Marketable securities 1,010,000 1,000,000 Accounts receivable (net) 740,000 510,000 Inventories 1,190,000 950,000 Prepaid expenses 250,000 229,000 Total current assets $3,690,000 $3,089,000 Long-term investments 2,350,000 2,300,000 Property, plant, and equipment (net) 3,740,000 3,366,000 $9,780,000 $8,755,000 Total assets Liabilities Current liabilities $900,000 $880,000 Long-term liabilities: Mortgage note payable, 10% $200,000 $0 Bonds payable, 10% 1,500,000 1,500,000 Total long-term liabilities $1,700,000 $1,500,000 Total liabilities $2,600,000 $2,380,000 Stockholders' Equity Preferred $0.90 stock, $10 par $500,000 $500,000 Common stock, $5 par 500,000 500,000 Retained earnings 6,180,000 5,375,000 $7,180,000 $6,375,000 Total liabilities and stockholders' equity $9,780,000 $8,755,000 Total stockholders' equity Required: Determine the following measures for 20Y2, rounding to one decimal place, except dollar amounts which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.

Marketable securities 1,010,000 1,000,000 Accounts receivable (net) 740,000 510,000 Inventories 1,190,000 950,000 Prepaid expenses 250,000 229,000 Total current assets $3,690,000 $3,089,000 Long-term investments 2,350,000 2,300,000 Property, plant, and equipment (net) 3,740,000 3,366,000 $9,780,000 $8,755,000 Total assets Liabilities Current liabilities $900,000 $880,000 Long-term liabilities: Mortgage note payable, 10% $200,000 $0 Bonds payable, 10% 1,500,000 1,500,000 Total long-term liabilities $1,700,000 $1,500,000 Total liabilities $2,600,000 $2,380,000 Stockholders' Equity Preferred $0.90 stock, $10 par $500,000 $500,000 Common stock, $5 par 500,000 500,000 Retained earnings 6,180,000 5,375,000 $7,180,000 $6,375,000 Total liabilities and stockholders' equity $9,780,000 $8,755,000 Total stockholders' equity Required: Determine the following measures for 20Y2, rounding to one decimal place, except dollar amounts which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.

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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SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets    241.220    185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets    430.200    362.640 Total Liabilities and Shareholders' Equity Payables 83.240         57.48 Current Debt 2.700           2.64 Total Current Liabilities       85.940      60.120 Long-Term Debt 122.000      119.62 Other Liabilities 21.880         22.58 Total Liabilities    229.820    202.320 Common Stock 200.380      160.32 Total Equity       200.38      160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M)       488.10…
SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets    241.220    185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets    430.200    362.640 Total Liabilities and Shareholders' Equity Payables 83.240         57.48 Current Debt 2.700           2.64 Total Current Liabilities       85.940      60.120 Long-Term Debt 122.000      119.62 Other Liabilities 21.880         22.58 Total Liabilities    229.820    202.320 Common Stock 200.380      160.32 Total Equity       200.38      160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M)       488.10…
SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets    241.220    185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets    430.200    362.640 Total Liabilities and Shareholders' Equity Payables 83.240         57.48 Current Debt 2.700           2.64 Total Current Liabilities       85.940      60.120 Long-Term Debt 122.000      119.62 Other Liabilities 21.880         22.58 Total Liabilities    229.820    202.320 Common Stock 200.380      160.32 Total Equity       200.38      160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M)       488.10…
SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets    241.220    185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets    430.200    362.640 Total Liabilities and Shareholders' Equity Payables 83.240         57.48 Current Debt 2.700           2.64 Total Current Liabilities       85.940      60.120 Long-Term Debt 122.000      119.62 Other Liabilities 21.880         22.58 Total Liabilities    229.820    202.320 Common Stock 200.380      160.32 Total Equity       200.38      160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M)       488.10…
SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets    241.220    185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets    430.200    362.640 Total Liabilities and Shareholders' Equity Payables 83.240         57.48 Current Debt 2.700           2.64 Total Current Liabilities       85.940      60.120 Long-Term Debt 122.000      119.62 Other Liabilities 21.880         22.58 Total Liabilities    229.820    202.320 Common Stock 200.380      160.32 Total Equity       200.38      160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M)       488.10…
SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets    241.220    185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets    430.200    362.640 Total Liabilities and Shareholders' Equity Payables 83.240         57.48 Current Debt 2.700           2.64 Total Current Liabilities       85.940      60.120 Long-Term Debt 122.000      119.62 Other Liabilities 21.880         22.58 Total Liabilities    229.820    202.320 Common Stock 200.380      160.32 Total Equity       200.38      160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M)       488.10…