ASSETSCashAccounts ReceivableInventoryPlant and equipmentAccumulated DepreciationTOTAL ASSETSLIABILITIESAccounts PayableAccrued ExpensesLong Term Notes PayableTOTAL LIABILITIESEQUITIESCommon Stock, No ParRetained EarningsTOTAL EQUITIESTOTAL LIABILITIES & EQUITIESCOMPUTE THE1. Current Ratio for 2020 & 20212. Quick Ratio for 2020 & 2021202145,000.00212,500.00155,000.001,885,000.00(480,000.00)1,817,500.0055,000.00112,500.00250,000.00417,500.001,000,000.00400,000.001,400,000.001,817,500.00202050,000.00207,500.00140,000.001,662,500.00(375,000.00)1,685,000.0047,500.00110,000.00237,500.00395,000.001,000,000.00290,000.001,290,000.001,685,000.00

Liquidity ratios is one of the important type of ratio used by the business. Current ratio and Quick…

Answered: ASSETS Cash Accounts Receivable…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Return on total assets ratio: net income/ average total assets 21,331/(321,195+225,248)/2= 0.07807= 7.8% (2020 year) 11588/(162,648+225,248)/2= 0.059= 6.0% (2019 year) Write financial analysis report.
A comparative balance sheet for Carter Fuel Injection Systems, Inc. appears below:Carter Fuel Injection Systems, Inc.Comparative Balance SheetDec. 31, 2020 Dec. 31, 2019AssetsCash $ 34,000 $11,000Accounts receivable 25,000 13,000Inventory 18,000 17,000Prepaid expenses 11,000 9,000Long-term investments -0- 17,000Equipment 55,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $123,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 27,000 $ 7,000Bonds payable 35,000 45,000Common stock 31,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $123,000 $85,000Additional information:1. Net income for the year ending December 31, 2020 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. No equipment was sold during 2020.HINT: depreciation expense must be determined. Notice in #4 it states no equipment was “sold”during…
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
Please see attachment. The bottom portion is what I cannot figure out. The following financial information is for Priscoll Company. Priscoll CompanyBalance SheetsDecember 31 Assets 2020 2019 Cash $ 84,700 $ 78,650 Debt investments (short-term) 66,550 48,400 Accounts receivable 125,840 108,900 Inventory 278,300 199,650 Prepaid expenses 30,250 27,830 Land 157,300 157,300 Building and equipment (net) 314,600 223,850 Total assets $1,057,540 $844,580 Liabilities and Stockholders’ Equity Notes payable (short-term) $205,700 $145,200 Accounts payable 78,650 62,920 Accrued liabilities 48,400 48,400 Bonds payable, due 2023 302,500 205,700 Common stock, $10 par 242,000 242,000 Retained earnings 180,290 140,360 Total liabilities and stockholders’ equity $1,057,540 $844,580 Priscoll CompanyIncome StatementFor…
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Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
The comparative balance sheets of RegalEagle Inc. at the beginning and the end of the year 2020 are as follows. RegalEagle INC.BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,720 $ 15,720 $32,000 Inc. Accounts receivable 95,830 90,110 5,720 Inc. Equipment 43,830 24,110 19,720 Inc. Less: Accumulated Depreciation-Equipment 21,830 11,000 10,830 Inc. Total $165,550 $118,940 Liabilities and Stockholders’ Equity Accounts payable $ 24,830 $ 17,110 7,720 Inc. Common stock 102,720 82,110 20,610 Inc. Retained earnings 38,000 19,720 18,280 Inc. Total $165,550 $118,940 Net income of $48,830 was reported, and dividends of $30,550 were paid in 2020. New equipment was purchased and none was sold.Prepare a statement of…
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The comparative balance sheets of Pronghorn Inc. at the beginning and the end of the year 2020 are as follows. PRONGHORN INC.BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 46,480 $ 14,480 $32,000 Inc. Accounts receivable 94,200 89,720 4,480 Inc. Equipment 42,200 23,720 18,480 Inc. Less: Accumulated Depreciation-Equipment 20,200 11,000 9,200 Inc. Total $162,680 $116,920 Liabilities and Stockholders’ Equity Accounts payable $ 23,200 $ 16,720 6,480 Inc. Common stock 101,480 81,720 19,760 Inc. Retained earnings 38,000 18,480 19,520 Inc. Total $162,680 $116,920 Net income of $47,200 was reported, and dividends of $27,680 were paid in 2020. New equipment was purchased and none was sold.Prepare a statement of cash…
Supply the missing figures for the following: 1. Current assets, 2020 - 2. Total assets, 2020 - 3. Noncurrent liabilities, 2020 - 4. Total assets 2021 - 5. Current liabilities, 2021 - 6. Total liabilities and owner's equity, 2021 - 7. Current assets, 2022 - 8. Current liabilities, 2022 -
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