ACC 345 Module Two Workbook Template

Vishnu

Pls General Accounting Question Solution

Financial accounting question

Current ratio for the year 2020?

Find the net book value of assets

Marina Company                                       Statement of Financial Position                                                     June 30, 2020   AssetsCurrent Assets              Cash                                                        P 21,000.00              Accounts Receivables                               160,000.00              Merchandise Inventory                             300,000.00              Prepaid Expenses                                          9,000.00Total Current Assets                                             P 490,000.00Property, Plant and Equipment                               810,000.00Total Assets                                                        P 1,300,000.00 Liabilities and EquityLiabilities:                Current Liabilities                                  P 200,000.00                Bonds Payable, 10%                                 300,000.00Total Liabilities                                                       P 500,000.00Equity:…

Marina Company                                       Statement of Financial Position                                                     June 30, 2020   AssetsCurrent Assets              Cash                                                        P 21,000.00              Accounts Receivables                               160,000.00              Merchandise Inventory                             300,000.00              Prepaid Expenses                                          9,000.00Total Current Assets                                             P 490,000.00Property, Plant and Equipment                               810,000.00Total Assets                                                        P 1,300,000.00 Liabilities and EquityLiabilities:                Current Liabilities                                  P 200,000.00                Bonds Payable, 10%                                 300,000.00Total Liabilities                                                       P 500,000.00Equity:…

Marina Company                                       Statement of Financial Position                                                     June 30, 2020   AssetsCurrent Assets              Cash                                                        P 21,000.00              Accounts Receivables                               160,000.00              Merchandise Inventory                             300,000.00              Prepaid Expenses                                          9,000.00Total Current Assets                                             P 490,000.00Property, Plant and Equipment                               810,000.00Total Assets                                                        P 1,300,000.00 Liabilities and EquityLiabilities:                Current Liabilities                                  P 200,000.00                Bonds Payable, 10%                                 300,000.00Total Liabilities                                                       P 500,000.00Equity:…

Assets Current assets Net fixed assets INCOME STATEMENT, 2022 (Figures in $ millions) Revenue Cost of goods sold Depreciation Interest expense 2021 $ 101 2022 $ 195 910 1,010 $ 2,005 1,085 405 251 Req A and B Req C and D BALANCE SHEET AT END OF YEAR (Figures in $ millions) Liabilities and Shareholders' Equity Current liabilities Long-term debt Req E Complete this question by entering your answers in the tabs below. a&b. What is shareholders' equity in 2021 and 2022? c&d. What is net working capital in 2021 and 2022? e. What are taxes paid in 2022? Assume the firm pays taxes equal to 21% of taxable income. f. What is cash provided by operations during 2022? g.Net fixed assets increased from $910 million to $1,010 million during 2022. What must have been South Sea's gross investment in fixed assets during 2022? Answer is complete but not entirely correct. h. If South Sea reduced its outstanding accounts payable by $46 million during the year, what must have happened to its other current…

Financial statements for the Genatron Manufacturing Corporation for the years 2020 and 2019 are shown. Genatron Manufacturing CorporationBalance Sheet     2020   2019   ASSETS Cash   $41,847   $50,643   Accts. receivable   261,201   201,804   Inventory   504,430   450,954   Total current assets   807,478   703,401   Fixed assets, net   400,000   300,000   Total assets   $1,207,478   $1,003,401   LIABILITIES AND EQUITY Accts. payable   $170,208   $134,265   Bank loan   91,242   91,242   Accruals   70,000   50,000   Total current liabilities   331,450   275,507   Long-term debt, 12%   392,625   293,723   Common stock, $10 par   300,000   300,000   Capital surplus   48,173   48,173   Retained earnings   135,230   85,998   Total liabilities & equity   $1,207,478   $1,003,401   Genatron Manufacturing CorporationIncome Statement     2020   2019…

BHP Group Ltd.- 2019 and 2020 Partial Balance Sheet Assets Liabilities & Owner’s Equity 2019 2020 2019 2020 Current assets $4665 $7279 Current liabilities $2076 $4256 Net Fixed assets $7033 $11378 Long-term debt $3712 $1980 Total Equity (Total assets – total liabilities) (Total assets – total liabilities) BHP Group Ltd.- 2020 Income Statement Sales $10073 Cost of goods sold $5815 Depreciation $2227 Interest paid $1284 Taxes $1202 Calculate the Profit margin ratio of BHP Group Ltd. for the financial year 2020

CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 Assets 2020 Cash Accounts receivable, net Inventory Prepaid expenses Total current assets $ 75,900 32,600 68, 300 4,200 181,000 $ 18,900 40,100 75,300 3,500 137,800 Furniture Accumulated depreciation-Purniture ৪4, 600 (13,100) $ 252,500 99, 200 (7,500) $ 229,500 Total asseta Liabilities and Equity Accounts payable Wages payable Incone taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Comnon stock, $5 par value Retained earnings $ 11,900 7,100 1,200 20,200 24,800 45,000 $ 16,900 4,000 2,200 23,100 58,400 81,500 177,300 30,200 $ 252,500 141,500 6,500 $ 229,500 Total liabilities and equity CRUZ, INCORPORATED Incone Statement For Year Ended Decenber 31, 2021 Sales $ 392,900 252,900 140,000 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Incone before taxes Incone taxes expense 71,600 30, 200 36, 200 13,900 $ 24,300 Net income

Subject: acounting

MOSS COMPANY Selected Balance Sheet Information December 31, 2019 and 2018 2019 2018 Current assets $84,650 25,000 60, 000 $26,800 32,000 54,100 Cash Accounts receivable ed Inventory Current liabilities Accounts payable Income taxes payable 25,700 2,200 30,400 2,e5e MOSS COMPANY Income Statement For Year Ended December 31, 2019 ces Sales $ 515,000 331,6ее 183,400 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes $ 36,000 121,500 157, 500 25,900 7,700 $ 18,200 Income taxes expense Net income *........... ....... l

Compute Net Operating Assets Refer to the balance sheet information below for Home Depot. $ millions    Feb. 3, 2019    Jan. 28, 2018Operating assets    $31,669    $30,701Nonoperating assets    1,334    2,696Total assets    $33,003    $33,397Operating liabilities    $12,509    $12,035Nonoperating liabilities    21,902    20,271Total liabilities    $34,411    $32,306Net sales    $81,152    Operating expense before tax    69,505    Net operating profit before tax (NOPBT)    11,647    Other expense    731    Income before tax    10,916    Tax expense    2,576    Net income    $8,340     Compute net operating assets for the years ended February 3, 2019, and January 28, 2018. $ millions    February 3, 2019    January 28, 2018Net operating assets (NOA)    AnswerAnswer

Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial)     2020   2019 Current assets             Cash and cash equivalents   $3,040   $1,908     Accounts receivable, net   3,370   3,180     Inventories   2,774   3,016     Other current assets   1,956   1,628 Total current assets   $11,140   $9,732 Current liabilities   $4,882   $5,875 Calculate the current ratio and working capital for 3M for 2019 and 2020.

The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31   2020 2019 Intangibles and other assets   € 530   € 510 Property, plant, and equipment   420   380 Investments   10   10 Current assets           Prepaid expenses €120   €160     Inventory 430   390     Accounts receivable (net) 470   433     Cash and cash equivalents  330  1,350  360  1,343     Total assets   €2,310   €2,243 Equity   €1,020   €1,040 Non‐current liabilities   390   393 Current liabilities      900      810     Total equity and liabilities   €2,310   €2,243     Evoc CompanyIncome StatementsFor the Years Ended December 31   2020 2019 Sales revenue €4,000 €3,600 Costs and expenses       Cost of goods sold 984 895   Selling and administrative expenses 2,400 2,330   Interest expense 10 20     Total costs and expenses 3,394 3,245 Income before income taxes 606…

