Question
In: Finance
The balance sheet for the Curl Up and Dye Salon at December 31, 2019 had the...
The balance sheet for the Curl Up and Dye Salon at December 31, 2019 had the following account balances:
Total current liabilities (non interest bearing) $550,000
Bonds payable, 7% 800,000
Preferred stock, 6% $100 par 200,000
Common stock, $10 par 450,000
Premium on common stock 250,000
Retained earnings 300,000
Income before tax was $400,000 and income taxes were $100,000 for the current year.
Calculate each of the following:
Return on assets (using ending assets)
Return on total equity (using ending total equity)
Return on common equity using ending common equity
Times interest earned
Solutions
jeff jeffy answered 1 year agoRelated Solutions
Prepare a balance sheet as of December 31, 2019. BUSINESS SOLUTIONS Balance Sheet December 31, 2019...
Prepare a balance sheet as of December 31, 2019.
BUSINESS SOLUTIONS
Balance Sheet
December 31, 2019
Assets
Cash
Accounts receivable
Prepaid insurance
Prepaid insurance
Prepaid rent
Office equipment
Accumulated depreciation—Office
equipment
0
Accumulated depreciation—Computer
equipment
Computer equipment
0
Total Assets
0
Liabilities
Accounts payable
Wages payable
Unearned computer services revenue
Total Liabilities
0
Equity
Retained earnings
Common stock
Total equity
$0
Total Liabilities and
Equity
$0
After the success of the company’s first two months, Santana Rey
continues to operate...
Cheyenne Inc. had the following balance sheet at December 31, 2019. CHEYENNE INC. BALANCE SHEET DECEMBER...
Cheyenne Inc. had the following balance sheet at December 31,
2019.
CHEYENNE INC.
BALANCE SHEET
DECEMBER 31, 2019
Cash
$24,640
Accounts payable
$34,640
Accounts receivable
25,840
Notes payable (long-term)
45,640
Investments
36,640
Common stock
104,640
Plant assets (net)
81,000
Retained earnings
27,840
Land
44,640
$212,760
$212,760
During 2020, the following occurred.
1.
Cheyenne Inc. sold part of its debt investment portfolio for
$18,399. This transaction resulted in a gain of $6,799 for the
firm. The company classifies these investments as...
Tamarisk Inc. had the following balance sheet at December 31, 2019. TAMARISK INC. BALANCE SHEET DECEMBER...
Tamarisk Inc. had the following balance sheet at December 31,
2019.
TAMARISK INC.
BALANCE SHEET
DECEMBER 31, 2019
Cash
$20,990
Accounts payable
$30,990
Accounts receivable
22,190
Notes payable (long-term)
41,990
Investments
32,990
Common stock
100,990
Plant assets (net)
81,000
Retained earnings
24,190
Land
40,990
$198,160
$198,160
During 2020, the following occurred.
1.
Tamarisk Inc. sold part of its debt investment portfolio for
$15,071. This transaction resulted in a gain of $3,471 for the
firm. The company classifies these investments as...
Grape Inc. had the following balance sheet at December 31, 2019: Grape INC. BALANCE SHEET DECEMBER...
Grape Inc. had the following balance sheet at December
31, 2019:
Grape INC. BALANCE SHEET DECEMBER 31,
2019
Cash $ 31,000
Accounts payable $ 61,000 x
Accounts receivable 56,800 x
Notes payable (long-term) 76,000
Investments 86,000 x
Common stock 200,000
Plant assets (net) 138,500
Retained earnings 41,300
Land 66,000
Total assets and Total Liabilities and
Stockholders' Equity $378,300
$378,300
During 2020, the following occurred:
1. Grape liquidated
its available-for-sale investment portfolio at a gain of $15,000.
x
2. A tract...
Grape Inc. had the following balance sheet at December 31, 2019: Grape INC. BALANCE SHEET DECEMBER...
