Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the amount of quick assets? Oa. $96.000 Ob. $60,000 Oc. $61.000 Od. $168.000
Q: Following is the balance sheet of Perez Company for Year 3: PEREZ COMPANY Balance sheet Assets Cash…
A: The question is related to the Ratio Analysis. Ratio is the indicated quotient of two mathematical…
Q: Which answer is closest to the Estate tax exemption and top tax rate as of December 31, 2020?
A: Estate tax is the tax which is paid on the property of the person and the value is determined by the…
Q: P 1,00 P 80,000 20,000 60,00 50,0 2,00
A: Partnership liquidation refers to the closing down of business operations by selling the non-cash…
Q: Administrative Expenses include: O Advertising Expense. O Sales - Salaries Expense. O Accounting -…
A: Administrative expenses are sort of fixed cost that will occur whether production is there or not…
Q: are the Enhancing Qualities of the Qualitative Characteristics of accounting information? Answers:…
A: To be useful to a user, accounting information should include the following features:Prepared…
Q: ine will generate 568,000 per year in revenue and the direct o 7. Compute the payback period using…
A: Payback period = initial investment/cash flow per year
Q: Ethical lapses and poor judgement often come from a sense of entitlement. What are some things a…
A: How can ethical Judgement be improved?As ethical behaviour becomes increasingly important in…
Q: accounts to show the flow of costs in the system. Any difference between actual and app should be…
A: The answer has been mentioned below.
Q: Diving Wear Ltd makes neoprene wetsuits. The company’s projected income statement for the coming…
A: Given data, Number of units sold (projected) = 65,000 units Variable costs (projected) = $8,736,000…
Q: Question 26 Residents of which states are most active in seeking to remove the SALT deduction cap?…
A: The SALT cap workaround was enacted in 2021 allowing entities taxed as S corporations or…
Q: Which of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding…
A: SUTA: State Unemployment Tax Rate FUTA: Federal Unemployment Tax Rate FICA: Federal Insurance…
Q: Refer to following financial information from a company. Compute the company's inventory turnover…
A: Inventory turnover ratio is an accounting ratio to evaluate how efficiently the inventory is sold by…
Q: H plc owns 80% of the the voting shares of S plc. S plc is a subsidiary of H plc. The most recent…
A: Introduction An affiliate may make loans to another affiliate of may transfer the debt of affiliate…
Q: Consider the following information taken from the Adjusted Trial Balance of a business as of…
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…
Q: Profitability
A: Profitability is the prime purpose of every business. Every corporation tries to maximize its…
Q: Bonds Payable has a balance of $951,000 and Discount on Bonds Payable has a balance of $11,412. If…
A: Introduction:- The following basic information as follows under:- Bonds Payable has a balance of…
Q: ddie Industries issues $950,000 of 8% bonds at 103. The amount of cash received from the sale is…
A: In the given question, Bonds having face value of $ 950,000 are issued at 103. It implies that…
Q: 1. On January 6, 2021, AAU Corporation has 30,000 shares of authorized and issued P20 par value…
A: The journal entries to record the declaration and distribution of share dividends are presented…
Q: Pinnacle Co., prepares quarterly interim financial reports. The entity sells electric fans and…
A: GIVEN The provision in the first quarter was calculated at 5% of sales to date which amounted to…
Q: Eugene and Amelia wish to help fund their grandchild Drew's college education. They have a sizable…
A: Section 529 plan refers to the plan which is a tax advantaged savings plan and it is designed for…
Q: Oa. Cash will be debited for $32,000. Ob. Paid-in Capital in excess of Par Value will be credited…
A: Issue of shares Issue of Shares is the process by which companies pass on new shares to…
Q: The State and Local Tax Deduction is currently capped at (for all filing statuses except "married…
A: Introduction:- State and local property taxes are generally qualified to be deducted from the…
Q: feltri Corporation is working on its direct labor budget for the next two months. Each unit of…
A: October Number of hours budgeted to be consumed in October = 7,100 units X 0.77 direct labor hours…
Q: Consider the following information taken from the Adjusted Trial Balance of a business as of…
A: The current assets are the assets which can be converted into cash within one year. For example,…
Q: Carol, age 40, has an IRA with Blue Mutual Fund. Her balance in the fund is $150,000. She has heard…
A: Retirement plans are the one which are prepared by the employee himself or the employer of the…
Q: ere 2,200 units in ending work in process inventory that were 100% complete with regard to material…
A: Solution: Equivalent units represents the portion of work done on a physical unit. These are used to…
Q: hedetermined atory Ovehead Rate Street Runner tngine Shop uses a jb order cost ystem to determne the…
A: The overhead costs comprises of total factory costs incurred and total indirect costs incurred. The…
Q: Macy's was selling Calvin Klein jean shirts that were originally priced at $46.00 for $8.74. a. What…
A: Lets understand the basics. For calculating mark down in amount, we need to use below formula.…
Q: Cash dividends of $88,319 were declared during the year. Cash dividends payable were $9,765 at the…
A: Cash dividends paid = Beginning cash dividends + Dividends declared - Ending cash dividends
Q: asset nabllity year End Beginning Cash $ 62,000 $73,000 Accounts receivable (net) 75,000 60,000…
A: Cash flow from operating activities refers to the money a company makes from ongoing, regular…
Q: Explain cost concepts it is relevant for the company to be aware of in decision situations such as.…
A: Here discuss about the details of the various costs which are incurred to the business entity which…
Q: Given the following information, prepare an annual income statement budget for the Great Student…
A: Gross Profit is the Difference between the Total Sales Revenue and the Cost of Goods Sold. Gross…
Q: Alfredo Incorporated reports net Income of $241,000 for the year ended December 31. It also repons…
A: Cash Flow from Operating Activities Amount Net income 241000 Add Depreciation 92500 Add…
Q: BBT Corporation has 10,000 shares of ordinary shares issued and outstanding, P20 par. The board of…
A: Working Note: No. of shares issued under stock dividend = No. of common shares outstanding x stock…
Q: The following is actual data from the two months of operations. Pounds Shipping expense 350…
A: Using high low method, the fixed costs and variable costs are identified from the mixed costs.