The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31   2020 2019 Intangibles and other assets   € 530   € 510 Property, plant, and equipment   420   380 Investments   10   10 Current assets           Prepaid expenses €120   €160     Inventory 430   390     Accounts receivable (net) 470   433     Cash and cash equivalents  330  1,350  360  1,343     Total assets   €2,310   €2,243 Equity   €1,020   €1,040 Non‐current liabilities   390   393 Current liabilities      900      810     Total equity and liabilities   €2,310   €2,243     Evoc CompanyIncome StatementsFor the Years Ended December 31   2020 2019 Sales revenue €4,000 €3,600 Costs and expenses       Cost of goods sold 984 895   Selling and administrative expenses 2,400 2,330   Interest expense 10 20     Total costs and expenses 3,394 3,245 Income before income taxes 606…

The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31   2020 2019 Intangibles and other assets   € 530   € 510 Property, plant, and equipment   420   380 Investments   10   10 Current assets           Prepaid expenses €120   €160     Inventory 430   390     Accounts receivable (net) 470   433     Cash and cash equivalents  330  1,350  360  1,343     Total assets   €2,310   €2,243 Equity   €1,020   €1,040 Non‐current liabilities   390   393 Current liabilities      900      810     Total equity and liabilities   €2,310   €2,243     Evoc CompanyIncome StatementsFor the Years Ended December 31   2020 2019 Sales revenue €4,000 €3,600 Costs and expenses       Cost of goods sold 984 895   Selling and administrative expenses 2,400 2,330   Interest expense 10 20     Total costs and expenses 3,394 3,245 Income before income taxes 606…

The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31   2020 2019 Intangibles and other assets   € 530   € 510 Property, plant, and equipment   420   380 Investments   10   10 Current assets           Prepaid expenses €120   €160     Inventory 430   390     Accounts receivable (net) 470   433     Cash and cash equivalents  330  1,350  360  1,343     Total assets   €2,310   €2,243 Equity   €1,020   €1,040 Non‐current liabilities   390   393 Current liabilities      900      810     Total equity and liabilities   €2,310   €2,243     Evoc CompanyIncome StatementsFor the Years Ended December 31   2020 2019 Sales revenue €4,000 €3,600 Costs and expenses       Cost of goods sold 984 895   Selling and administrative expenses 2,400 2,330   Interest expense 10 20     Total costs and expenses 3,394 3,245 Income before income taxes 606…

Avery Corporation Balance Sheet For year ending December 31 2019 2020 2021 ssets Cash & securities 17,643.813 132,468.629 22,281.616 115,121.68 27,594.924 ccounts receivable 112,479.309 100,955.129 10,947.986 251,977.349 ventories 78,867.845 90,512.493 10,222.209 239,202.497 repaid expenses 10,426.653 otal current assets 238,342.442 Flant property and equipment Lcumulated depreciation let property plant and equipment 531,554.881 510,906.018 536,451.319 87,197.29 128,069.772 170,985.877 444,357.591 382,836.246 365,465.442 Other assets 10,222.209 15,639.98 16,421.979 otal Assets 693,782.297 636,818.669 633,864.769 iabilities & Shareholders'Equity ccounts payable ank Loan axes Payable ccrued expenses 54,080.808 31,297.644 27,599.965 45,191.687 112,482.797 26,066.634 15,639.98 37,773.252 150,798.301 27,369.965 26,577.744 139,556.161 32,843.958 248,785.476 otal current liabilities 199,381.098 ong term debt 95,000 55,000 30,000 Common stock 300,000 200,000 150,000 Eetained earnings Total…

Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets   Cash and cash equivalents $3,200 $1,845Accounts receivable, net 3,450 3,180Inventories 2,639 3,042Other current assets 1,872 1,549Total current assets $11,161 $9,616Current liabilities $4,853 $5,893     (a)Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio   2019 :12020 :1   Working capital   2019 $ million2020 $ million       (b)The parts of this question must be completed in order. This part will be available when you complete the part above.

