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Given the following information for Smashville, Inc., construct a balance sheet:
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- Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. MachineryCalculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earningsBalance Sheet as at As at 30/9/16 As at 30/9/15 $ $ Assets Current assets- Cash 8,200 9,400 Accounts Receivable 107,000 103,500 Inventory 82,700 71,300 Non-current assets less accumulated depreciation 242,600 245,700 Total assets 440,500 429,900 Liabilities and Owners' equity Current liabilities 117,000 120,000 Loan (repayable in 2019) 152,000 150,000 Total liabilities 269,000 270,000 Owners' equity 171,500 159,900 Total Liabilities and Owners' equity 440,500 429,900 Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016 $ Sales 990,000 Cost of goods sold 580,000 Gross profit 410,000 Operating expenses 350,000 Net profit 60,000 · Note - The owner withdrew $48,400 during 2016. Required: Calculate…
- Calculate the debt-to-equity ratio. Total asset = $1,500,000 Total debts = $1,200,000 Current liabilities = $600,000Marina Company Statement of Financial Position June 30, 2020 AssetsCurrent Assets Cash P 21,000.00 Accounts Receivables 160,000.00 Merchandise Inventory 300,000.00 Prepaid Expenses 9,000.00Total Current Assets P 490,000.00Property, Plant and Equipment 810,000.00Total Assets P 1,300,000.00 Liabilities and EquityLiabilities: Current Liabilities P 200,000.00 Bonds Payable, 10% 300,000.00Total Liabilities P 500,000.00Equity:…Marina Company Statement of Financial Position June 30, 2020 AssetsCurrent Assets Cash P 21,000.00 Accounts Receivables 160,000.00 Merchandise Inventory 300,000.00 Prepaid Expenses 9,000.00Total Current Assets P 490,000.00Property, Plant and Equipment 810,000.00Total Assets P 1,300,000.00 Liabilities and EquityLiabilities: Current Liabilities P 200,000.00 Bonds Payable, 10% 300,000.00Total Liabilities P 500,000.00Equity:…
- Marina Company Statement of Financial Position June 30, 2020 AssetsCurrent Assets Cash P 21,000.00 Accounts Receivables 160,000.00 Merchandise Inventory 300,000.00 Prepaid Expenses 9,000.00Total Current Assets P 490,000.00Property, Plant and Equipment 810,000.00Total Assets P 1,300,000.00 Liabilities and EquityLiabilities: Current Liabilities P 200,000.00 Bonds Payable, 10% 300,000.00Total Liabilities P 500,000.00Equity:…PROBLEM 8:Tomas Co. has the following balance sheet as of December 31, 2021.Current assets 180,000.00Fixed assets 120,000.00Total assets 300,000.00Accounts payable 40,000.00Accrued liabilities 20,000.00Notes payable 50,000.00Other Long-term debt 75,000.00Total Equity 115,000.00Total liabilities and equity 300,000.00 In 2021, Tomas Co. reported sales of P1,500,0000, net income of P30,000, and dividends of P18,000. The company expected its sales to increase by 20% by next year and its retention ratio will remain at 40%. Assume that Tomas Co. is operating at full capacity and it uses the AFN approach in determining the amount of external financing needed.How much is the sales for 2022? Using Problem 8, how much is the increase in retained earnings for the purpose of computing the AFN? Using Problem 8, how much external funds needed for the year 2022?Determine the missing amount from each of the seperate situations given below. Assets = Liabilities + Equity = $94,000 + $29,000 $110,000 = $40,000 + $144,000 = + $62,000
- Calculate the current ratio in each of the following separate cases. Current Assets Current Liabilities Case 1 $ 75,000 $ 30,000 Case 2 $161,500 $ 85,000 Case 3 $ 45,000 $ 53,000 Case 4 $132,000 $127,000 Case 5 $ 99,000 $110,000BALANCE SHEET Liabilities Amt Assets Amt Accounts payable 5,000 Machine and equipment 15,000 Long term debt 8,700 Cash on hand 1,500 Current portion of long term debts 1,700 Merchandise inventory 12,400 Accrued interest payable 1,400 Buildings and improvements 20,000 Mortgage payable 14,500 Accounts receivables 6,200 Capital 74,500 Land 50,000 Prepaid expenses 700 105,800 105,800 Compute for and interpret the following:a. Current ratiob. Working capitalc. Acid-test ratiod. Net capital ratioe. Networth ratiof. Debt/Asset ratiog. Debt/Equity ratio3. What can you say about the short-run and long-run financial conditions of Farm A?4. What do you think is the main limitation of the given information? Can you effectively analyze both the short-run and long-run positions of Farm A? Why or why not?Balance Sheet of A and B as on April 1, 2020 Liabilities Amount (OMR) Assets Amount (OMR) Sundry creditors 20,000 Cash in hand 13,000 Capitals A 50,000 B 20,000 70,000 Debtors 22,000 Stock 15,000 Furniture 20,000 Plant & Machinery 20,000 90,000 90,000 a. The value of plant and machinery is appreciated by 20% b. A provision for doubtful debts is to be created on sundry debtors at 15%. 1.Pass the journal entry to record the appreciation of plant and machinery in Revaluation account
