complete solution please. thank you. Unearned revenue$2,500Manufacturing building$125,000Accrued expense2414,000Common stock%$41,000Mortgage payable - due in 10 years$90,000Accounts receivable$427,000Long-term investment$450,000Goodwill$420,000Notes receivable due in 6 months245,000Manufacturing equipment$489,000Determine the total amount of assets expected to be converted into cash in one year or less.none of the choicesDetermine the total amount of long term assets.258000Determine total current liabilities.( Select]Determine the total long term liabilities.[ Select )Determine the amount of retained earnings.[ Select ] The following is a list of the accounts for ABC Company as of December 31st. This is not the company's first year of operations.Cash$2434,000Inventory97,000Long term debt 10% to be paid in 1 year24120,000Patent$2411,000Sales378,000Cost of goods sold$24195,000Accumulated depreciation$456,000Land$4100,000Prepaid Insurance$44,000Paid in capital29.000Salary expense$439,000Supplies expense3,000Unearned revenue2$2,500Manufacturing building125,000Accrued expense14.000%24%24%24

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Answered: Manufacturing building $ 125,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $ millions) Net sales $ 887.00 Cost of goods sold 747.00 Depreciation 37.00 Earnings before interest and taxes (EBIT) $ 103.00 Interest expense 18.00 Income before tax $ 85.00 Taxes 17.85 Net income $ 67.15 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Current assets $ 375 $ 324 Long-term assets 270 228 Total assets $ 645 $ 552 Liabilities and shareholders’ equity Current liabilities $ 200 $ 163 Long-term debt 114 127 Shareholders’ equity 331 262 Total liabilities and shareholders’ equity $ 645 $ 552 The company’s cost of capital is 8.5%. Required: Calculate Watervan’s economic value added (EVA). Note: Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places. What is the company’s return on capital? (Use start-of-year rather than average capital.) Note: Do not…
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.
Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $ millions) Net sales $ 895.00 Cost of goods sold 755.00 Depreciation 45.00 Earnings before interest and taxes (EBIT) $ 95.00 Interest expense 26.00 Income before tax $ 69.00 Taxes 14.49 Net income $ 54.51 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Current assets $ 383 $ 340 Long-term assets 286 236 Total assets $ 669 $ 576 Liabilities and shareholders’ equity Current liabilities $ 208 $ 171 Long-term debt 122 135 Shareholders’ equity 339 270 Total liabilities and shareholders’ equity $ 669 $ 576 The company’s cost of capital is 8.5%. Required: Calculate Watervan’s economic value added (EVA). Note: Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places. What is the company’s return on capital? (Use start-of-year rather than average capital.) Note: Do not…
Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $ millions) Net sales $ 895.00 Cost of goods sold 755.00 Depreciation 45.00 Earnings before interest and taxes (EBIT) $ 95.00 Interest expense 26.00 Income before tax $ 69.00 Taxes 14.49 Net income $ 54.51 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Current assets $ 383 $ 340 Long-term assets 286 236 Total assets $ 669 $ 576 Liabilities and shareholders’ equity Current liabilities $ 208 $ 171 Long-term debt 122 135 Shareholders’ equity 339 270 Total liabilities and shareholders’ equity $ 669 $ 576 The company’s cost of capital is 8.5%. Required: Calculate Watervan’s economic value added (EVA).
Sun City Corporation's end-of-year balance sheet consisted of the following amounts: Cash Property, plant, and equipment Capital stock Retained earnings $ 25,000 70,000 100,000 Ob. $200,000 Oc. $165,000 Od. $100,000 7 Accounts receivable Long-term debt Accounts payable Inventory What amount should Sun City report on its balance sheet for total assets? Oa. $95,000 $70,000 40,000 20,000 35,000
Wilcox's days payable outstanding is: Wilcox Corporation Balance Sheet Accounts Cash $25 $85 Payable Short-term Accrued $15 $45 Investments Liabilities Long- Accounts $70 term $240 Receivable Debt Common Inventory $150 $80 Stock Property, Retained Plant, & $390 $410 Earnings Equipment Goodwill $210
Presented below are selected balance sheet information and the income statement for Burch Company. Selected Balance Sheet Information Jan. 1 Dec. 31 Cash $11,400 $17,500 Accounts receivable 8,000 10,500 Inventory 23,500 21,000 Accounts payable 10,000 14,200 Income taxes payable 2,500 1,300 Burch Company Income Statement For the year ended December 31 Sales $250,000 Cost of goods sold (160,000) Depreciation expense (22,900) Other expenses (35,000) Income tax expense (12,000) Net income $20,100 Required: Compute the net cash flows from operating activities using the indirect method.
Suppose that you are given the following data for Niles Company : Note: The data and calculations are based on a 365-day year. Cash and equivalents Fixed assets Sales Net income Current liabilities Current ratio DSO ROE $225,000 $650,000 $2,500,000 $112,500 $240,000 2.5 18.25 12.00%
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $ 486,000 $ 500,000 Accounts receivable 210,000 200,000 Inventory 375,000 350,000 Total current assets $1,071,000 $1,050,000 Current liabilities: Current portion of long-term debt $ 145,000 $ 110,000 Accounts payable 175,000 150,000 Accrued and other current liabilities 260,000 240,000 Total current liabilities $ 580,000 $ 500,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place. Quick Ratio Previous year: fill in the blank 1 Current year: fill in the blank 2 b. How did the quick ratio change between the two balance sheet dates? Which statement below describes the change between the two balance sheet dates?
The assets of Moreland Corporation are presented below. January 1 December 31 Cash Marketable securities $48,000 $62,000 42,000 35,000 Accounts receivable 68,000 47,000 Inventory 125,000 138,000 Plant & equipment (net of accumulated depreciation) 325,000 424,000 For the year just ended, Moreland had net income of $96,000 on $900,000 of sales. Moreland's total asset turnover ratio is: Oa. 1.27. Ob. 1.37. Oc. 1.48. Od. 1.50.
Assume a company had sales of $372,000 (all on account) and net income of $60,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 38,000 $ 44,000 Accrued liabilities $ 18,000 $ 15,000 Income taxes payable $ 13,000 $ 10,000 If the credits to the company’s accumulated depreciation account were $21,000, then based solely on the information provided, the company’s cash collections from customers would be: Multiple Choice $375,000. $381,000. $366,000. $378,000.
The general ledger trial balance of Central Corporation includes the following statement of financial position accounts: Inventory (including inventory expected in the ordinary course of operations to be sold beyond 12 months amounting to P70,000) P110,000 Trade receivables 120,000 Prepaid insurance 8,000 Listed investments held for trading purposes at fair value 20,000 Available for sale investments 80,000 Cash and cash equivalents 30,000 Deferred tax asset 15,000 Bank overdraft 25,000 The amount that should be reported as current assets on Central's statement of financial position is a. 288,000 b. 368,000 c. 218,000 d. 298,000

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