Presented below is the adjusted trial balance of Kingbird, Inc. at December 31, 2017. Debit Credit Cash $ ? Supplies 710 Accounts Receivable 2,980 Prepaid Insurance 2,880 Equipment 80,080 Accumulated Depreciation—Equipment $ 20,600 Trademarks 3,480 Accounts Payable 3,360 Salaries and Wages Payable 800 Unearned Service Revenue 1,600 Bonds Payable (due 2024) 31,900 Common Stock 2,000 Additional paid-in capital 15,680 Retained Earnings 14,020 Service Revenue 29,560 Salaries and Wages Expense 14,080 Insurance Expense 2,880 Rent Expense 2,600 Interest Expense 2,760 Total $ ? $ ? Additional information: 1. Net income for the year was $ 7,240. 2. No dividends were declared during 2017. Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)

Presented below is the adjusted trial balance of Kingbird, Inc. at December 31, 2017. Debit Credit Cash $ ? Supplies 710 Accounts Receivable 2,980 Prepaid Insurance 2,880 Equipment 80,080 Accumulated Depreciation—Equipment $ 20,600 Trademarks 3,480 Accounts Payable 3,360 Salaries and Wages Payable 800 Unearned Service Revenue 1,600 Bonds Payable (due 2024) 31,900 Common Stock 2,000 Additional paid-in capital 15,680 Retained Earnings 14,020 Service Revenue 29,560 Salaries and Wages Expense 14,080 Insurance Expense 2,880 Rent Expense 2,600 Interest Expense 2,760 Total $ ? $ ? Additional information: 1. Net income for the year was $ 7,240. 2. No dividends were declared during 2017. Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

Problem 10SPA: RATIO ANALY SIS OF COMPARATI VE FIN ANCIAL STATE MENT S Refer to the financial statements in Problem...

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	Debit	Credit
Cash	$ ?
Supplies	710
Accounts Receivable	2,980
Prepaid Insurance	2,880
Equipment	80,080
Accumulated Depreciation—Equipment		$ 20,600
Trademarks	3,480
Accounts Payable		3,360
Salaries and Wages Payable		800
Unearned Service Revenue		1,600
Bonds Payable (due 2024)		31,900
Common Stock		2,000
Additional paid-in capital		15,680
Retained Earnings		14,020
Service Revenue		29,560
Salaries and Wages Expense	14,080
Insurance Expense	2,880
Rent Expense	2,600
Interest Expense	2,760
Total	$ ?	$ ?

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The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is asfollows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300,600 $ 337,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704,400 609,600Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,600 865,800Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,600 26,400Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 1,386,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980,000 $ 990,000Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . (397,200) (366,000)Equipment . . . . . . . . . . . . . . . . . . .…
The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3AssetsCash $443,240 $360,920Accounts receivable (net) 665,280 592,200Inventories 887,880 1,022,560Prepaid expenses 31,640 25,200Land 302,400 302,400Buildings 1,713,600 1,134,000Accumulated depreciation—buildings (466,200) (414,540)Machinery and equipment 781,200 781,200Accumulated depreciation—machinery and equipment…
RATIO ANALY SIS OF COMPARATI VE FIN ANCIAL STATE MENT S Refer to the financial statements in Problem 24-8A. REQUIRED Calculate the following ratios and amounts for 20-1 and 20-2 (round all calculations to two decimal places): (a) Return on assets (Total assets on January 1, 20-1, were 175,750.) (b) Return on common stockholders equity (Total common stockholders equity on January 1, 20-1, was 106,944.) (c) Earnings per share of common stock (The average numbers of shares outstanding were 8,400 shares in 20-1 and 9,200 in 20-2.) (d) Book value per share of common stock (e) Quick ratio (f) Current ratio (g) Working capital (h) Receivables turnover and average collection period (Net receivables on January 1, 20-1, were 39,800.) (i) Merchandise inventory turnover and average number of days to sell inventory (Merchandise inventory on January 1, 20-1, was 48,970.) (j) Debt-to-equity ratio (k) Asset turnover (Assets on January 1, 20-1, were 175,750.) (l) Times interest earned ratio (m) Profit margin ratio (n) Assets-to-equity ratio (o) Price-earnings ratio (The market price of the common stock was 100.00 and 85.00 on December 31, 20-2 and 20-1, respectively.)
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The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $917,060.00 $964,640.00 4 Accounts receivable (net) 828,490.00 761,370.00 5 Inventories 1,269,190.00 1,161,990.00 6 Prepaid expenses 30,160.00 34,400.00 7 Land 316,470.00 480,110.00 8 Buildings 1,463,160.00 900,900.00 9 Accumulated depreciation-buildings (408,380.00) (381,900.00) 10 Equipment 511,860.00 454,790.00 11 Accumulated depreciation-equipment (141,520.00) (159,060.00) 12 Total assets $4,786,490.00 $4,217,240.00 13 Liabilities and Stockholders’ Equity 14 Accounts payable (merchandise creditors) $922,800.00 $958,260.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 327,000.00 117,000.00 17 Excess of paid-in capital over par 752,200.00 559,000.00…
Pleasantville Company had the following balance sheet on January 1. Pleasantville CompanyBalance SheetJanuary 1 1Cash$175,000.00Accounts Payable$57,000.002Inventory157,000.00Notes Payable250,000.003Property, Plant, and Equipment200,000.00Mortgage Payable150,000.004Patent25,000.00Retained Earnings100,000.005$557,000.00$557,000.00 On January 2, Carrs Company came to an agreement to purchase Pleasantville by acquiring all of its outstanding shares for $575,000 in cash. On that date in time, the fair value of their inventory was $150,000, and the fair value of the equipment was $225,000. The book value equals the fair value for all other accounts listed.Required:1. Compute the goodwill associated with the purchase of Pleasantville.2. Prepare the journal entry necessary at January 2, to record the acquisition of Pleasantville.
Q. Calculate the current assets and current liabilities from the data given below. Current ratio. 1.8 Quick ratio. 1.2 Inventory turnover ( on c.g.s). 12 Gross profit rate. 25% Credit period. 1month Working capital. 640000
The following items are reported on a company's balance sheet: Line Item Description Amount Cash $228,100 Marketable securities 91,900 Accounts receivable 243,700 Inventory 182,200 Accounts payable 279,700 Determine the (a) current ratio and (b) quick ratio. Round answers to one decimal place. Line Item Description Amount a. Current ratio b. Quick ratio
Calculate 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 earnings
1. prepare an estimated income statement for 20Y7.
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net) 828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6 Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8 Buildings 1,462,500.00 900,900.00 9 Accumulated depreciation-buildings (408,600.00) (382,320.00) 10 Equipment 512,280.00 454,680.00 11 Accumulated depreciation-equipment (141,300.00) (158,760.00) 12 Total assets $4,785,480.00 $4,219,020.00 13 Liabilities and Stockholders’ Equity 14 Accounts payable (merchandise creditors) $922,500.00 $958,320.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 317,000.00 117,000.00 17 Paid-in capital: Excess of issue price over par—common stock…
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net) 828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6 Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8 Buildings 1,462,500.00 900,900.00 9 Accumulated depreciation-buildings (408,600.00) (382,320.00) 10 Equipment 512,280.00 454,680.00 11 Accumulated depreciation-equipment (141,300.00) (158,760.00) 12 Total assets $4,785,480.00 $4,219,020.00 13 Liabilities and Stockholders’ Equity 14 Accounts payable (merchandise creditors) $922,500.00 $958,320.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 317,000.00 117,000.00 17 Paid-in capital in excess of par—common stock 758,000.00…