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total 2020 Total assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities $11,000 $14,250 27,000 36,750 75,000 96,250 $113,000 $147,250 Net plant and equipment $287,000 $352,750 $ $ 400,000 500,000 Accounts payable Notes payable Total Total Total liabilities and owners' equity 2020 Prepare the 2020 and 2021 common-size balance sheets for Just Dew It. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Long-term debt Owners' equity Common stock and paid-in surplus $ 55,000 $ 55,000 Retained earnings 226,200 320,750 2021 $54,000 $63,750 14,800 20,500 $68,800 $84,250 $50,000 $40,000 $281,200 $ 375,750 $ $ 400,000 500,000

Compute Net Operating Assets Refer to the balance sheet information below for Home Depot. $ millions Feb. 3, 2019 Jan. 28, 2018 Operating assets $40,114 $38,887 Nonoperating assets 1,689 3,415 Total assets $41,803 $42,302 Operating liabilities $15,845 $15,245 Nonoperating liabilities 27,742 25,677 Total liabilities $43,587 $40,922 Net sales $102,793   Operating expense before tax 88,039   Net operating profit before tax (NOPBT) 14,754   Other expense 925   Income before tax 13,829   Tax expense 3,263   Net income $10,566     Compute net operating assets for the years ended February 3, 2019, and January 28, 2018. $ millions February 3, 2019 January 28, 2018 Net operating assets (NOA) Answer Answer

Balance Sheet as at    As at 30/9/16    As at 30/9/15    $    $    Assets              Current assets-                    Cash    8,200    9,400          Accounts Receivable    107,000    103,500          Inventory    82,700    71,300    Non-current assets less accumulated depreciation    242,600    245,700    Total assets    440,500    429,900                   Liabilities and Owners' equity              Current liabilities    117,000    120,000    Loan (repayable in 2019)    152,000    150,000    Total liabilities    269,000    270,000    Owners' equity    171,500    159,900    Total Liabilities and Owners' equity    440,500    429,900    Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016    $        Sales    990,000        Cost of goods sold    580,000        Gross profit    410,000        Operating expenses    350,000        Net profit    60,000        ·    Note - The owner withdrew $48,400 during 2016.        Required:                Calculate…

Good Truck Berhad Income Statement for The Year ending 31 Dec 2019 (RM in millions) ​Net sales​ 8,450 ​Less: Cost of goods sold​ 7,240 ​Less: Depreciation​ 400 ​Earnings before interest and taxes​ 810 ​Less: Interest paid​ 70 ​Taxable Income​ 740 ​Less: Taxes​ 259 ​Net income​ 481 Good Truck Berhad Balance Sheets as at 31 December 2019 (RM in millions) ​ Assets​ Liabilities and Equities ​Cash​ 140​ Accounts payable ​ 1,120 ​Accounts rec.​ 780​ Long-term debt ​ 1,210 ​Inventory​ 1,520​ Common stock ​ 3,000 ​Total​ 2,440​ Retained earnings​ 710 ​Net fixed assets​ 3,600​ ​Total assets​ 6,040​ Total liabilities & equity​ 6,040 You are required to calculate: f. Debt ratio ​ g. Time Interest Earned ​ h. Net profit margin…

Good Truck Berhad                  Income Statement for The Year ending 31 Dec 2019                                                (RM in millions)                               Net sales                      8,450 Less: Cost of goods sold 7,240 Less: Depreciation  400 Earnings before interest and taxes  810 Less: Interest paid  70 Taxable Income  740 Less: Taxes  259 Net income  481                                             Good Truck Berhad                             Balance Sheets as at 31 December 2019                                                 (RM in millions)        Assets     Liabilities and Equities   Cash 140   Accounts payable  1,120 Accounts rec. 780   Long-term debt  1,210 Inventory 1,520   Common stock      3,000   Total 2,440       Net fixed assets 3,600   Retained earnings 710 Total assets 6,040   Total liabilities & equity 6,040…

Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets   Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887   Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio   2019 :12020 :1   Working capital   2019 $ million2020 $ million   Link to Text

Taser Corporation’s recent comparative balance sheet and income statement follow.   Balance Sheets, December 31 2019 2020 Assets     Cash and cash equivalents $35,100 $57,420 Accounts receivable (net) 61,200 61,200 Merchandise inventory 140,400 153,000 Investments, long-term   18,000 Plant assets 303,300 324,900 Accumulated depreciation (79,200) (61,200) Total assets $460,800 $553,320 Liabilities and Stockholders’ Equity     Accounts payable $37,800 $34,200 Salaries payable 2,700 900 Income taxes payable 3,600 6,300 Bonds payable 180,000 180,000 Premium on bonds payable 7,200 6,660 Common stock, no-par 216,000 279,900 Retained earnings 13,500 45,360 Total liabilities andstockholders’ equity $460,800 $553,320 Income Statement,For Year Ended December 31 2020 Sales revenue $216,000 Cost of goods sold (86,400) Depreciation expense (10,800) Salaries expense (39,600) Income tax expense (18,000) Interest expense (12,600) Other…

