20172016Cash53003700Account Receivable2120023400Inventory90007000Land2000026000Building7000070000Accumated depreciation-building-15000-10000Accounts payable1037031100Common stocks7500069000Retained earnings2513020000XYZ Company 2017 Income statement included net sales of Php 120,000, cost of goodsold of Php 70,000 and net income of Php 14,000.Compute the ratios for 2017 in terms of accounts receivable turnover.Choose... +Compute the ratios for 2017 in terms of inventory turn over.Choose... +Compute the ratios for 2017 in terms of acid-test ratio.Choose... +Compute the ratios for 2017 in terms of current ratio.Choose.. + Activate VGo to Settinc

Calculation of account receivable turn over Ratio, inventory turnover ratio,acid test ratio, current…

Compute the ratios for 2017 in terms of accounts receivable turnover. Choose... + Compute the ratios for 2017 in terms of inventory turn over. Choose... + Compute the ratios for 2017 in terms of acid-test ratio. Choose... + Compute the ratios for 2017 in terms of current ratio. Choose.. • Act

Compute the ratios for 2017 in terms of accounts receivable turnover. Choose... + Compute the ratios for 2017 in terms of inventory turn over. Choose... + Compute the ratios for 2017 in terms of acid-test ratio. Choose... + Compute the ratios for 2017 in terms of current ratio. Choose.. • Act