Grape Inc. had the following balance sheet at December 31,
2019:
Grape INC. BALANCE SHEET DECEMBER 31, 2019
Cash $ 31,000
Accounts payable $ 61,000
Accounts receivable 56,800
Notes payable (long-term) 76,000
Investments 86,000
Common stock 200,000
Plant assets (net) 138,500
Retained earnings 41,300
Land 66,000
Total assets and Total Liabilities and Stockholders' Equity
$378,300 $378,300
During 2020, the following occurred:
1. Grape liquidated its available-for-sale investment portfolio
at a gain of $15,000.
2. A tract of land was purchased...
Grape Inc. had the following balance sheet at December 31, 2019: Grape INC. BALANCE SHEET DECEMBER...
Grape Inc. had the following balance sheet at December
31, 2019:
Grape INC. BALANCE SHEET DECEMBER 31,
2019
Cash $ 31,000
Accounts payable $ 61,000
Accounts receivable 56,800
Notes payable (long-term) 76,000
Investments 86,000
Common stock 200,000
Plant assets (net) 138,500
Retained earnings 41,300
Land 66,000
Total assets and Total Liabilities and
Stockholders' Equity $378,300
$378,300
During 2020, the following occurred:
1. Grape liquidated
its available-for-sale investment portfolio at a gain of
$15,000.
2. A tract of land was purchased...
Martinez Inc. had the following balance sheet at December 31, 2019. MARTINEZ INC. BALANCE SHEET DECEMBER...
Martinez Inc. had the following balance sheet at December 31,
2019.
MARTINEZ INC.
BALANCE SHEET
DECEMBER 31, 2019
Cash
$ 25,930
Accounts payable
$ 35,930
Accounts receivable
27,130
Bonds payable
46,930
Investments
32,000
Common stock
105,930
Plant assets (net)
86,930
Retained earnings
29,130
Land
45,930
$217,920
$217,920
During 2020, the following occurred.
1.
Martinez liquidated its available-for-sale debt investment
portfolio at a loss of $10,930.
2.
A tract of land was purchased for $43,930.
3.
An additional $30,000 in common...
Riyadh Star, Balance Sheet Statement December 31, 2018 & December 31, 2019 2018 2019 Cash $ ...
Riyadh Star, Balance Sheet Statement December 31, 2018
& December 31, 2019
2018
2019
Cash
$ 104,000
$ 123,250
Accounts Receivable
183,350
100,000
Inventory
250,000
210,000
Prepaid Expenses
80,000
120,000
Equipment (Net)
584,650
800,000
Total Assets
$ 1,202,000
$ 1,353,250
Accounts Payable
$ 220,000
$ 180,000
Salary Payable
94,000
56,250
Interest Payable
20,000
37,000
Bonds Payable
320,000
300,000
Common Shares
370,000
580,000
Retained Earnings...
Morgan Company’s balance sheet at December 31, 2019, is presented below. MORGAN COMPANY Balance Sheet December...
Morgan Company’s balance sheet at December 31, 2019, is
presented below.
MORGAN COMPANY
Balance Sheet
December 31, 2019
Cash
$30,000
Accounts Payable
$12,250
Inventory
30,500
Interest Payable
300
Prepaid Insurance
6,084
Notes Payable
60,000
Equipment
38,520
Owner’s Capital
32,554
$105,104
$105,104
During January 2020, the following transactions occurred. (Morgan
Company uses the perpetual inventory system.)
1.
Morgan paid $300 interest on the note payable on January 1,
2020. The note is due December 31, 2021.
2.
Morgan purchased $240,000 of...
Problem 5-7 Bramble Inc. had the following balance sheet at December 31, 2019. BRAMBLE INC. BALANCE...
Problem 5-7
Bramble Inc. had the following balance sheet at December 31,
2019.
BRAMBLE INC.
BALANCE SHEET
DECEMBER 31, 2019
Cash
$ 25,810
Accounts payable
$ 35,810
Accounts receivable
27,010
Bonds payable
46,810
Investments
32,000
Common stock
105,810
Plant assets (net)
86,810
Retained earnings
29,010
Land
45,810
$217,440
$217,440
During 2020, the following occurred.
1.
Bramble liquidated its available-for-sale debt investment
portfolio at a loss of $10,810.
2.
A tract of land was purchased for $43,810.
3.
An additional $30,000...
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