Question
In: Accounting
A business asks you to prepare a simple statement of Fininancial position using the following information...
A
business asks you to prepare a simple statement of Fininancial
position using the following information (use 365 days)
Sales = $36 000 000
Gross Profit Margin = 25%
Inventory Turnover = 9
Average Collection Period = 36days
Current Ratio = 1.5
Total Asset Turnover = 1.5
Debt Ratio = 50%
Cash = $115 000
Trade Payables = $ 240 000
Current Portion of Long Term Borrowings = $ 40 000
What would the firms Quick Ratio be ?
a. 0.82
b. 0.93
c. 1.5
d. 0.48
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Prepare the worksheet, income statement, statement of owner's equity and balance sheet using the following information....
Prepare the worksheet, income statement, statement of owner's
equity and balance sheet using the following information.
Account Balances of Cross Lumber
Account No.
110
Cash
1300
111
Accounts Receivable
1280
112
Merchandise Inventory
4300
113
Lumber Supplies
267
114
Prepaid Insurance
209
121
Lumber Equipment
3300
122
Acc. Dep. Lumber Equipment
530
220
Accounts Payable
1200
221
Wages Payable
-
330
J. Cross, Capital
5761
331
J. Cross, Withdrawls
2700
332
Income Summary
-
440
Sales
23200
441
Sales Returns...
Based on the following information, prepare the statement of cash flows using the indirect method.  
Based on the following information, prepare the statement of
cash flows using the indirect method.
New Guy Company
Balance Sheet
2019
2018
Change
Current assets:
Cash
$108,000
$131,500
($23,500)
Accounts
receivable
102,000
71,000
31,000
Inventory
101,000
70,000
31,000
Marketable
securities
4,000
28,000
(24,000)
Prepaid
expenses
20,000
26,000
(6,000)
Long-term assets
Plant & equipment (net)
296,000
175,000
121,000
Land
52,000
91,000
(39,000)
Patent
53,000
53,000
0
Total
Assets
736,000
645,500
Current liabilities:
Accounts
payable
41,000
69,000
(28,000)...
Based on the following information, prepare the statement of cash flows using the indirect method.  
Based on the following information, prepare the statement of
cash flows using the indirect method.
New Guy Company
Balance Sheet
2019
2018
Change
Current assets:
Cash
$108,000
$131,500
($23,500)
Accounts
receivable
102,000
71,000
31,000
Inventory
101,000
70,000
31,000
Marketable
securities
4,000
28,000
(24,000)
Prepaid
expenses
20,000
26,000
(6,000)
Long-term assets
Plant & equipment
(net)
296,000
175,000
121,000
Land
52,000
91,000
(39,000)
Patent
53,000
53,000
0
Total
Assets
736,000
645,500
Current liabilities:
Accounts
payable
41,000
69,000
(28,000)...
Based on the following information, prepare the statement of cash flows using the indirect method.  
Based on the following information, prepare the statement of
cash flows using the indirect method.
New Guy Company
Balance Sheet
2019
2018
Change
Current assets:
Cash
$108,000
$121,500
($13,500)
Accounts
receivable
102,000
141,000
(39,000)
Inventory
101,000
60,000
41,000
Marketable
securities
4,000
18,000
(14,000)
Prepaid
expenses
20,000
36,000
(16,000)
Long-term assets
Plant & equipment
(net)
296,000
185,000
111,000
Land
52,000
31,000
21,000
Patent
53,000
53,000
0
Total
Assets
736,000
645,500
Current liabilities:
Accounts
payable
41,000
34,000
7,000
Interest...
Using the following information, prepare the Statement of Cash Flows for Corbett Enterprises for the year...
Using the following information, prepare the Statement of Cash
Flows for Corbett Enterprises for the year ended December 31, 2017
in the Answer sheet in this Excel spreadsheet. Place parentheses
around those figures in the statement representing cash outlays.
Then answer the 4 multiple choice questions in the Answer sheet in
this Excel spreadsheet. Notice that the ? is beside Cash
received from customers. You will need to prepare the Statement of
Cash Flows with the other amounts and solve...
Using the information below, fill in the Income Statement and Statement of Financial Position (template...
Using the
information below, fill in the Income Statement and Statement of
Financial Position (template provided as Excel
Spreadsheet).
On 1 July 2018, Biotechnology Products commenced business.
On July 1, 2018 the financial position included:
Assets of cash ($200,000) and laboratory equipment
($250,000).
Liabilities of a loan for initial start up costs
($300,000)
Owner’s equity in capital ($50,000)
During the year ended June 30, 2018, the company entered into
the following transactions:
Billed clients for $500,000 biotechnology related...
Use the following information regarding the Newcastle Corporation to prepare a statement of cash flows using...
Use the following information regarding the Newcastle
Corporation to prepare a statement of cash flows using the indirect
method:
Accounts payable decrease
$9,100
Accounts receivable increase
12,740
Wages payable decrease
5,460
Amortization expense
29,120
Cash balance, January 1
54,600
Cash balance, December 31
12,740
Cash paid as dividends
10,920
Cash paid to purchase land
182,000
Cash paid to retire bonds payable at par
136,500
Cash received from issuance of common stock
81,900
Cash received from sale of equipment
21,840
Depreciation...
Prepare an income statement, a statement of changes in equity, and a statement of financial position...
Prepare an income statement, a statement of changes in equity,
and a statement of financial position for Norman Rae Ltd., a
service business, from the items listed below for the month of
October, 2018:
...... Accounts
payable.............................................................................
$10,000
...... Accounts
receivable.........................................................................
14,000
......
Cash.................................................................................................
10,000
...... Common
shares...............................................................................
28,000
...... Dividends
paid..................................................................................
6,000
...... Income tax
expense.........................................................................
4,500
......
Equipment........................................................................................
30,000
......
Supplies............................................................................................
2,800er.
...... Supplies
expense.............................................................................
3,500
...... Rent
expense......................................................................................
Suppose you are given the following financial statement information. Prepare an income statement for 2014 and 2015,...
Suppose you are given the following financial statement
information. Prepare an income statement for 2014 and
2015, and a Balance Sheet for 2014 and 2015. Next,
calculate the value of operating income (EBIT) in
2015. (Round to 2 decimal places)
2014
2015
Cost of goods sold
$3,753
4,591
Cash
1,200
1,608
Depreciation
684
877
Interest
53
133
Accounts payable
2,154
2,663
Total Equity
1,334
1,858
Sales
5,505
6,780
Accounts receivable
357
415
Long-term debt
1,636
2,078
Inventory
1,858
2,332
Tax rate
30%
30%...
) Using the following information for Campbell Enterprises, prepare an annual: Multiple-step income statement &nbs
) Using the following information
for Campbell Enterprises, prepare an annual:
Multiple-step income statement
Retained earnings statement
Classified balance sheet (7
points)
Campbell Enterprises, Inc.
Adjusted Trial Balance
December 31, 2016
Debit
Credit
Cash
4,000
Accounts
Receivable
15,000
Inventory
30,000
Prepaid
Insurance
4,000
Supplies
3,000
Long-term Investment in
Stock
6,000
Land
20,000
Buildings
120,000
Accumulated Depreciation—
Buildings
20,000
Patents
10,000
Accounts
Payable
10,000
Unearned
Revenue
2,000
Bonds Payable (due in
2023)
20,000
Common
Stock
80,000...
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