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...
Consider the following company’s balance sheet and income
statement. Balance Sheet Assets Liabilities and Equity Cash...
Consider the following company’s balance sheet and income
statement. Balance Sheet Assets Liabilities and Equity Cash $
10,000 Accounts payable $ 31,000 Accounts receivable 72,000 Notes
payable 25,000 Inventory 53,000 Total current assets 135,000 Total
current liabilities 56,000 Fixed assets 81,000 Long-term debt
30,000 Equity 130,000 Total assets $ 216,000 Total liabilities and
equity $ 216,000 Income Statement Sales (all on credit) $ 290,000
Cost of goods sold 180,000 Gross margin 110,000 Selling and
administrative expenses 43,000 Depreciation 7,000 EBIT...
The accounting records of Backspace, Inc., revealed an accounts
receivable balance of $195,000 on January 1,...
The accounting records of Backspace, Inc., revealed an accounts
receivable balance of $195,000 on January 1, 20x6. Forty percent of
the company's sales are for cash, and the remaining 60% are on
account. Of the credit sales, 30% are collected in the month of
sale and 70% are collected in the following month. Total sales in
January and February are expected to amount to $500,000 and
$530,000, respectively.
Assume that in the latter half of 20x6, Backspace hired a new...
Balance Sheet
2015
2016
2017
Assets
Cash
807,000
628,000
612,000
Accounts Receivables
2,582,000
2,896,000
4,605,000
Inventories...
Balance Sheet
2015
2016
2017
Assets
Cash
807,000
628,000
612,000
Accounts Receivables
2,582,000
2,896,000
4,605,000
Inventories
2,870,000
5,181,000
7,319,000
Total Current Assets
6,259,000
8,705,000
12,536,000
Net Fixed Assets
2,216,000
2,423,000
5,538,000
Total Assets
8,475,000
11,128,000
15,074,000
Liabilities and Equity
Accounts Payable
961,000
1,648,000
3,137,000
Notes Payable
400,000
800,000
2,860,000
Accruals
440,000
800,000
1,150,000
Total Current Liabilities
1,801,000
3,248,000
7,147,000
Long Term Debt
1,350,000
1,908,000
1,867,000
Common Stock
3,650,000
3,650,000
3,650,000
Retained Earnings
1,674,000
2,322,000
2,410,000
Total Equity
5,324,000
5,972,000
6,060,000...