Question
In: Accounting
Boom Ltd has the following comparative data. BOOM LTD Statement of financial position as at 30...
| Boom Ltd has the following comparative data. | ||||
| BOOM LTD | ||||
| Statement of financial position as at 30 June | ||||
| 2020 | 2019 | |||
| $ | $ | |||
| Cash | 20,050 | 29,380 | ||
| Receivables (net) | 63,560 | 57,190 | ||
| Inventories | 59,200 | 51,300 | ||
| Property, plant and equipment (net) | 207,980 | 179,170 | ||
| 350,790 | 317,040 | |||
| Accounts payable | 47,670 | 57,610 | ||
| Loan payable (15%) | 99,000 | 99,000 | ||
| Share capital, $10 each | 138,000 | 118,000 | ||
| Retained earnings | 66,120 | 42,430 | ||
| 350,790 | 317,040 | |||
| Additional information for 2020: | ||||||||||
| 1 | Profit was $19,120 | |||||||||
| 2 | Sales on account were $376,000. Sales returns and allowances amounted to $29,700 | |||||||||
| 3 | Cost of sales was $199,400. | |||||||||
| 4 | Net cash provided by operating activities was $52,400 | |||||||||
| 5 | The loan payable is a non-current liability in both years. | |||||||||
| 6 | Depreciation for the year was $22,500 and there were no disposals in the year. | |||||||||
| Required | |||||||||||
| Calculate the following at 30 June 2020 (round your final answers to 2 decimal places): | |||||||||||
| a) Current ratio. | |||||||||||
| b) Quick ratio. | |||||||||||
| c) Average collection period. | |||||||||||
| d) Average days in inventory. | |||||||||||
| e) Cash return on sales ratio. | |||||||||||
| f) Cash debt coverage. | |||||||||||
| g) Current cash debt coverage. | |||||||||||
| h) Capital expenditure ratio | |||||||||||
| i) Free cash flow |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Boom Ltd has the following comparative data. BOOM LTD Statement of financial position as at 30...
Boom Ltd has the following comparative data.
BOOM LTD
Statement of financial position as at 30
June
2020
2019
$
$
Cash
20,280
30,990
Receivables (net)
62,860
58,170
Inventories
57,620
49,680
Property, plant and equipment (net)
205,470
175,370
346,230
314,210
Accounts payable
52,350
60,350
Loan payable (15%)
96,000
96,000
Share capital, $10 each
135,000
121,000
Retained earnings
62,880
36,860
346,230
314,210
Additional information for 2020:
1
Profit
was $20,870
2
Sales on account were $371,600. Sales
returns and allowances amounted to $31,500...
Boom Ltd has the following comparative data. BOOM LTD Statement of financial position as at 30...
Boom Ltd has the following comparative data.
BOOM LTD
Statement of financial position as at 30
June
2020
2019
$
$
Cash
19,980
29,550
Receivables (net)
64,720
59,020
Inventories
61,910
52,060
Property, plant and equipment (net)
200,600
174,340
347,210
314,970
Accounts payable
49,160
58,060
Loan payable (15%)
102,000
102,000
Share capital, $10 each
136,000
119,000
Retained earnings
60,050
35,910
347,210
314,970
Additional information for
2020:
1.
Profit
was $19,160
2.
Sales on account were $375,100. Sales
returns and allowances amounted to $29,200...
Boom Ltd has the following comparative data. BOOM LTD Statement of financial position as at...
Boom Ltd has the following comparative data.
BOOM LTD
Statement of financial position as at 30 June
2020 2019
$ $
Cash 20,050
29,380
Receivables (net) 63,560
57,190
Inventories 59,200
51,300
Property, plant and equipment (net) 207,980
179,170
350,790
317,040
Accounts payable 47,670
57,610
Loan payable (15%) 99,000
99,000
Share capital, $10 each 138,000
118,000
Retained earnings 66,120
42,430
350,790
317,040
Additional information for 2020:
1 Profit was $19,120
2 Sales on account were $376,000. Sales returns and
allowances amounted...
QUESTION 1 Boom Ltd has the following comparative data. BOOM LTD Statement of financial position...
QUESTION 1
Boom Ltd has the following comparative data.
BOOM LTD
Statement of financial position as at 30 June
2020 2019
$ $
Cash 20,050 29,380
Receivables (net) 63,560 57,190
Inventories 59,200 51,300
Property, plant and equipment (net) 207,980 179,170
350,790 317,040
Accounts payable 47,670 57,610
Loan payable (15%) 99,000 99,000
Share capital, $10 each 138,000 118,000
Retained earnings 66,120 42,430
350,790 317,040
Additional information for 2020:
1 Profit was $19,120
2 Sales on account were $376,000. Sales returns...
Titiki Ltd. had the following comparative statement of financial position: Titiki Ltd. Comparative Statement of Financial...
