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:
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
The following
table shows Toshiba's financial statements
Assets:
Amount
Cash and marketable securities
$400,000
Accounts...
The following
table shows Toshiba's financial statements
Assets:
Amount
Cash and marketable securities
$400,000
Accounts receivable
1,415,000
Inventories
1,847,500
Prepaid expenses
24,000
Total current assets
3,686,500
Fixed assets
2,800,000
Less: accum. depr.
(1,087,500)
Net fixed assets
1,712,500
Total assets
$5,399,000
Liabilities:
Accounts payable
$600,000
Notes payable
875,000
Accrued taxes
92,000
Total current liabilities
$1,567,000
Long-term debt
900,000
Common Stock (100,000 shares)
700,000
Retained Earnings
2,232,000
Total liabilities and owner's equity
$5,399,000
Net sales (all credit)
$6,375,000
Less: Cost of...
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
$
1,010,000
Total assets
$
3,600,000
Current ratio
2.20
Acid-test ratio
1.20
Debt to equity ratio
1.5
Required:
Determine the following 2021 balance sheet items:
current assets
shareholders equity
long term assets
long term liabilites
Information from Gre Company's balance sheet follows
Current Assets
Cash
$2,100,000
Marketable Securities
7,200,000...
Information from Gre Company's balance sheet follows
Current Assets
Cash
$2,100,000
Marketable Securities
7,200,000
Accounts Receivable
50,500,000
Inventories
65,000,000
Prepaid expenses
1,000,000
Total current assets
$125,800,000
Current Liabilities
Notes payable
$1,400,000
Accounts payable
18,000,000
Accrued expenses
11,000,000
Income taxes payable
600,000
Current portion of long-term debt
3,000,000
Total current liabilities
$34,000,000
What is the acid-test ratio for Greg Company?
Select one:
a. 1.60
b. 1.76
c. 2.20
d....
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 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 inventories. The December 31, 2021, balance sheet
revealed the following: Inventories $ 750,000 Total assets $
2,800,000 Current ratio 2.3 Acid-test ratio 1.05 What amount should
be included in the noncurrent asset section of Excalibur Tire’s
December 31, 2021, balance sheet?
Common-Size Balance Sheet
2016
Cash and marketable securities
$
490
1.5
%
Accounts receivable
6,000
18.2...
Common-Size Balance Sheet
2016
Cash and marketable securities
$
490
1.5
%
Accounts receivable
6,000
18.2
Inventory
9,490
28.8
Total current assets
$
15,980
48.4
%
Net property, plant, and equipment
17,020
51.6
Total assets
$
33,000
100.0
%
Accounts payable
$
7,210
21.8
%
Short-term notes
6,790
20.6
Total current liabilities
$
14,000
42.4
%
Long-term liabilities
6,970
21.1
Total liabilities
$
20,970
63.5
%
Total common shareholders’ equity
12,030
36.5
Total liabilities and shareholders’ equity
$
33,000
100.0...
Which of the following assets is NOT the operating assets
A. Accounts Receivable B. Marketable Securities...
Which of the following assets is NOT the operating assets
A. Accounts Receivable B. Marketable Securities C. Net Fixed
Assets D. Inventories
To help finance a major expansion, a company sold a noncallable
bond several years ago that now has 15 years to maturity. This bond
has a 5% annual coupon, paid semiannually, it sells at a price of
$985, and it has a par value of $1,000. If the company’s tax rate
is 21%, what component cost of debt...
22. Kingsbury Associate’s current assets are as follows
Cash 3,000
Accounts Receivable 4,000
Inventories 8,000
If...
22. Kingsbury Associate’s current assets are as follows
Cash 3,000
Accounts Receivable 4,000
Inventories 8,000
If Kingsbury has a current ratio of 3.2, what is its quick ratio?
[Hint: Quick Ratio = (Current Assets-Inventory)/Current
Liabilities]
2.07
1.49
0.48
None of the above