Jim Short’s Company makes clothing for schools. Sales in 20X1
were $4,140,000. Assets were as follows:...
Jim Short’s Company makes clothing for schools. Sales in 20X1
were $4,140,000. Assets were as follows:
Cash
$
160,000
Accounts receivable
812,000
Inventory
413,000
Net plant and equipment
571,000
Total assets
$
1,956,000
a. Compute the following: (Round your
answers to 2 decimal places.)
Accounts receivable turnover
Inventory turnover
Fixed Assets turnover
Total Assets turnover
b. In 20X2, sales increased to $5,200,000 and
the assets for that year were as follows:
Cash
$
160,000
Accounts receivable
915,000...
For December 31, 20X1, the balance sheet of Baxter Corporation
was as follows:
Current Assets...
For December 31, 20X1, the balance sheet of Baxter Corporation
was as follows:
Current Assets
Liabilities
Cash
$
27,000
Accounts payable
$
29,000
Accounts receivable
32,000
Notes payable
37,000
Inventory
42,000
Bonds payable
67,000
Prepaid expenses
13,700
Fixed Assets
Stockholders’ Equity
Gross plant and equipment
$
267,000
Preferred stock
$
37,000
Less: Accumulated
depreciation
53,400
Common stock
72,000
Paid in Capital
42,000
Net plant and equipment
$
213,600
Retained earnings
44,300
Total assets
$
328,300
Total liabilities and
stockholders’...
The balance sheet for Stud Clothiers is shown next.
Sales for the year were $3,700,000, with...
The balance sheet for Stud Clothiers is shown next.
Sales for the year were $3,700,000, with 75 percent of sales
sold on credit.
STUD CLOTHIERS
Balance Sheet 20X1
Assets
Liabilities and Equity
Cash
$
70,000
Accounts
payable
$
296,000
Accounts receivable
358,000
Accrued taxes
164,000
Inventory
245,000
Bonds payable (long-term)
139,000
Plant and equipment
423,000
Common stock
100,000
Paid-in capital
150,000
Retained earnings
247,000
Total assets
$
1,096,000
Total liabilities and
equity
$
1,096,000
Compute the following ratios: (Use a...
The balance sheet for Stud Clothiers is shown next. Sales for
the year were $3,490,000, with...
The balance sheet for Stud Clothiers is shown next. Sales for
the year were $3,490,000, with 75 percent of sales sold on
credit.
STUD CLOTHIERS
Balance Sheet 20X1
Assets
Liabilities and Equity
Cash
$
38,000
Accounts
payable
$
262,000
Accounts receivable
292,000
Accrued taxes
148,000
Inventory
248,000
Bonds payable (long-term)
178,000
Plant and equipment
500,000
Common stock
100,000
Paid-in capital
150,000
Retained earnings
240,000
Total assets
$
1,078,000
Total liabilities and
equity
$
1,078,000
Compute the following ratios: (Use a...
JPJ Corp has sales of $1.09 million, accounts receivable of
$45,000, total assets of $4.94 million...
JPJ Corp has sales of $1.09 million, accounts receivable of
$45,000, total assets of $4.94 million (of which $2.95 million
are fixed assets), inventory of $ 144,000, and cost of goods sold
of $ 595,000.
What is JPJ's accounts receivable days?
Fixed asset turnover?
otal asset turnover?
Inventory turnover?
Assets
2019
Net Sales
$5,000,000.00
Cash &
equivalents
$20,000.00
Variable Cost (75% of
sales)
$3,750,000.00
Accounts...
Assets
2019
Net Sales
$5,000,000.00
Cash &
equivalents
$20,000.00
Variable Cost (75% of
sales)
$3,750,000.00
Accounts
Receivable
$15,000.00
Inventory
$10,000.00
Gross profit
$1,250,000.00
Total current
assets
$45,000.00
Fixed Cost
$100,000.00
Net Plant and
equipment
$50,000.00
Earnings
before interest, taxes dp and amort.
