please help me Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting recordsreflected the following:Cash$22,000 Accounts payable3,000 Accrued liabilities payable3,000 Notes payable (current)20,000 Notes payable (noncurrent)1,000 Common atock50,000 Additional paid-in capital90,000 Retained earnings5,000$15,0004,0007,00047,00010,00080,00031,000Investments (nhort-term)Accounts receivableInventoryNoten receivable (long-tern)EquipmentFactory buildingIntangiblesDuring the current year, the company had the following summarized activities:a. Purchased short-term investments for $10,000 cash.b. Lent $5,000 to a supplier, who signed a two-year note.c. Purchased equipment that cost $18,000; paid $5,000 cash and signed a one-year note for the balance.d. Hired a new president at the end of the year. The contract was for $85,000 per year plus options to purchasecompany stock at a set price based on company performance. The new president begins her position on January 1of next year.e. Issued an additional 2,000 shares of $0.50 par value common stock for $11,000 cash.f. Borrowed $9,000 cash from a local bank, payable in three months.9. Purchased a patent (an intangible asset) for $3,000 cash.h. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance.1. Returned defective equipment to the manufacturer, receiving a cash refund of $1,00o.6. Compute the current ratio for the current year. (Round your answer to 2 decimal places.)Current ratio

The ratio analysis helps to analyze the financial statements of the business. The current ratio is…

Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 1,000 Common stock 50,000 Additional paid-in capital 90,000 Retained earnings 5,000 $15,000 4,000 7,000 47,000 10, 0০০ 80,000 31,000 During the current year, the company had the following summarized activities:

Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 1,000 Common stock 50,000 Additional paid-in capital 90,000 Retained earnings 5,000 $15,000 4,000 7,000 47,000 10, 0০০ 80,000 31,000 During the current year, the company had the following summarized activities:

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Similar questions

Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectively
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the market of interest was 9%. The company uses the effective-interest method of amortization. At the end of the year, the company will record ________. A. a credit to cash for $28,733 B. a debit to interest expense for $31,267 C. a debit to Discount on Bonds Payable for $1,267 D. a debit to Premium on Bonds Payable for $1.267
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $20,000 Accounts payable 14,000 Investments (short-term) 2,400 Accrued liabilities payable 3,100 Accounts receivable 4,000 Notes payable (current) 5,500 Inventory 29,000 Notes payable (noncurrent) 49,000 Notes receivable (long-term) 1,400 Long-term lease liabilities 59,000 Equipment 56,000 Common stock 10,600 Factory building 94,000 Additional paid-in capital 95,400 Operating lease right-of-use assets 150,000 Retained earnings 124,100 Intangible assets 3,900 During the current year, the company had the following summarized activities: Purchased short-term investments for $7,200 cash. Lent $6,300 to a supplier, who signed a two-year note. Leased equipment that cost $23,000; paid $5,300 cash and signed a five-year right-of-use lease for the balance. Hired a new president at the end of the year. The contract was for $78,000 per year plus options…
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $22,000 Accounts payable $15,000 Investments (short-term) 3,000 Accrued liabilities payable 4,000 Accounts receivable 3,000 Notes payable (current) 7,000 Inventory 20,000 Notes payable (noncurrent) 87,000 Notes receivable (long-term) 1,000 Long-term lease liabilities 63,000 Equipment 50,000 Common stock 10,000 Factory building 90,000 Additional paid - in capital 117,000 Operating lease right - of - use assets 140,000 Retained earnings 31,000 Intangible assets 5,000 During the current year, the company had the following summarized activities: Purchased short-term investments for $ 10,000 cash. Lent $5,000 to a supplier, who signed a two-year note. Leased equipment that cost $18,000; paid $5,000 cash and signed a five-year right-of-use lease for the balance. Hired a new president at the end of the year. The contract was for $85,000 per year plus…
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $ 20,000 Accounts payable $ 20,000 Investments (short-term) 3,200 Accrued liabilities payable 2,700 Accounts receivable 4,500 Notes payable (current) 5,000 Inventory 26,000 Notes payable (noncurrent) 49,000 Notes receivable (long-term) 2,000 Common stock 9,200 Equipment 46,000 Additional paid-in capital 82,800 Factory building 94,000 Retained earnings 32,000 Intangibles 5,000 During the current year, the company had the following summarized activities: Purchased short-term investments for $8,400 cash. Lent $6,000 to a supplier who signed a two-year note. Purchased equipment that cost $23,000; paid $4,900 cash and signed a one-year note for the balance. Hired a new president at the end of the year. The contract was for $89,000 per year plus options to…
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Previous Year Current Year Current assets: $ 486,000 $ 500,000 Cash Accounts receivable 210,000 200,000 Inventory Total current assets 375,000 350,000 $1,071,000 $1,050,000 Current liabilities: $ 145,000 $ 110,000 Current portion of long-term debt Accounts payable 175,000 150,000 Accrued and other current liabilities 260,000 240,000 $ 580,000 $ 500,000 Total current liabilities a. Determine the quick ratio for December 31 of both years. b. Interpret the change in the quick ratio between the two balance sheet dates.
Selected amounts from Alex Company’s balance sheet from the beginning of the year follow: Cash P70,000 Marketable securities P12,000 Accounts receivable (net) 350,000 Inventory 460,000 Prepaid expenses 8,000 Plant and equipment (net) 950,000 Accounts payable 200,000 Accrued liabilities 60,000 Notes due within one year 100,000 Bonds payable in 5 years 140,000 During the year, the company completed the following transactions: Purchased inventory on account, P50,000 b. Declared cash dividends P30,000 Paid accounts payable P100,000 Collected cash on accounts receivable P80,000 e. Purchased equipment for cash P75,000 Paid a cash dividend previously declared P30,000 Borrowed cash on a short-term note with the bank P60,000 h. Sold inventory costing P70,000 for P100,000, on…
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit $ 59,000 25,600 Cash Accounts Receivable Allowance for Uncollectible Accounts $ 2,500 Inventory Notes Receivable (5%, due in 2 years) 36,600 15,600 Land 158,000 Accounts Payable 15,100 223,000 Common Stock Retained Earnings 54,200 $294,800 Totals $294,800 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, $9,800. January 8 Purchase additional inventory on account, $85,900. January 15 Receive cash on accounts receivable, $22,30O. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500. Information for adjusting entries: a. Depreciation on the equipment…
On the basis of the following data related to assets due within one year for Simons Co. prepare partial balance sheet in good form at December 31. Show total current assets. Cash $96,000 Notes Receivable 50,000 Accounts Receivable 275,000 Allowance for Doubtful Accounts 40,000 Interest Receivable 1,000