Question
In: Finance
Balance Sheet ASSETS Cash $96,000 Accounts receivable 31,000 Inventory 41,000 Prepaid expenses 18,000 Total current assets...
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Balance Sheet |
||||
|
ASSETS |
||||
|
Cash |
$96,000 |
|||
|
Accounts receivable |
31,000 |
|||
|
Inventory |
41,000 |
|||
|
Prepaid expenses |
18,000 |
|||
|
Total current assets |
$186,000 |
|||
|
Gross plant and equipment |
403,000 |
|||
|
Accumulated depreciation |
(69,000) |
|||
|
Total assets |
$520,000 |
|||
|
LIABILITIES AND OWNERS' EQUITY |
||||
|
Accounts payable |
$89,000 |
|||
|
Accrued liabilities |
62,000 |
|||
|
Total current liabilities |
$151,000 |
|||
|
Long-term debt |
130,000 |
|||
|
Common stock |
206,000 |
|||
|
Retained earnings |
33,000 |
|||
|
Total liabilities and equity |
$520,000 |
|||
|
Income Statement |
||||
|
Sales* |
$211,000 |
|||
|
Cost of goods sold |
(85,000) |
|||
|
Gross profit |
$126,000 |
|||
|
Selling, general, and administrative expenses |
(27,000) |
|||
|
Depreciation expenses |
(28,000) |
|||
|
Operating income |
$71,000 |
|||
|
Interest expense |
(9,000) |
|||
|
Earnings before taxes |
$62,000 |
|||
|
Taxes |
(24,800) |
|||
|
Earnings available to common shareholders |
$37,200 |
|||
(Computing
ratios)
, to calculate the following ratios:
a. Current ratio
b. Acid-test ratio
c. Times interest earned
d. Inventory turnover
e. Total asset turnover
f. Operating profit margin
g. Days in receivables
h. Operating return on assets
i. Debt ratio
j. Fixed asset turnover
k. Return on equity
a. The current ratio is
nothing X.
(Round to two decimal places.)b. The acid-test ratio is
nothing X.
(Round to two decimal places.)c. The times interest earned is
X.
(Round to two decimal places.)d. The inventory turnover is
X.
(Round to two decimal places.)e. The total asset turnover
X.
(Round to two decimal places.)f. The operating profit margin is
%.
(Round to one decimal place.)g. The days in receivables are
days. (Round to two decimal places.)h. The operating return on assets is
%.
(Round to one decimal place.)i. The debt ratio is
%.
(Round to one decimal place.)j. The fixed asset turnover is
X.
(Round to two decimal places.)k. The return on equity is
%.
(Round to one decimal place.)
Solutions
jeff jeffy answered 1 year agoRelated Solutions
Balance Sheet Assets: 12/31/19 Current Assets: Cash $3,000.00 Accounts Receivable 1,250.00 Prepaid Expenses $100.00 Total Current...
Balance Sheet
Assets: 12/31/19
Current Assets:
Cash $3,000.00
Accounts Receivable 1,250.00
Prepaid Expenses $100.00
Total Current Assets $4,350.00
Non-Current Assets:
Property, Plant, and Equipment
Land $10,000.00
Buildings 25,000.00
Equipment 15,000.00
Accumulated Depreciation $(12,000.00)
Total Property, Plant, and Equipment $38,000.00
Total Assets $42,350.00
Liabilities:
Current Liabilities
Accounts Payable $100.00
Accrued Expense 150.00
Salary and Wages Payable -
Notes Payable -
Unearned Revenue $1,500.00
Total Liabilities $1,750.00
Shareholder's Equity
Common Stock - $1 par (See Note Below) $15,000.00
Retained Earnings $25,600.00
Total...
Assets Cash $ 57,400 $ 78,500 Accounts receivable 73,320 55,625 Inventory 283,156 256,800 Prepaid expenses 1,260...
Assets
Cash
$
57,400
$
78,500
Accounts receivable
73,320
55,625
Inventory
283,156
256,800
Prepaid expenses
1,260
1,995
Total current assets
415,136
392,920
Equipment
152,500
113,000
Accum.
depreciation—Equipment
(39,125
)
(48,500
)
Total assets
$
528,511
$
457,420
Liabilities and
Equity
Accounts payable
$
58,141
$
122,175
Short-term notes payable
11,500
7,000
Total current liabilities
69,641
129,175
Long-term notes payable
62,500
53,750
Total liabilities
132,141
182,925
Equity
Common stock, $5 par value
172,750
155,250
Paid-in capital in excess of
par, common...
Balance Sheet for J & P Industries 2018 Current assets Cash 215 Accounts receivable 310 Inventory...
