Dec. 31, 2019 $4,085,000 4,300,000 Dec. 31, 2018 $2,880,000 Total liabilities Total owner's equity 3,600,000 a. Compute the ratio of liabilities to owner's equity.
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- Dallas Company loaned to Ewing Company on December 1, 2019. Ewing will pay Dallas $720 of interest ($60 per month) on November 30, 2020. Dallass adjusting entry at December 31, 2019, is: a. Interest Expense ........... 60 c. Interest Receivable ....... 60 Cash ......................... 60 Interest Income ........ 60 b. Cash ............................ 60 d. No adjusting entry is required. Interest Income ........ 60Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
- Rons Diner received the following bills for December 2019 utilities: • Electricity: $625 on December 29, 2019 • Telephone: $150 on January 5, 2020 Both bills were paid on January 10, 2020. On the December 31, 2019, balance sheet, Rons Diner will report accrued expenses of: a. $0 b. $150. c. $625. d. $775.Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the 3 months totals S3,600. On December 31, 2019, Hurd will report Prepaid Rent of: a. $0 b. $1,200 c. $2,400 d. $3,600Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callable
- Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of Meadows Company on December 31, 2019; Required: 1. Prepare Meadowss December 31, 2019, balance sheet. 2. Next Level Compute the debt-to-assets ratio. What does it indicate about Meadows at the end of 2019?Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. ( Note: Assume a periodic inventory system.) b. Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were with-held from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,262, including state sales taxes of S48. ( Note: Assume a periodic inventory system.) e. Employers share of Social Security and Medicare taxes for the period were $620 and $145, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently).Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?
- Ratio of liabilities to owner's equity The following data were taken from Mesa Company's balance sheet: Dec. 31,2019 Dec. 31,2018 Total liabilities $547,000 $518,000 Total owner's equity 415,000 370,000 a. Compute the ratio of liabilities to owner's equity.b. Has the creditor's risk increased or decreased from December 31,2018, to December 31, 2019?he following data were taken from Alvarado Company’s balance sheet: OBJ. 6 Dec. 31, 2019 Total liabilities $4,085,000 Total owner’s equity 4,300,000 Compute the ratio of liabilities to owner’s equity. Dec. 31, 2018 $2,880,000 3,600,000 a. b. Has the creditor’s risk increased or decreased from December 31, 2018, to December 31, 2019?Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Requirement: Based on the above information, determine the insurance expense on the income statement for 2020. Choices; P381,000 P543,000 P453,000 P471,000
