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)
$24,510 $24,022 Short-term investments (end of year) 8,250 9,490
Operating expenses 59,215 63,630 Depreciation expense 13,225 11,800
Determine the days’ cash on hand for 20Y8 and 20Y9. Assume 365 days
in a year. Days’ Cash on Hand 20Y8: fill in the blank 1 days 20Y9:
fill in the blank 2 days?
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...
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...
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...
Comparative financial statements for Weaver Company follow:
Weaver Company
Comparative Balance Sheet
at December 31
This...
Comparative financial statements for Weaver Company follow:
Weaver Company
Comparative Balance Sheet
at December 31
This Year
Last Year
Assets
Cash
$
9
$
15
Accounts receivable
340
240
Inventory
125
175
Prepaid expenses
10
6
Total current assets
484
436
Property, plant, and
equipment
610
470
Less accumulated
depreciation
93
85
Net property, plant, and
equipment
517
385
Long-term investments
16
19
Total assets
$
1,017
$
840
Liabilities and
Stockholders' Equity
Accounts payable
$
310
$
230
Accrued...
Comparative financial statements for Weller Corporation, a
merchandising company, for the year ending December 31 appear...
Comparative financial statements for Weller Corporation, a
merchandising company, for the year ending December 31 appear
below. The company did not issue any new common stock during the
year. A total of 500,000 shares of common stock were outstanding.
The interest rate on the bonds, which were sold at their face
value, was 10%. The income tax rate was 40% and the dividend per
share of common stock was $0.40 this year. The market value of the
company’s common stock...
Comparative financial statements for Weller Corporation, a
merchandising company, for the year ending December 31 appear...
Comparative financial statements for Weller Corporation, a
merchandising company, for the year ending December 31 appear
below. The company did not issue any new common stock during the
year. A total of 600,000 shares of common stock were outstanding.
The interest rate on the bond payable was 10%, the income tax rate
was 40%, and the dividend per share of common stock was $0.75 last
year and $0.40 this year. The market value of the company’s common
stock at the...