Abasolb's Business Fair Value 92,500 505,000 1,150,000 3,087,500 Bermudez' Business Book Value Assets Cash Accounts receivable, net Inventory Property and equipment, net Total assets Book Value Fair Value 92,500 550,000 1,275,000 3,045,000 4.962,500 200,000 200,000 850,000 1,337,500 2.587 500 200,000 157,500 877,500 1,435,000 Liabilities and Capital Accounts payable Accrued expenses Notes payable Abasolo, capital Bermudez, capital Total Liabilities and Capital 590,000 55,000 1,875,000 2,442,500 590,000 55,000 1,875,000 227,500 35,000 227,500 35,000 4,962,500 2.325.000 2.587 500 Vhat is the total amount of assets after the formation of the partnership? Vhat is the capital balance of Bermudez, immediately after the formation of the partnership? Vhat is the capital balance of Abasolo, immediately after the formation of the partnership?

Abasolb's Business Fair Value 92,500 505,000 1,150,000 3,087,500 Bermudez' Business Book Value Assets Cash Accounts receivable, net Inventory Property and equipment, net Total assets Book Value Fair Value 92,500 550,000 1,275,000 3,045,000 4.962,500 200,000 200,000 850,000 1,337,500 2.587 500 200,000 157,500 877,500 1,435,000 Liabilities and Capital Accounts payable Accrued expenses Notes payable Abasolo, capital Bermudez, capital Total Liabilities and Capital 590,000 55,000 1,875,000 2,442,500 590,000 55,000 1,875,000 227,500 35,000 227,500 35,000 4,962,500 2.325.000 2.587 500 Vhat is the total amount of assets after the formation of the partnership? Vhat is the capital balance of Bermudez, immediately after the formation of the partnership? Vhat is the capital balance of Abasolo, immediately after the formation of the partnership?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Oreo reported the following for the period:Sales P1,000,000Cost of Sales P300,000Operating expenses P100,000Determine the OSD assuming that Oreo is a corporation
The following information is provided for Sandhill Company and Indigo Corporation. (in $ millions) Sandhill Company Indigo Corporation Net income 2022 $125 $375 Net sales 2022 1540 4500 Total assets 12/31/20 1045 2010 Total assets 12/31/21 1220 3150 Total assets 12/31/22 1175 4070 What is Indigo's return on assets for 2022?
Prepare a common size statement for Mickey Corp and Mighty Corp Mickey Corp. Mighty Corp Sales 2,300,000.00 1,860.000.00 Cost of Sales. 1,050,000.00 980,000.00 Gross Profit on sales. 1,250,000.00. 880,000.00 Operating expenses 950,000.00 400,000.00 Net Income. 300,000.00. 480,000.00a) Prepare common statementb) Give your written analysis.
A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 days
Skysong, Inc. had the following accounts and balances: Accounts payable $31100 Equipment $35300 Accounts receivable 4500 Land 35400 Buildings ? Unearned service revenue 10500 Cash 15450 Total stockholders' equity ? If the balance of the Buildings account was $83000, what would be the total of liabilities and stockholders' equity? $173650 $121550 $169150 $132050
Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA)? Inventory 12,500 Current Assets 50,000 Current Liabilities 40,000 Non-current Assets 90,000 Net Profit 12,000 Shareholders' Equity 65,000 Select one: a. 12.2% b. 18.5% c. 9.23% d. 13.3% Clear my choice
Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA)? Inventory 12,500Current Assets 50,000Current Liabilities 40,000Non-current Assets 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 18.5%b. 12.2%c. 9.23%d. 13.3%
INCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses…
Whencash 5000, net sales 185000, general utilities OR 2100, Rent expense OR 190, cash OR 2750, furniture OR 4500 , gross profit OR 42500 and general income OR 3260.The net profit is: Select one: a. 49720 b. 46970 c. 39210 d. The correct answer not available
Use the following information for Smith Brothers, Inc: EBIT / Revenue 15.00% Government Tax Rate 35.00% Revenue / Assets 1.80 times Current Ratio 2.40 times EBT / EBIT 0.80 times Assets / Equity 1.90 times Smith Brothers, Inc.'s return on assets (ROA) is closest to: A. 14.04%. B. 14.82%. C. 24.71%. D. 26.68%.
A2 aii Use the following information for Delta Corporation: Year 20X1 20X2 Net sales $1,500,000 $1,656,598 Cost of goods sold 675,000 745,469 Depreciation 270,000 298,188 Interest paid 43,600 44,000 Cash 127,500 140,811 Account’s receivable 450,000 496,980 Inventory 525,000 579,809 Net fixed assets 1,800,000 1,987,918 Accounts payable 375,000 414,150 Notes payable 45,000 50,000 Long-term debt 500,000 500,000 Common stock 1,000,000 1,000,000 Retained earnings 982,500 1,241,368 Tax rate 35% 35% Dividend payout 30% 30% Delta has 600,000 common shares outstanding. The firm is projecting a 20% increase in net sales for the coming year (20X3). Delta uses the percentage of sales approach to plan for its financing needs. In using this approach, the firm assumes that cost of goods sold, all assets (current and fixed), and accounts payable will all remain a constant…
Margaux Corporation A. 800,000B. 1,000,000C. 560,000D. 920,000