Refer to the balance sheet information below for Home Depot. $ millions Feb. 3, 2019 Jan. 28, 2018 Operating assets Nonoperating assets Total assets Operating liabilities Nonoperating liabilities Total liabilities Net sales $13,837 $13,414 583 1,178 $14,420 $14,592 $5,466 $5,259 9,569 8,857 $15,035 $14,116 $35,458 Operating expense before tax 30,369 Net operating profit before tax (NOPBT) 5,089 Other expense 319 Income before tax Tax expense Net income 4,770 1,126 $3,644 a. Compute return on net operating assets (RNOA). Assume a statutory tax rate of 22%. Note: 1. Select the appropriate numerator and denominator used to compute RNOA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute 2018 RNOA. Denominator Average NOA NOPAT $ Numerator $ RNOA 8,263 0% b. Disaggregate RNOA into components of profitability (NOPM) and productivity (NOAT). Assume a statutory tax rate of 22%. Note: 1. Select the appropriate numerator and denominator used to compute…

Refer to the following financial statements of Delima Corporation for 2019 and 2020: Delima Corporation Income Statements For the year ended 31 December (in millions) 2020 2019 $13,198 $ 7,750 $ 5,448 $3,472 $ 1,976 233 $ 12,397 $ 7,108 $ 5,289 $ 3,299 $ 1,990 $ $4 $ 1,742 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Other (income) expense, net $ 248 11 Income before income taxes $ 1,732 Income tax expense 503 502 Net income $ 1,229 $ 1,240 Delima Corporation Balance sheet For the year ended 31 December (in millions) Assets 2020 2019 Current assets Cash 444 $ $ 1,188 $ 1,132 460 $ 1,190 $ 1,056 Accounts receivables (net) Inventories Other current assets 247 225 $ 3,027 $ 3,281 $ 5,593 $ 2,915 $ 3,128 $ 5,804 $ 11,847 Total current assets Property (net) Other assets Total assets $11,901 Liabilities and Stockholders' Equity $ 3,313 $ 6,826 $ 1,762 $11,901 $ 3,184 $ 6,509 $ 2,154 $ 11,847 Current liabilities…

Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANYBalance SheetsDecember 31     2020   2019 Cash   $ 16,350   $ 32,700 Accounts receivable (net)   76,300   65,400 Inventory   65,400   54,500 Plant assets (net)   218,000   196,200     $376,050   $348,800 Accounts payable   $ 54,500   $ 65,400 Mortgage payable (15%)   109,000   109,000 Common stock, $10 par   152,600   130,800 Retained earnings   59,950   43,600     $376,050   $348,800 Additional information for 2020: 1.   Net income was $34,000. 2.   Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3.   Cost of goods sold was $200,600. 4.   Net cash provided by operating activities was $59,000. 5.   Capital expenditures were $26,400, and cash dividends were $16,500. Compute the following ratios at December 31, 2020. (Round current ratio and inventory turnover to 2 decimal places, e.g.…

BETHESDA MINING COMPANYBalance Sheets as of December 31, 2018 and 2019     2018     2019       2018     2019    Assets             Liabilities and Owners’ Equity               Current assets                 Current liabilities                 Cash $ 65,470   $ 82,487          Accounts payable $ 186,922   $ 194,611       Accounts receivable   65,281     85,639          Notes payable   82,020     133,588       Inventory   116,676     181,549                                           Total $ 268,942   $ 328,199         Total $ 247,427   $ 349,675                                   Long-term debt $ 231,000   $ 167,750                   Owners’ equity                                Common stock and paid-in surplus $ 224,000   $ 224,000                      Accumulated retained earnings   182,232     219,704     Fixed assets                                Net plant and equipment $ 658,747   $ 589,978…