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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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).
Dr.Cr.(GH₵)(GH₵)Stated capital310Income surplus at 1 January 2017456Inventory at 1 January 2017236Turnover1,468Purchases856Salaries46Directors salaries (admin expense)116Land & building at cost550Plant & equipment at cost578Land & building- accumulated depreciation as at 1 January 2017154Plant & equipment –accumulated depreciation as at 1 January 2017266Bank interest received6Sundry expenses56Trade receivables110Trade payables122Accruals42Cash at bank43Dividends paid36Administrative expenses183Interest paid142,8242,824The following information is also relevant:(1) Inventory at 31st December 2017 is GH₵256(2) The tax liability for the year is estimated to be 20% of the profit before tax.4(3) The original cost of land and buildings is made up of GH₵100 land and GH₵450 buildings. Buildings are used in administration and depreciation is charged on a straight line basis over the estimated useful life of 50 years.(4) Plant & equipment are used in distribution and…
ShafNita Sdn. Bhd. Statement of Financial Position as at 31 December2019 2020RM RM RM RM Non Current AssetsBuilding 100,000 100,000Fixtures less accumulated depreciation 3,600 4,000Van less accumulated depreciation 7,840 14,800111,440 118,800 Current AssetInventory 11,200 24,800Trade account receivable 12,800 16,400Bank 1,800 -Cash 440 400 26,240 41,600Total assets 137,680 160,400Finance by:Capital account:Balance at 1 January 74,080 105,080Add: Net profit for the year 70,400 42,320Cash introduced - 20,000144,480 167,400Less: Drawings (39,400) (43,200)105,080 124,200 Non Current LiabilitiesLoan (repayable in 10 years time) 20,000 30,000Current LiablitiesAccount Payable 12,600 6,012Bank overdraft - 188Retained earnings 32,600 36,200Total liabilities and equity 137,680 160,400 Additional information at 31 December 2020:  Fixtures bought in 2020 cost RM800. Van bought in 2020 cost RM11,000. Required: Prepare statement of cash flow for ShafNita Sdn. Bhd. for the year ended 31 December…
The balance sheet data of Coronado Industries at the end of 2021 and 2020 follow: 2021 2020 Cash $ 104000 $ 142000 Accounts receivable (net) 241000 179000 Inventory 280000 179000 Prepaid expenses 41000 99000 Buildings and equipment 362000 302000 Accumulated depreciation—buildings and equipment (72000 ) (32000 ) Land 358000 162000 Totals $1314000 $1031000 Accounts payable $270000 $222000 Accrued expenses 50000 70000 Notes payable—bank, long-term 151000 Mortgage payable 120000 Common stock, $10 par 843000 647000 Retained earnings (deficit) 31000 (59000 ) $1314000 $1031000 Land was acquired for $196000 in exchange for common stock, par $196000, during the year; all equipment purchased was for cash. Equipment costing $24000 was sold for $8000; book value of the equipment was $14000 and the loss was reported…
Problem BPeter Senen Corporation provided the following account balances as of September 30, 2020: CashP112,000 Accumulated depreciationP 36,000Accounts Receivable64,000Accounts payable 40,000Finished Goods48,000Income tax payable9,000Work in process 36,000 Share Capital500,000Raw materials 52,000 Retained Earnings207,000Property and Equipment480,000The following transactions occurred during October:1. Materials purchased on account, P150,0002. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000.3. Payroll for the month of October 2020 consisted of the following (also paid during the month):Direct labor P62,000Administrative salariesP16,000Indirect Labor 20,000Sales salaries 30,000Payroll deductions were as follows:Withholding taxes P19,800Phil health contributions P2,000SSS contributions 7,100HDMF contributions 2,0004. Employer contributions for the month were accrued:FactorySellingAdministrativeSSS contributionsP5,700P2,000P1,100Philhealth…
Bonita Industries's balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2018 activities are presented below.        December 31,           2021        2020    Assets Cash $   439000 $   199000 Short-term investments      600000 — Accounts receivable (net) 1000000 1000000 Inventory 1360000 1190000 Long-term investments   398000   600000 Plant assets 3400000 2010000 Accumulated depreciation    (900000)    (900000) Patent     182000     201000       Total assets $6479000 $4300000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1660000 $1460000 Notes payable (nontrade)      582000 — Common stock, $10 par 1587000 1410000 Additional paid-in capital     802000     500000 Retained earnings     1848000     930000       Total liabilities and stockholders' equity $6479000 $4300000 Information relating to 2021 activities:• Net income…
Crane Company's balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below.        December 31,           2021        2020    Assets Cash $   438000 $   198000 Short-term investments      598000 — Accounts receivable (net) 1000000 1000000 Inventory 1360000 1180000 Long-term investments   398000   598000 Plant assets 3380000 1980000 Accumulated depreciation    (898000)    (898000) Patent     178000     198000       Total assets $6454000 $4256000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1640000 $1420000 Notes payable (nontrade)      578000 — Common stock, $10 par 1598000 1380000 Additional paid-in capital     798000     498000 Retained earnings     1840000     958000       Total liabilities and stockholders' equity $6454000 $4256000 Information relating to 2021 activities:• Net income for…
Coronado Industries Comparative Balance Sheets . December 31, 2022 2021 Assets: Current Assets: Cash $ 1380000 $1100000 Accounts Receivable (net) 3100000 2170000 Inventory 3950000 2510000 Prepaid Expenses   704000   631000 Total Current Assets 9134000 6411000 Long-Term Investments 450000 Plant Assets: Property, Plant & Equipment 4360000 2879000 Accumulated Depreciation    (901000 )   (539000 ) Total Plant Assets 3459000 2340000 Total Assets $13043000 $8751000 . Equities: Current Liabilities: Accounts Payable $2550000 $2190000 Accrued Expenses 617000 566000 Dividends Payable     403000             Total Current Liabilities 3570000 2756000 Long-Term Notes Payable 1648000 Stockholders' Equity:…
The balance sheet data of Vaughn Manufacturing at the end of 2021 and 2020 follow: 2021 2020 Cash $ 102000 $ 141000 Accounts receivable (net) 238000 181000 Inventory 278000 180000 Prepaid expenses 40000 100000 Buildings and equipment 360000 302000 Accumulated depreciation—buildings and equipment (73000 ) (30000 ) Land 361000 161000 Totals $1306000 $1035000 Accounts payable $271000 $221000 Accrued expenses 46000 74000 Notes payable—bank, long-term 167000 Mortgage payable 122000 Common stock, $10 par 833000 633000 Retained earnings (deficit) 34000 (60000 ) $1306000 $1035000 Land was acquired for $200000 in exchange for common stock, par $200000, during the year; all equipment purchased was for cash. Equipment costing $24000 was sold for $8000; book value of the equipment was $17000 and the loss was…
Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
Balance sheet extracts as at 31/12/2019 & 31/12/2020 2019(RO) 2020(RO) Current assets Inventories 6500 4500 Account receivables 3400 5300 Prepaid Expenses 1220 1550 Current liabilities Account payables 4320 3450 Expense payables 3100 4700 The operating profit for 2020 was RO 22500 and the depreciation for the year was RO7650 The profit on sale of fixed assets RO 4200 . Amortisation of intangible assets OMR 550. Calculate cash flow from operating activity