The current asset section of the Excalibur Tire Company’s
balance sheet consists of cash, marketable securities,...
The current asset section of the Excalibur Tire Company’s
balance sheet consists of cash, marketable securities, accounts
receivable, and inventory. The December 31, 2021, balance sheet
revealed the following:
Inventory
$
890,000
Total assets
$
3,500,000
Current ratio
2.40
Acid-test ratio
1.40
Debt to equity ratio
1.5
Required:
Determine the following 2021 balance sheet items:
1. Current Assets
2. Shareholder's Equity
3. Long-term assets
4. Long-term liabilities
Spartan Sportswear's current assets consist of cash, marketable
securities, accounts receivable, and inventories. The following
data...
Spartan Sportswear's current assets consist of cash, marketable
securities, accounts receivable, and inventories. The following
data were abstracted from a recent financial statement: Inventories
$ 180,000
Total assets $ 840,000
Current ratio 3.50
Acid-test ratio 2.00
Debt to equity ratio 1.80
Required:
Compute the long-term liabilities for Spartan:
Bronco Electronics' current assets consist of cash, marketable
securities, accounts receivable, and inventories. The following
data...
Bronco Electronics' current assets consist of cash, marketable
securities, accounts receivable, and inventories. The following
data were abstracted from a recent financial statement:
Inventories
$
170,000
Total
assets
$
1,850,000
Current
ratio
4.2
Acid-test
ratio
3.20
Debt to equity
ratio
1.5
Required:
Compute the long-term liabilities for Bronco:
Q 3-4 Usually, current assets are listed in a specific order,
starting with cash. What is...
Q 3-4 Usually, current assets are listed in a specific order,
starting with cash. What is the objective of this order of listing?
Q 3-5 Differentiate between marketable securities and long-term
investments. What is the purpose of owning each? Q 3-6
Differentiate between accounts receivable and accounts payable.
Constructing and Analyzing Balance Sheet Amounts from Incomplete
Data Selected balance sheet amounts for 3M Company,...
Constructing and Analyzing Balance Sheet Amounts from Incomplete
Data Selected balance sheet amounts for 3M Company, a manufacturer
of consumer and business products, for three recent years
follow.
$ millions Current Assets Long-Term Assets Total Assets Current
Liabilities Long-Term Liabilities Total Liabilities Stockholders’
Equity*
2013 $12,733 $ $33,550 $ ? $ 8,104 $15,602 $17,948
2014 12,303 18,906 ? 5,964 12,103 ? 13,142
2015 ? 21,732 32,718 7,118 13,853 20,971 ?
a. Compute the missing balance sheet amounts for each of...
On January 1, 20X1, Honey Bee Corporation purchased the net
assets of Green Hornet Company for...
On January 1, 20X1, Honey Bee Corporation purchased the net
assets of Green Hornet Company for $1,500,000. On this date, a
condensed balance sheet for Green Hornet showed: Book Fair Value
Value Current Assets $ 500,000 $800,000 Long-Term Investments in
Securities 200,000 150,000 Land 100,000 600,000 Buildings (net)
700,000 900,000 $1,500,000 Current Liabilities $ 300,000 $300,000
Long-Term Debt 550,000 600,000 Common Stock (no-par) 300,000
Retained Earnings 350,000 $1,500,000 Required: Record the entry on
Honey Bee's books for the acquisition of...
QUESTION 1
Co. XYZ Balance Sheet
Assets:
Cash and marketable
securities &nbs
QUESTION 1
Co. XYZ Balance Sheet
Assets:
Cash and marketable
securities $300,000
Accounts
receivable 1,125,000
Inventories 1,837,500
Prepaid
expenses 24,000
Total current
assets $3,286,500
Fixed
assets 2,700,000
Less: accumulated
depreciation 1,087,500
Net fixed
assets $1,612,500
Total
assets $4,899,000
Liabilities:
Accounts
payable $240,000
Notes
payable 825,000
Accrued
taxes 42,000
Total current
liabilities $1,107,000
Long-term
debt 975,000
Owner’s
equity 2,817,000
Total liabilities and owner’s
equity $4,899,000
Co. XYZ Income Statement
Net sales (all
credit) $6,375,000
Less: Cost of goods
sold 4,312,500
Selling and administrative
expense 1,387,500
Depreciation
expense 135,000
Interest
expense 127,000
Earnings before
taxes $
412,500
Income
taxes 225,000
Net
income $
188,000
Common stock...
The balance sheet at December 31, 2018, for Nevada Harvester
Corporation includes the liabilities listed below:...
The balance sheet at December 31, 2018, for Nevada Harvester
Corporation includes the liabilities listed below:
a. 10% bonds with a face amount of $42 million were issued for
$42 million on October 31, 2009. The bonds mature on October 31,
2029. Bondholders have the option of calling (demanding payment on)
the bonds on October 31, 2019, at a redemption price of $42
million. Market conditions are such that the call is not expected
to be exercised.
b. Management intended...
Sam Company purchased all of the shares of Johns Company for
$5,000,000 in cash on January...
Sam Company purchased all of the shares of Johns Company for
$5,000,000 in cash on January 1, 2015. At the date of acquisition,
fair values of John's current assets totaled $350,000, fair values
of Johns long-term assets totaled $2,800,000, and fair values of
Johns liabilities were the same as reported values. John's has no
previously unreported assets or liabilities. The balance sheets of
Sam and John’s just after the acquisition appear below.
Sam Co......... John's Co.
...