Account Balance* $ 19,400 66,200 49,400 147,800 61,400 2,000 2,600 27,800 ? 458,000 54,200 134,000 114, 200 54,200 ? 26,600 80,600 Account Description Accounts payable Accounts receivable Accumulated amortization, patent Accumulated depreciation, equipment Accumulated depreciation, vehicles Advertising payable Allowance for doubtful accounts Cash Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $8.60; market price per share on March 31, 2020, was $9.80 Equipment Income tax payable Notes payable** Patent Prepaid rent Retained earnings Unearned revenues Vehicles Equity Contributed capital Common shares, 100,000 shares authorized, 25,000 shares ✓ 215,000 issued 215,000 x Retained earnings 430,000 Total equity $ 666,200 Total liabilities and equity Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) Asset financed by debt % 2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.) Asset financed by equity % $

Account Balance* $ 19,400 66,200 49,400 147,800 61,400 2,000 2,600 27,800 ? 458,000 54,200 134,000 114, 200 54,200 ? 26,600 80,600 Account Description Accounts payable Accounts receivable Accumulated amortization, patent Accumulated depreciation, equipment Accumulated depreciation, vehicles Advertising payable Allowance for doubtful accounts Cash Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $8.60; market price per share on March 31, 2020, was $9.80 Equipment Income tax payable Notes payable** Patent Prepaid rent Retained earnings Unearned revenues Vehicles Equity Contributed capital Common shares, 100,000 shares authorized, 25,000 shares ✓ 215,000 issued 215,000 x Retained earnings 430,000 Total equity $ 666,200 Total liabilities and equity Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) Asset financed by debt % 2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.) Asset financed by equity % $

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
What is the value of the company's quick current assets?A. $ 164,477B. $ 305,885C. $ 243,146D. $ 486,266
q26 Which of the following methods of fixed assets valuation provides more relevant information to users of the financial statements? Select one: a. Carrying value less accumulated depreciation and impairment losses b. Revaluation Method c. Book value less accumulated depreciation d. Historical Cost Method
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec 31 20Y9 Dec 31 20Y8ASSETSCash $ 70,720 $ 47,940Accounts Receivable 207,230 188,190Inventories 298,520 289,850Investments - 102,000Land 295,800 -Equipment 438,600 358,020Accumulated Depreciation-Equipment (99,110) (84,320)Total Assets $ 1,211,760 $ 901,680LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable $ 205,700 $ 194,140Accrued Expenses Payable (operating expenses) 30,600 26,860Dividends Payable 25,500 20,400Common Stock, $1 par 202,000 102,000Paid-in Capital; Excess of issue price over par-common stock 354,000 204,000Retained Earnings 393,960 354,280Total Liabilities and Stockholders Equity: $ 1,211,760 $ 901,680Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:A. Equipment and land were acquired for cashB. There were no disposals of equipment during the year.C. The investments were sold for $91,800 cash.D. The common stock was…
Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively
Refer to the following data of SG Company: Assets to be realized1,375,000Liabilities liquidated1,875,000Assets acquired825,000Liabilities not liquidated1,700,000Assets realized1,200,000Liabilities to be liquidated2,250,000Assets not realized1,375,000Supplementary charges3,125,000Liabilities assumed1,625,000Supplementary credits2,800,000Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively.
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LO1 The purpose of depreciation is to record the assets market value in the accounting records.
LO1 The purpose of depreciation is to (a) spread the cost of an asset over its useful life. (b) show the current market value of an asset. (c) set up a reserve fund to purchase a new asset. (d) expense the asset in the year it was purchased.
SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM. THANK YOU What amount should be recorded as depreciation for 2021? a. 287200 b. 384000 c. 460000 d. 359000
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