Jim Short’s Company makes clothing for schools. Sales in 20X1
were $4,370,000. Assets were as follows:...
Jim Short’s Company makes clothing for schools. Sales in 20X1
were $4,370,000. Assets were as follows:
Cash
$
154,000
Accounts receivable
843,000
Inventory
471,000
Net plant and equipment
540,000
Total assets
$
2,008,000
a. Compute the following:
(Round your answers to 2 decimal places.)
Turnover Ratios
1.
Accounts
receivable turnover
times
2.
Inventory
turnover
times
3.
Fixed
asset turnover
times
4.
Total asset turnover
times
b. In 20X2, sales increased to $5,800,000 and
the assets for that year...
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 $3,490,000, 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...
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...
Castaway Co.
Balance Sheet
Assets:
20X1
20X2
Cash
100,000
100,000
Accounts Receivable
48,000
30,000
Inventory
65,000...
Castaway Co.
Balance Sheet
Assets:
20X1
20X2
Cash
100,000
100,000
Accounts Receivable
48,000
30,000
Inventory
65,000
50,000
Prepaid Rent
6,000
12,000
Equipment
125,000
300,000
Accumulated Dep
25,000
35,000
BV of Equipment
100,000
265,000
Land
50,000
20,000
Total Assets
$ 369,000
$ 477,000
Castaway Co.
Income Statement
for 20X2
Revenues
$ 200,000
COGS
75,000
Gross Profit
125,000
Insurance Expense
5,000
Rent Expense
6,000
Supplies Expense
5,000
Depreciation Expense
10,000
Interest Expense
8,000
Net Income
$ 91,000
What is cash paid for...
Selected 2021 balance sheet and income statement information
from Gia, Inc. and Bradley Company follows: ($...
Selected 2021 balance sheet and income statement information
from Gia, Inc. and Bradley Company follows: ($ millions) Gia
Bradley Sales $13,800 $7,500 Cost of goods sold 10,600 5,400
Average accounts receivable 345 150 Average inventory 2,525 900
Average total assets 6,200 2,500
A. Compute the accounts receivable turnover rate for Gia (to two
decimals):
B. Compute the accounts receivable turnover rate for Bradley (to
two decimals):
C. Compute the average collection period for Gia (to two
decimals): days
D. Compute...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts receivable 50,000 30,000
Inventory 50,000 70,000
Property, plant and equipment (net) 160,000 200,000
Total assets $300,000 $400,000
Liabilities and stockholders equity
Accounts payable $20,000 $30,000
Short term notes payable 40,000 90,000
Bonds payable 80,000 160,000
Common stock 60,000 45,000
Retained earnings 100,000 75,000
Total liabilities and stockholders equity $300,000 $400,000
Income statement (for the year ended December 31, 2007)
Net sales $360,000
Cost...
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...
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...
Project 1.4 Topic: Long-Term Assets Part 1
On 1/1/20X1, Illini Company acquires one truck and one...
Project 1.4 Topic: Long-Term Assets Part 1
On 1/1/20X1, Illini Company acquires one truck and one car for a
lump sum of $60,000. The fair values of the truck and the car are
$50,000 and $30,000, respectively. The expected useful life of the
truck and car is 10 years, and the expected residual values for the
truck and car are $2,000 and $1,000, respectively. Illini accounts
for the truck and car using the straight line method.
On 1/1/20X2, Illini trades...