Balance Sheet for J & P Industries
2018
Current assets
Cash
215
Accounts receivable
310
Inventory
328
Total current assets
853
Fixed assets
Net plant and equipment
6,527
Total assets
7,380
Current liabilities
Accounts payable
298
Notes payable
1,427
Total currrent liabilities
1,725
Long-term debt
2,308
Owners' equity
Common stock and paid in surplus
1,000
Retained earnings
2,347
Total owners' equity
3,347
Total liabilities and owners' equity
7,380
Income Statement for J & P
Sales
4,053.00
Cost of goods sold...
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
Cash $ 30,000 $ 40,000 Accounts Receivable 69,000 80,000 Inventory 64,000 50,000 Prepaid Rent 2,000 18,000...
Cash $ 30,000 $ 40,000
Accounts Receivable 69,000 80,000
Inventory 64,000 50,000
Prepaid Rent 2,000 18,000
Total Current Assets $ 165,000 $ 188,000
Land $ 60,000 $ 150,000
Plant and Equipment 575,000 500,000
Accumulated Depreciation (310,000) (250,000)
Total Long-Term Assets $ 325,000 $ 400,000
Total Assets $ 490,000 $ 588,000
Accounts Payable $ 65,000 $ 60,000
Other Accrued Liabilities 50,000 88,000
Total Current Liabilities $ 115,000 $ 148,000
Long-Term Bank Loan Payable $ 75,000 $ 150,000
Total Liabilities $ 190,000...
Balance Sheet As of December 31,2016 Assets Cash and equivalents 295,500 Accounts receivable 875,000 Inventory 437,500...
Balance Sheet
As of December 31,2016
Assets
Cash and equivalents 295,500
Accounts receivable 875,000
Inventory 437,500
Total Current Assets 1,608,000
Plant and equipment 475,000
Accumulated depreciation (234,550)
Net Fixed Assets 240,450
Total Assets 1,848,450
Liabilities and Owner’s Equity
Accounts payable 306,250
Short-term notes payable 88,185
Other current liabilities 18,200
Total Current Liabilities 412,635
Long-term debt 495,800
Total Liabilities 908,435
Common Stock 700,000
Retained earnings 240,015
Total Shareholder’s Equity 940,015
Total Liabilities and Owner’s Equity 1,848,450ZHIAO-WAY Inc.
Income Statement
For the...
Current assets Current liabilities Cash $72,000 Accounts payable $12,000 Accounts receivable 18,000 Interest payable 12,000 Interest...
Current assets
Current liabilities
Cash
$72,000
Accounts payable
$12,000
Accounts receivable
18,000
Interest payable
12,000
Interest receivable
1,000
Inventory
60,000
Total current assets
$151,000
Total current liabilities
$24,000
Long-term assets
Long-term liabilities
Equipment (net of depreciation)
$128,000
Note payable
100,000
Total long-term assets
$128,000
Total long-term liabilities
$100,000
Equity
Common stock
10,000
Paid-in capital
50,000
Retained earnings
95,000
Total equity
$155,000
Total assets
279,000
Total liabilities and equity
$279,000
Yes the difference between account payable and accounts
receivable is required....
Balance Sheet Current assets Cash 1,050,000 Acc receivable not given Inventories 1,500,000 Fixed assets 4,280,000 TOTAL...
Balance Sheet Current assets Cash 1,050,000 Acc receivable not
given Inventories 1,500,000 Fixed assets 4,280,000 TOTAL ASSETS
7,500,000 Current liabilities Acc payable not given Long-term debt
2,300,000 Common stock 600,000 Retained earnings 3,960,000 TOTAL
LIAB and EQUITY 7,500,000 Income Statement Sales 22,500,000
Operating expense 18,680,000 EBIT 3,820,000 Interest expense
230,000 EBT 3,590,000 Taxes 1,436,000 Net income 2,154,000 What is
the firm's quick ratio?
Balance Sheet Current assets Cash 870,000 Acc receivable not given Inventories 1,050,000 Fixed assets 3,220,000 TOTAL...
Balance Sheet
Current assets
Cash 870,000
Acc receivable not given
Inventories 1,050,000
Fixed assets 3,220,000
TOTAL ASSETS 6,200,000
Current liabilities
Acc payable not given
Long-term debt 1,900,000
Common stock 680,000
Retained earnings 3,190,000
TOTAL LIAB and EQUITY 6,200,000
Income Statement
Sales 18,600,000
Operating expense 14,320,000
EBIT 4,280,000
Interest expense 266,000
EBT 4,014,000
Taxes 1,606,000
Net income 2,408,000
What is the firm's debt ratio?
30.65%
37.58%
62.42%
93.06%
89.03%
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