$1,150,000.00
Total
assets
$95,000.00
Depreciation
$35,000.00
Net OP. Income
(EBIT)
$1,115,000.00
Liabilities
and equity
Interest
$12,000.00
Accounts payable
$5,000.00
Earnings before
taxes
$1,103,000.00
Accruals
$2,000.00
Taxes (40%)
$441,200.00
Notes payable
$10,000.00
Net
Income
$661,800.00
Total current
liabilities
$17,000.00...
The balance sheet and income statement for the A. Thiel Mfg.
Company are as follows:
Balance...
The balance sheet and income statement for the A. Thiel Mfg.
Company are as follows:
Balance Sheet ($000)
Cash
$ 500
Accounts receivable
2,000
Inventories
1,000
Current assets
$3,500
Net fixed assets
4,500
Total assets
$8,000
Accounts payable
$1,100
Accrued expenses
600
Short-term notes payable
300
Current liabilities
$2,000
Long-term debt
2,000
Owners’ equity
4,000
Total liabilities and owners’ equity
$8,000
Income Statement ($000)
Sales (all credit)
$8,000
Cost of goods sold
(3,300)
Gross profit
$4,700
Operating expenses (includes $500...
Assets
2018
Amount
Amount
Net Sales
$3,000,000.00
Cash &
equivalents
$10,000.00
Variable Cost (75% of
sales)...
Assets
2018
Amount
Amount
Net Sales
$3,000,000.00
Cash &
equivalents
$10,000.00
Variable Cost (75% of
sales)
$2,250,000.00
Accounts
Receivable
$25,000.00
Inventory
$15,000.00
Gross profit
$750,000.00
Total current
assets
$50,000.00
Fixed Cost
$100,000.00
Net Plant and
equipment
$60,000.00
Earnings
before interest, taxes dp and amort.
$650,000.00
Total
assets
$110,000.00
Depreciation
$35,000.00
Net OP. Income
(EBIT)
$615,000.00
Liabilities
and equity
Interest
$12,000.00
Accounts payable
$7,000.00
Earnings before
taxes
$603,000.00
Accruals
$3,000.00
Taxes (40%)
$241,200.00
Notes payable
$5,000.00
Net
Income
$361,800.00
Total current...
PLEASE MAKE SURE TO EXPLAIN HOW ANSWERS WERE FOUND. THANK
YOU
Exercise 14.12 Computing Ratios (LO14-7)...
PLEASE MAKE SURE TO EXPLAIN HOW ANSWERS WERE FOUND. THANK
YOU
Exercise 14.12 Computing Ratios (LO14-7)
A condensed balance sheet for
Bradford Corporation prepared at the end of the year appears as
follows:
Assets
Liabilities & Stockholders' Equity
Cash
$
104,000
Notes payable (due
in 6 months)
$
44,000
Accounts
receivable
110,000
Accounts
payable
80,000
Inventory
280,000
Long-term
liabilities
387,000
Prepaid
expenses
60,000
Capital stock, $5
par
300,000
Plant &
equipment (net)
570,000
Retained
earnings
403,000
Other assets
90,000
Total...
Fader Corp.’s 2014 and 2015 SFP and 2015 SCI are as follows (in
millions of dollars,...
Fader Corp.’s 2014 and 2015 SFP and 2015 SCI are as follows (in
millions of dollars, except per share amounts):
Condensed Statement of Financial Position
31 December
2015
2014
ASSETS
Cash
$
13
$
24
Investments (short-term)
4
7
Accounts receivable (net of allowance)
25
22
Inventory (FIFO)
39
47
Prepaid expenses
5
3
Investments, long-term
54
54
Property, plant, and equipment (net of accumulated
depreciation of $29 (2014), $37 (2015))
92
82
Total assets
$
232
$
239
LIABILITIES...