1. On December 31, 2019, the balance sheet of DK's Motor Shop shows the total current assets of 5,100,000 and the total current liabilities of 1,200,000. Compute and analyze for the current ratio of DK's Motor Shop. *
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- Using the following select financial statement information from Black Water Industries, compute the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Black Water Industries?Using the following select financial statement information from Mover Supply Depot, compute the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Mover Supply Depot if the competition collects in approximately 65 days?Using the following select financial statement information from Mover Supply Depot, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Mover Supply Depot if the industry average is 4 times?
- Included in Outkast Company’s December 31, 2020, trial balance are the following accounts: Prepaid Rent $5,200, Debt Investments (to be held to maturity until 2023) $56,000, Unearned Fees $17,000, Land (held for investment) $39,000, and Notes Receivable (long-term) $42,000. Prepare the long-term investments section of the balance sheet.Berhad has the following financial statement as at 31 December 2019: Jiki Berhad Statement of Financial Position as at 31 December 2019 Assets (RM) Plant (Net) 4,000,000 Research and Development 16,000,000 Cash 5,400,000 Trade Receivable (Net) 5,400,000 Interest Receivable 800,000 Inventory 2,000,000 Total Assets 33,600,000 Liabilities and Shareholders’ Equity Trade Payable 5,920,000 Loan Payable 9,300,000 Provision for warranties 300,000 Deferred tax liability 4,200,000 Share Capital 10,380,000 Retained Earnings 3,500,000 Total Liabilities and Shareholders’ Equity 33,600,000 Additional Information: a) Tax laws allow only specific bad debts. The carrying amount in the trade receivable account is after the provision of 10% provision of doubtful debts. b) Interest receivable is recorded on accrued basis however is taxable only upon receipt. c) The carrying amount of the plant is after providing accumulated depreciation of RM 6 million. As at 31…At the beginning of 2019, Blue Devil Inc. had net Accounts Receivable of $49,000. At the end of 2019, Blue Devil had cash of $41,000; net Accounts Receivable of $51,000; and short-term investments of $15,000. It also has $28,000 in current liabilities and $39,000 in long-term liabilities. The sales of 2019 is $120,000 and net income is $18,000. Required: Calculate the quick ratio and the account receivable turnover for 2019. Please show your calculation steps.
- Byrd Company had the following transactions during 2019 and 2020: 1. Prepare the journal entries for Byrd for both 2019 and 2020. Assume that the net price method is used to account for the credit terms. 2. Show how the preceding items would be reported in the current liabilities section of Byrd’s December 31, 2019, balance sheet. 3. Next Level Assuming Byrd’s current assets were $1,200,000 and its current ratio was 2.4 at the end of 2018, compute the current ratio at the end of 2019 (based solely on the effects of the preceding transactions).Skysong, Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,900. 7 Purchased equipment for $36,800 cash. 11 Paid $3,500 for a 1-year insurance policy. 14 Paid accounts payable of $12,400. 18 Declared cash dividends, $8,500. Additional information:As of February 1, 2019, current assets were $135,000 and current liabilities were $35,400.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of February 1, 2019 enter current ratio :1 Feb. 3 enter the current ratio as of February 3 :1 Feb. 7 enter the current ratio as of February 7 :1 Feb. 11 enter the current ratio as of February 11 :1 Feb. 14 enter the current ratio as of February 14 :1 Feb. 18 enter the current ratio as of February 18 :1Sombop Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,880, Land $47,300, Patents $16,300, Accounts Receivable $93,860, Prepaid Insurance $6,030, Inventory $37,700, Allowance for Doubtful Accounts $4,890, and Equity Investments (to be sold in the next quarter) $14,560.Prepare the current assets section of the balance sheet.
- During 2020, JamJam Company received P8,000,000 from tenants. The balance sheet contained the following data: 2019 2020Rentals receivable P 960,000 P1,240,000Unearned rentals 3,200,000 2,400,000What amount of rental revenue should be reported for 2020?Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land $40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.Sheffield Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $8,220, Land $40,800, Patents $16,000, Accounts Receivable $97,530, Prepaid Insurance $6,040, Inventory $34,900, Allowance for Doubtful Accounts $4,520, and Equity Investments (to be sold in the next quarter) $13,510.Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)