Titiki Ltd. had the following comparative statement of financial
position:
Titiki Ltd.
Comparative Statement of Financial Position
As at December 31
2020
2019
Cash
$20,500
$12,500
Accounts receivable
34,000
25,500
Inventories
20,000
30,000
Prepaid insurance
2,500
2,000
Equipment
102,000
90,000
Accumulated depreciation—equipment
(22,500)
(12,500)
Total assets
$156,500
$147,500
Accounts payable
$23,000
$20,000
Wages payable
4,000
2,000
Interest payable
2,000
3,000
Income taxes payable
4,000
5,000
Long-term note payable
30,000
34,500
Common shares
65,000
65,000
Retained earnings
28,500
18,000...
Titiki Ltd. had the following comparative statement of financial position: Titiki Ltd. Comparative Statement of Financial...
Titiki Ltd. had the following comparative statement of financial
position:
Titiki Ltd.
Comparative Statement of Financial Position
As at December 31
2020 2019
Cash
$20,500
$12,500
Accounts receivable
34,000
25,500
Inventories
20,000
30,000
Prepaid insurance
2,500
2,000
Equipment
102,000
90,000
Accumulated depreciation—equipment
(22,500) (12,500)
Total assets
$156,500 $147,500
Accounts payable
$23,000
$20,000
Wages payable
4,000
2,000
Interest payable
2,000
3,000
Income taxes payable
4,000
5,000
Long-term note payable
30,000
34,500
Common shares
65,000
65,000
Retained earnings
28,500
18,000
Total liabilities and shareholders’...
A summarised comparative statement of financial position of Kangaroo Ltd is presented below. 30-Jun-20 30-Jun-19 Cash...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below. 30-Jun-20 30-Jun-19 Cash $80,000
$60,000 Accounts Receivable $65,000 $90,000 Inventories $58,000
$62,000 Prepayments $10,000 $12,000 Land $90,000 $90,000 Plant
$380,000 $300,000 Accumulated Depreciation ($70,000) ($57,000)
$621,000 $557,000 Accounts Payable $45,000 $52,000 Long-term
Borrowings $170,000 $200,000 Share Capital $280,000 $230,000
Retained Earnings $126,000 $75,000 $621,000 $557,000 Additional
information There were no disposals of land or plant during the
year. A $30 ,000 borrowing was settled through the issue...
The comparative unclassified statement of financial position for Carla Vista Ltd. follows: CARLA VISTA LTD. Statement...
The comparative unclassified statement of financial position for
Carla Vista Ltd. follows:
CARLA VISTA
LTD.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$55,000
$28,000
Accounts receivable
81,000
63,000
Inventory
183,000
203,500
Long-term investments
80,000
120,000
Equipment
285,000
156,000
Accumulated depreciation
(61,000
)
(37,000
)
Total assets
$623,000
$533,500
Liabilities and Shareholders’
Equity
Accounts payable
$32,000
$ 45,000
Bank loan payable
153,000
172,500
Common shares
219,000
176,000
Retained earnings
219,000
140,000
Total liabilities and shareholders’
equity
$623,000
$533,500...
The financial statements of Morgan Ltd appear below: Morgan LTD Comparative Statement of Financial Position 31...
The financial statements of Morgan Ltd appear below:
Morgan LTD
Comparative Statement of Financial Position
31 December 2018
________________________________________________________________________________________
Assets
2018
2017
Cash
..................................................................................................
$
25,000
$ 40,000
Marketable securities
...........................................................................
15,000
60,000
Accounts receivable (net)
.....................................................................
50,000
30,000
Inventory
............................................................................................
150,000
170,000
Property, plant and equipment (net)
......................................................
160,000
200,000
Total assets
..................................................................................
$400,000 $500,000
Liabilities and equity
Accounts payable
................................................................................
$
20,000
$ 30,000
Short-term notes payable
.....................................................................
40,000
90,000
Bonds payable...
The following statement of financial position relates to XYZ Ltd for the years ending 30 June...
The following statement of financial position relates to XYZ Ltd
for the years ending 30 June 2019 and 30 June 2020.
XYZ Ltd
Statement of Financial Position
As at 30 June
2020
2019
Cash at Bank
$
43,000
$ 42,000
Accounts Receivable
34,500
96,000
Inventory
113,500
124,000
Land
45,000
62,500
Buildings
265,000
137,500
Accumulated depreciation – Buildings
(100,000)
(85,000)
Plant & Equipment
40,000
40,000
Accumulated depreciation – Plant & Equipment
(10,000)
(5,000)
431,000
412,000
Accounts Payable
67,000
60,500
Interest...
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