Year Net sales (all credit) $445,400 $362,000 Costs of goods sold $220,000 $185,000 Gross profit $225,400 $177,000 Income from operations $72,000 $80,000 Interest expense $8,000 $14,000 Net income $40,000 $35,000 Cash $34,000 $28,000 Accounts receivable, net $42,000 $62,000 Inventory $120,000 $100,000 Prepaid expenses $4,000 $2,000 Total current assets $200,000 $192,000 Total long-term assets $200,000 $230,000 Total current liabilities $100,000 $165,000 Total long-term liabilities $44,000 $95,000 Common stock, no par, $8,000 shares, value $120/share $80,000 $80,000 F....
Account Current Year Prior Year Net sales (all credit) $445,400 $362,000 Costs of goods sold $220,000...
Account Current Year Prior Year Net sales (all credit) $445,400 $362,000 Costs of goods sold $220,000 $185,000 Gross profit $225,400 $177,000 Income from operations $72,000 $80,000 Interest expense $8,000 $14,000 Net income $40,000 $35,000 Cash $34,000 $28,000 Accounts receivable, net $42,000 $62,000 Inventory $120,000 $100,000 Prepaid expenses $4,000 $2,000 Total current assets $200,000 $192,000 Total long-term assets $200,000 $230,000 Total current liabilities $100,000 $165,000 Total long-term liabilities $44,000 $95,000 Common stock, no par, $8,000 shares, value $120/share $80,000 $80,000 E....
13.
Current Year Prior Year Cash $25,000 $17.000 $26,000 $35.000 Accounts receivable, net $65,000 $60,000 Inventory $2,000 Prepaid expenses $1.000 Total current assets $118,000 $113,000 Total long-term assets $162,750 $187.750 Total current liabilities $60,000 $90.000 Total long-term liabilities $22,000 $78,000 Common stock, no par $40,000 $40,000 2,500 shares, market value $96 per share Retained earnings $158.750 $92.750 The following information is for Thomas Corporation for the past two years. The current year's current ratio is: 1.26 O 3.42 0 7.40...
ASSETS Current Assets Cash $ $ $ $ Accounts receivable Inventory Other current assets $ S Balance Sheet as of December 31, 2012, 2013, and 2014 (s in thousands) 2014 2013 2012 LIABILITIES 2014 2013 2012 Current liabilities 6,937 s 9,365 17,515 Accounts payable s $ 74,383 S 66 116 26,766 $ 25,735 Short-term debt $ 155 $ $ 241 $ 16,317$ 12,647 Total current liabilities $ 80,897 $ 74,637 11,462 $ 10,919 $ Long-term debt $ 60.997 s $...
HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 120,000 shares of no par stock) Retained earnings Total liabilities and shareholders equity $ 770,000 310,000 80,000 160,000 280,000 300,000 120,000 100,000 $2,120,000 $ 235,000 275,000 540,000 100,000 480,000 490,000 $ 2, 120,000 Additional information: 1. The...
Data Table 2014 2013 2012 ASSETS Current Assets Cash $ $ Accounts receivable Inventory Other current assets Barron Pizza, Inc. Balance Sheet as of December 31, 2012, 2013, and 2014 ($ in thousands) 2014 2013 2012 LIABILITIES Current liabilities 7,010 $ 9,387 $ 17,662 Accounts payable 26,604 $ $ 25,881 Short-term debt 16,394 $ 12,595 Total current liabilities 11,504 $ 10,814 Long-term debt 62,401 $ 57,485 $ 65,181 Other liabilities 19,125 $ $ 20,977 Total liabilities OWNERS' EQUITY 203,828 $...
Bronco Electronics' current assets consist of cash, short-term investments, accounts receivable, and inventory. The following data were abstracted from a recent financial statement: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio $ 180,000 $1,580,000 3.0 2.40 1.5 Required: Compute the long-term liabilities for Bronco: Long-term liabilities
2015 2014 2015 Awets Current Assets Cash Accounts Receivable Credit Card Receivable Marketable Securities Notes Receivable Inventory Prepaid Expenses Total Current Assets $25,000 $5,000 57.000 $20.000 $30,000 $32000 $40.000 $159.000 $23,000 $4.500 $6,000 $18,000 $25.000 $27.000 $36.000 $129.500 Revenues Sales Cash Sales AR Sales Credit Card Sales Total Sales Cost of Sales Gross Profit $45,000 $21,000 $76,000 $142,000 $38.340 $103,660 Direct Operating Expenses Payroll Expenses Other Expenses Total Departmental perses Fund Avusts $14.200 $12,780 526,900 Gross Operating Income 576.GRO tau...
Assets 2017 2018 Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 15,120 Accounts payable $ 61,600 25,200 Notes payable 14,400 89,040 $ 7,400 23,400 76,200 $ 62,160 18,240 Total $ 107,000 $ 129,360 Total $ 76,000 $ 80,400 $ 48,000 $ 36,000 Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings $ 60,000 216,000 $ 60,000 303,600 Net plant and equipment $293,000...
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