Question
In: Accounting
Reynolds Corporation's comparative balance sheets are presented below. Reynolds CORPORATION Balance Sheets December 31 2018 2017...
Reynolds Corporation's comparative balance sheets are presented below.
|
Reynolds CORPORATION |
||||
|
Balance Sheets |
||||
|
December 31 |
||||
|
2018 |
2017 |
|||
|
Cash |
$ 10,000 |
$ 9,000 |
||
|
Accounts receivable |
35,000 |
30,000 |
||
|
Inventory |
25,500 |
20,000 |
||
|
Land |
15,000 |
15,000 |
||
|
Building |
90,000 |
90,000 |
||
|
Accumulated depreciation |
(27,000) |
(25,000) |
||
|
Total |
$148,500 |
$139,000 |
||
|
Accounts payable |
$ 50,000 |
$ 45,000 |
||
|
Common stock |
65,000 |
60,000 |
||
|
Retained earnings |
33,500 |
34,000 |
||
|
Total |
$148,500 |
$139,000 |
||
Reynolds' 2018 income statement included net credit sales of $200,000, cost of goods sold of $120,000, and net income of $30,000.
Instructions:
Compute the following ratios for 2018. (a) Current ratio.
(b) Acid-test ratio. (c) Receivables turnover. (d) Profit margin.
(e)Return on assets. (Round ratios to 2
decimal places and percentages to 1 decimal
place.)
Solutions
ekkarill92 answered 4 months agoRelated Solutions
Newman Corporation's comparative balance sheets are presented below. Newman Corporation Comparative Balance Sheet December 31 Assets...
Newman Corporation's comparative balance sheets are presented
below. Newman Corporation Comparative Balance Sheet December 31
Assets 2020 2019 Cash $15,200 $17,700 Accounts receivable 25,200
22,300 Investments (long-term) 20,000 16,000 Equipment 60,000
70,000 Accumulated depreciation (14,000) (10,000) Total Assets
$106,400 $116,000 Liabilities & Stockholder Equity Accounts
payable $14,600 $11,100 Bonds payable 10,000 30,000 Common stock
($1 par) 50,000 45,000 Retained earnings 31,800 29,900 Total
Liabilities & Stockholder Equity $106,400 $116,000 Additional
information: 1. Net income was $18,300. Dividends declared and paid...
Wiemers Corporation’s comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2017 2016...
Wiemers Corporation’s comparative balance sheets are presented
below.
WIEMERS CORPORATION
Balance Sheets
December 31
2017
2016
Cash
$ 4,100
$ 4,100
Accounts receivable (net)
20,900
23,200
Inventory
10,400
7,500
Land
19,900
26,000
Buildings
69,500
69,500
Accumulated depreciation—buildings
(14,700
)
(10,400
)
Total
$110,100
$119,900
Accounts payable
$ 12,300
$ 31,600
Common stock
74,500
70,500
Retained earnings
23,300
17,800
Total
$110,100
$119,900
Wiemers’s 2017 income statement included net sales of $109,000,
cost of goods sold of $59,500, and net income of...
Wiemers Corporation’s comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2017 2016...
Wiemers Corporation’s comparative balance sheets are presented
below. WIEMERS CORPORATION Balance Sheets December 31 2017 2016
Cash $ 4,200 $ 3,200 Accounts receivable (net) 21,000 23,200
Inventory 10,000 6,600 Land 19,700 26,100 Buildings 69,700 69,700
Accumulated depreciation—buildings (14,700 ) (10,300 ) Total
$109,900 $118,500 Accounts payable $ 12,400 $ 31,600 Common stock
76,000 71,000 Retained earnings 21,500 15,900 Total $109,900
$118,500 Wiemers’s 2017 income statement included net sales of
$111,000, cost of goods sold of $60,400, and net income of...
Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020...
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,400
$10,000
Accounts receivable
20,800
23,000
Land
19,800
25,900
Buildings
70,300
70,300
Accumulated depreciation—buildings
(14,700
)
(10,600
)
Total
$110,600
$118,600
Accounts payable
$12,200
$27,600
Common stock
75,600
71,000
Retained earnings
22,800
20,000
Total
$110,600
$118,600
Additional information:
1.
Net income was $22,600. Dividends declared and paid were
$19,800.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2020...
