Days’ cash on hand
Financial statement data for years ending December 31 for Newton
Company follow:...
Days’ cash on hand
Financial statement data for years ending December 31 for Newton
Company follow:
20Y9
20Y8
Cash (end of year)
$25,400
$24,100
Short-term investments (end of year)
7,670
9,770
Operating expenses
59,245
63,765
Depreciation expense
12,880
10,840
Determine the days’ cash on hand for 20Y8 and 20Y9. Assume a
365-day year. Round your answers to one decimal place.
Days’ Cash on Hand
20Y8:
days
20Y9:
days
Feedback
Days' Cash on Hand = (Cash and Short-Term Investments) ÷
[(Operating...
Financial statement data for years ending December 31 for
Amsterdam Company follow:
20Y4
20Y3
Cost of...
Financial statement data for years ending December 31 for
Amsterdam Company follow:
20Y4
20Y3
Cost of merchandise sold
$3,598,900
$3,015,630
Inventories:
Beginning of year
593,000
589,600
End of year
648,000
593,000
a. Determine the inventory turnover for 20Y4
and 20Y3. Round to one decimal place.
Inventory Turnover
20Y4
20Y3
b. Determine the days' sales in inventory for
20Y4 and 20Y3. Assume 365 days a year. Round interim
calculations and final answers to one decimal place.
Days' Sales in Inventory
20Y4...
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Merrick Equipment Co. for
December 31,...
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Merrick Equipment Co. for
December 31, 20Y9 and 20Y8, is as follows:
Dec. 31, 20Y9
Dec. 31, 20Y8
Assets
Cash
$222,710
$208,610
Accounts receivable (net)
80,680
74,920
Inventories
227,760
221,840
Investments
0
85,940
Land
116,820
0
Equipment
251,290
196,120
Accumulated depreciation—equipment
(58,830)
(52,890)
Total assets
$840,430
$734,540
Liabilities and Stockholders'
Equity
Accounts payable
$152,120
$144,700
Accrued expenses payable
15,130
19,100
Dividends payable
8,400
6,610
Common stock, $10 par
45,380
35,990...
Statement of Cash Flows—Indirect Method The comparative balance
sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows—Indirect Method The comparative balance
sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is
as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $239,430
$222,980 Accounts receivable (net) 86,740 80,090 Inventories
244,850 237,110 Investments 0 91,860 Land 125,590 0 Equipment
270,150 209,640 Accumulated depreciation—equipment (63,250)
(56,530) Total assets $903,510 $785,150 Liabilities and
Stockholders' Equity Accounts payable $163,540 $154,670 Accrued
expenses payable 16,260 20,410 Dividends payable 9,040 7,070 Common
stock, $10 par 48,790 38,470...
The following is a statement of cash flows for the Tombstone
Company. Answer the questions about...
The following is a statement of cash flows for the Tombstone
Company. Answer the questions about this financial statement that
follow.
Tombstone Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities:
Net Income
34,682
Reconciliation items:
Increase in Accounts Receivable
(3,336)
Decrease in Merchandise Inventory
13,698
Increase in Accounts Payable
29,544
Decrease in Income Taxes Payable
(630)
Depreciation Expense
38,540
Loss on sale of plant assets...
Financial statements for Discovery Company follow:
DISCOVERY COMPANY
Statement of Financial Position
As of 31 December...
Financial statements for Discovery Company follow:
DISCOVERY COMPANY
Statement of Financial Position
As of 31 December
20X4
20X3
Assets
Current assets:
Cash
$
28,000
$
24,400
Accounts receivable
779,500
747,200
Inventory
635,900
580,800
Total current assets
1,443,400
1,352,400
Land
529,900
228,800
Plant and equipment
2,664,700
1,844,100
Less: Accumulated depreciation
(1,357,700
)
(1,339,200
)
Patents
140,800
148,000
Total assets
$
3,421,100
$
2,234,100
Liabilities and shareholders’ equity
Liabilities:
Current liabilities:
Accounts payable
$
439,000
$
482,400
Salaries and wages payable
69,200...
The comparative balance sheet of Orange Angel Enterprises Inc.
at December 31, 20Y8 and 20Y7, is...
The comparative balance sheet of Orange Angel Enterprises Inc.
at December 31, 20Y8 and 20Y7, is as follows:
Dec. 31, 20Y8
Dec. 31, 20Y7
Assets
Cash
$60,180
$73,440
Accounts receivable (net)
92,480
99,010
Merchandise inventory
132,110
122,720
Prepaid expenses
5,380
3,720
Equipment
269,120
219,870
Accumulated depreciation-equipment
(69,970)
(53,920)
Total assets
$489,300
$464,840
Liabilities and Stockholders'
Equity
Accounts payable (merchandise creditors)
$102,750
$97,150
Mortgage note payable
0
139,450
Common stock, $1 par
16,000
10,000
Excess of paid-in capital over par
233,000...
The comparative balance sheet of Merrick Equipment Co. for Dec.
31, 20Y9 and 20Y8, is:
Dec....
The comparative balance sheet of Merrick Equipment Co. for Dec.
31, 20Y9 and 20Y8, is:
Dec. 31,
20Y9
Dec. 31,
20Y8
Assets
Cash
$70,720
$47,940
Accounts receivable (net)
207,230
188,190
Inventories
298,520
289,850
Investments
0
102,000
Land
295,800
0
Equipment
438,600
358,020
Accumulated depreciation—equipment
(99,110)
(84,320)
Total assets
$1,211,760
$901,680
Liabilities and Stockholders'
Equity
Accounts payable (merchandise creditors)
$205,700
$194,140
Accrued expenses payable (operating expenses)
30,600
26,860
Dividends payable
25,500
20,400
Common stock, $1 par
202,000
102,000
Paid-in capital in...
Automotive Solutions Inc. common stock was $65 on December 31,
20Y8.
The comparative financial statements of...
Automotive Solutions Inc. common stock was $65 on December 31,
20Y8.
The comparative financial statements of Automotive Solutions
Inc. are as follows. The market price of Automotive Solutions Inc.
common stock was $65 on December 31, 20Y8.
AUTOMOTIVE SOLUTIONS INC.
Comparative Income Statement
For the Years Ended December 31, 20Y8 and 20Y7
20Y8
20Y7
Sales
$4,623,455
$4,259,770
Cost of goods sold
(1,655,640)
(1,523,190)
Gross profit
$2,967,815
$2,736,580
Selling expenses
$(986,560)
$(1,230,500)
Administrative expenses
(840,405)
(722,680)
Total operating expenses
(1,826,965)
(1,953,180)...
Condensed financial data of Cheng Inc. follow.
CHENG INC.
Comparative Balance Sheets
December 31
Assets
2020...
Condensed financial data of Cheng Inc. follow.
CHENG INC.
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$100,100
$47,600
Accounts receivable
92,800
33,700
Inventory
111,500
101,700
Prepaid expenses
29,400
25,700
Investments
140,200
114,100
Equipment
264,000
241,200
Accumulated
depreciation-equipment
(47,500
)
(52,100
)
Total
$690,500
$511,900
Liabilities and Stockholders’ Equity
Accounts payable
$111,200
$67,000
Accrued expenses payable
16,500
17,000
Bonds payable
114,400
149,800
Common stock
219,100
174,000
Retained earnings
229,300
104,100
Total
$690,500
$511,900
CHENG INC.
Income Statement
For the...