Question

In: Finance

Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts....

Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts.

Assets

Cash

$25,000

3.4%

Accounts receivable

$125,000

Inventory

27.1%

Total current assets

$350,000

Gross plant and equipment

95.0%

Less: accumulated depreciation

$313,000

42.5%

Net plant and equipment

Total assets

$737,000

100.0%

Liabilities

Accounts payable

15.7%

Notes payable

$29,000

3.9%

Total current liabilities

Long-term debt

$248,000

33.6%

Total liabilities

$393,000

Common stock  ($.01 par, 450,000 shares)

$4,500

0.6%

Paid-in capital

$220,500

29.9%

Retained earnings

Total stockholders’ equity

$344,000

46.7%

Total liabilities and equity

100.0%

Solutions

Expert Solution

For each missing dollar amount, we will make separate equations and then find their value.

Calculation of inventory:

Total current assets = Cash + Accounts receivable + Inventory

$350000 = $25000 + $125000 + Inventory

Inventory = $350000 - $25000 - $125000

Inventory = $200000

Calculation of net plant & equipment:

Total assets = Total current assets + Net plant & equipment

$737000 = $350000 + Net plant & equipment

Net plant & equipment = $737000 - $350000

Net plant & equipment = $387000

Calculation of gross plant & equipment:

Net plant & equipment = Gross plant & equipment - Accumulated depreciation

$387000 = Gross plant & equipment - $313000

Gross plant & equipment = $387000 + $313000 = $700000

Calculation of total current liabilities:

Total liabilities = Total current liabilities + Long term debt

$393000 = Total current liabilities + $248000

Total current liabilities = $393000 - $248000 = $145000

Calculation of accounts payable:

Total current liabilities = Accounts payable + Notes payable

$145000 = Accounts payable + $29000

Accounts payable = $145000 - $29000 = $116000

Calculation of retained earnings:

Total stockholder's equity = Common stock + Paid in capital + Retained earnings

$344000 = $4500 + $220500 + Retained earnings

Retained earnings = $344000 - $4500 - $220500

Retained earnings = $119000

Calculation of total liabilities & equity:

Total liabilities & equity = Total liabilities + Total stockholder's equity

Total liabilities & equity = $393000 + $344000 = $737000

jeff jeffy answered 1 year ago
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