Rodriquez Corporation’s comparative balance sheets are presented
below:
RODRIQUEZ CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$16,600
$17,700
Accounts receivable
25,400
22,500
Investments
20,150
15,850
Equipment
60,050
70,150
Accumulated depreciation—equipment
(14,150
)
(10,500
)
Total
$108,050
$115,700
Accounts payable
$14,450
$11,050
Bonds payable
10,800
30,200
Common stock
50,000
44,800
Retained earnings
32,800
29,650
Total
$108,050
$115,700
Additional information:
1.
Net income was $18,750. Dividends declared and paid were
$15,600.
2.
Equipment which cost $10,100 and had accumulated depreciation...
Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2020...
Rodriquez Corporation’s comparative balance sheets are presented
below:
RODRIQUEZ CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$16,700
$17,600
Accounts receivable
24,900
22,000
Investments
19,850
16,250
Equipment
59,950
69,950
Accumulated depreciation—equipment
(14,050
)
(10,300
)
Total
$107,350
$115,500
Accounts payable
$14,650
$11,050
Bonds payable
10,500
30,000
Common stock
49,900
44,900
Retained earnings
32,300
29,550
Total
$107,350
$115,500
Additional information:
1.
Net income was $18,650. Dividends declared and paid were
$15,900.
2.
Equipment which cost $10,000 and had accumulated depreciation...
7B Harman Corporation’s comparative balance sheets are presented below. HARMAN CORPORATION Comparative Balance Sheets December 31
7B Harman Corporation’s comparative balance sheets are presented
below.
HARMAN CORPORATION
Comparative Balance Sheets
December
31 2017 2016
Cash $
27,200 $ 17,700
Accounts
receivable 24,200 22,300
Investments 20,000 16,000
Prepaid
Expenses 10,000 15,000
Equipment 60,000 70,000
Accumulated
depreciation (14,000) (10,000)
Total $127,400 $131,000
Accounts
payable $
19,600 $ 11,100
Taxes
Payable 6,000 1,000
Bonds
payable 14,000 30,000
Common
stock 55,000 60,000
Retained
earnings 32,800 29,900
Total $127,400 $131,000
Additional information:
1. Net income was $34,300. Dividends declared and paid were
$31,400.
2. Equipment which cost $10,000 and had accumulated depreciation
of $1,200 was sold for $5,300.
3. All other changes in noncurrent account balances had a direct...
The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Assets 2017...
The comparative balance sheets for Rothlisberger Company as of
December 31 are presented below.
Assets
2017
2016
Cash
$58,200
$46,000
Accounts Receivable
$41,100
$63,400
Inventory
$148,900
$145,600
Prepaid Expenses
$15,000
$27,600
Land
$101,900
$133,300
Buildings
$200,200
$200,200
Accumulated Depreciation - Buildings
$60,300
$33,600
Equipment
$228,500
$155,400
Accumulated Depreciation - Equipment
$42,600
$36,300
Total
$690,900
$701,600
LIABIITIES AND STOCKHOLDERS EQUITY
Accounts Payable
$46,000
$39,700
Bonds Payable
$260,000
$293,600
Common stock, $1 Par
$193,600
$208,300
Retained Earnings
$191,300
$208,300
Total
$690,900
$701,600...
Below are comparative balance sheets for Tigger Inc. at December 31, 2018 and 2017: 12/31/2018 12/31/2017...
Below are comparative balance sheets
for Tigger Inc. at December 31, 2018 and 2017:
12/31/2018
12/31/2017
Cash
$ 21,900
$ 10,000
Accounts receivables (net)
50,000
45,000
Inventory
64,000
70,000
Land
0
32,000
Plant assets
580,000
560,000
Accumulated depreciation
(103,000)
(100,000)
$612,900
$617,000
Accounts payable
$ 90,000
$ 93,000
Salaries payable
8,000
4,000
Dividends payable
1,700
2,300
Payable for general & admin expenses
18,000
10,000
Income tax payable
9,050
...
The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.
The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.
Additional information:
1. Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $5,720.
2. Land was sold for cash at book value.
3. Cash dividends of $20,000 were paid.
4. Net income for 2017 was $42,000.
5. Equipment was purchased for $88,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $6,000 cash.
6. Bonds...
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