Question
In: Accounting
(1) Prepare the income statements and balance sheets for years 2017 and 2018 for Smith Company...
(1) Prepare the income statements and balance sheets for years
2017 and 2018 for Smith Company using the following information.
The balance sheet numbers are at the end of year figures.
Item
2017
2018
Accounts Payable
150.0
180.0
Accounts Receivable
150.0
180.0
Accumulated Depreciation
270.0
300.0
Cash & Cash Equivalents
10.0
12.0
Common Stock
50.0
50.0
Cost of Goods Sold
550.0
650.0
Depreciation
25.0
30.0
Interest Expense
20.2
21.7
Inventory
200.0
180.0
Long-term Debt
150.0
150.0
Gross Plant & Equipment
520.0
600.0
Retained Earnings
208.5
225.0
Sales
1,000.0
1,200.0
SG&A Expenses
300.0
370.0
Notes Payable
51.5
67.0
Tax Rate
40%
40%
(2) Answer the following questions:
(a) How much did Smith Company spend in acquiring fixed assets
in 2018?
(b) How much dividend did Smith Company pay out during
2018?
(c) Using the end of year numbers, did the short-term
liquidity improve or deteriorate from 2017 to 2018? Answer this
question using at least two short-term liquidity financial
ratios.
(d) Using the end of year numbers, did the asset management
efficiency improve or deteriorate from 2017 to 2018? Answer this
question using at least two asset management financial
ratios.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
(1) Prepare the income statements and balance sheets for years 2017 and 2018 for Smith Company...
(1) Prepare the income statements and balance sheets for years
2017 and 2018 for Smith Company using the following information.
The balance sheet numbers are at the end of year figures.
Item
2017
2018
Accounts Payable
150.0
180.0
Accounts Receivable
150.0
180.0
Accumulated Depreciation
270.0
300.0
Cash & Cash Equivalents
10.0
12.0
Common Stock
50.0
50.0
Cost of Goods Sold
550.0
650.0
Depreciation
25.0
30.0
Interest Expense
20.2
21.7
Inventory
200.0
180.0
Long-term Debt
150.0
150.0
Gross Plant & Equipment...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the
statement of income for 2018 are given below for Dux Company.
Additional information from Dux's accounting records is provided
also.
DUX COMPANY
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
33
$
20
Accounts receivable
48
50
Less: Allowance for uncollectible accounts
(4
)
(3
)
Dividends receivable
3
2
Inventory
55
50
Long-term investment
15
10
Land
70
40
Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the
statement of income for 2018 are given below for National
Intercable Company. Additional information from NIC’s accounting
records is provided also.
NATIONAL INTERCABLE COMPANY
Comparative Balance Sheets
December 31, 2018 and 2017
($ in millions)
2018
2017
Assets
Cash
$
106
$
95
Accounts receivable
280
275
Less: Allowance for uncollectible accounts
(8
)
(6
)
Prepaid insurance
4
10
Inventory
262
255
Long-term investment
50
75
Land
180
180...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the
statement of income for 2018 are given below for Dux Company.
Additional information from Dux’s accounting records is provided
also.
DUX COMPANY
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018 2017
Assets
Cash $ 47 $ 27
Accounts receivable 51 61
Less: Allowance for uncollectible accounts (3 ) (2 )
Dividends receivable 5 4
Inventory 69 57
Long-term investment 29 17
Land 96 50
Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the
statement of income for 2018 are given below for Dux Company.
Additional information from Dux's accounting records is provided
also.
DUX COMPANY
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
121
$
40
Accounts receivable
43
71
Less: Allowance for uncollectible accounts
(5
)
(4
)
Dividends receivable
4
3
Inventory
100
95
Long-term investment
54
50
Land
95
85
Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the
statement of income for 2018 are given below for Dux Company.
Additional information from Dux’s accounting records is provided
also.
DUX COMPANY
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
52
$
31
Accounts receivable
41
78
Less: Allowance for uncollectible accounts
(3
)
(2
)
Dividends receivable
4
3
Inventory
100
95
Long-term investment
54
50
Land
95
85
Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the
statement of income for 2018 are given below for Dux Company.
Additional information from Dux’s accounting records is provided
also.
DUX COMPANY
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
47
$
27
Accounts receivable
51
61
Less: Allowance for uncollectible accounts
(3
)
(2
)
Dividends receivable
5
4
Inventory
69
57
Long-term investment
29
17
Land
96
50
Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the
statement of income for 2018 are given below for Wright Company.
Additional information from Wright's accounting records is provided
also.
WRIGHT COMPANY
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018 2017
Assets
Cash $ 143 $ 130
Accounts receivable 171 175
Short-term investment 70 30
Inventory 175 170
Land 130 160
Buildings and equipment 800 600
Less: Accumulated depreciation (235 ) (175 )
$ 1,254 1,090...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the
statement of income for 2018 are given below for Dux Company.
Additional information from Dux’s accounting records is provided
also.
DUX COMPANY Comparative Balance Sheets December 31, 2018 and
2017 ($ in 000s) 2018 2017
Assets Cash $ 57 $ 32
Accounts receivable 56 71
Less: Allowance for uncollectible accounts (5 ) (4 )
Dividends receivable 5 3
Inventory 79 62
Long-term investment 39 22
Land 123 64
Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the
statement of income for 2018 are given below for Dux Company.
Additional information from Dux's accounting records is provided
also. DUX COMPANY Comparative Balance Sheets December 31, 2018 and
2017 ($ in 000s) 2018 2017 Assets Cash $ 94 $ 31 Accounts
receivable 37 61 Less: Allowance for uncollectible accounts (4 ) (3
) Dividends receivable 5 4 Inventory 55 50 Long-term investment 35
32 Land 50 40 Buildings and...
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