Q: stockholders equity Additional Information for 2022: 1. Land of $820,000 was obtained by issuing a…
A: Cash Flow Statement - Statement of Cash Flow shows the movement of cash in the financial year. It…
Q: ayed below.J Tyrell Company entered into the following transactions involving short-term…
A: ANSWER Journal entries for all the preceding transactions and events
Q: TRUE or FALSE 1. If all individual B/C ratios of MEAs are less than 1.00, then the preferred option…
A: B/C ratio is the ratio which measure the benefits over the costs and it is determined through…
Q: Pizza Inc. reported the following balances: December 31 Inventory 5,200,000 Accounts payable…
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…
Q: If a company Is comparing this year's financial performance to last year's flnancial performance, it…
A: True
Q: amilton who works in 0.00. His employer pays the insurer 100% of the cost of his life insurance…
A: Life Insurance Coverage Life insurance is a contract between an insurer and a policyholder. The…
Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…
A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…
Q: using the balance scorecard (tabular format), translate rockwater's strategy into tangible goals and…
A: Balance scorecard refers to the metric of the strategic management which ensure that the business…
Q: A company issued 120 shares of $100 par value common stock for $14,200 cash. The total amount of…
A: The paid in capital in excess of par value is recorded as share premium in the balance sheet.
Q: How must profits and losses be handled when generating the operational portion of the cash flow…
A: The cash flow statement assesses a company's capacity to manage its financial situation, namely how…
Q: Use the following information to calculate cash paid for salaries: Salaries expense $ 189,000…
A: Cash paid for salaries = Salaries payable, January 1 + Salaries expense - Salaries payable, December…
Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day,…
A: Solution... Principal amount = $91,392 Time period = 90 days Rate of interest = 7%
Q: John Keeley begins operating his Black Hole Bar and Grill on 1/1/19 with an equity investment of…
A: You have posted multiple-part questions, so as per our policy only the first three sub-parts are…
Q: uld not r
A: Giving regularly discounts can make our costumer habitual and it can lead to huge losses in business…
Q: Why is the distinction between current and long term liabilities important? What would you say about…
A: The Assets are the resource that is Paramount to generate revenue. the classifications of assets…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectivelyDuring 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds issued by Makenzie Inc. b. Acquired land valued at 105,000 in exchange for machinery. c. Sold equipment with original cost of 810,000 for 495,000; accumulated depreciation taken on the equipment to the point of sale was 270,000. d. Purchased new machinery for 180,000. e. Purchased common stock in Lemmons Company for 82,500. Required: 1. Prepare the net cash from investing activities section of the statement of cash flows. 2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? What other information would you like to have to make this decision?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…
- Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…Big Rock Paving CompanyAssets LiabilitiesCurrent Assets: Current Liabilities:Cash 500,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 500,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,200,000 Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets…
- SNIDER CORPORATIONBalance SheetDecember 31, 20X1 Assets Current assets: Cash $ 52,200 Marketable securities 24,400 Accounts receivable (net) 222,000 Inventory 238,000 Total current assets $ 536,600 Investments 65,900 Plant and equipment. $615,000 Less: Accumulated depreciation 271,000 Net plant and equipment 344,000 Total assets $ 946,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 93,400 Notes payable 70,600 Accrued taxes 17,000 Total current liabilities $ 181,000 Long-term liabilities: Bonds payable 153,200 Total liabilities $ 334,200 Stockholders' equity Preferred stock, $50 par value $ 100,000 Common stock, $1 par value 80,000 Capital paid in excess of par 190,000 Retained earnings 242,300 Total stockholders' equity $ 612,300 Total liabilities and stockholders' equity $ 946,500…Celloscope Ltd. Balance Sheet 31-Dec-19 Current Assets Cash 18000 Accounts Receivable 20000 Inventory 12000 Prepaid Insurance 600 Sub total 50600 Non-current Assets Land 80000 Building 60000 Less: Accumulated Depreciation 10,000 50000 Sub total 130000 Total Assets 180600 Current Liabilities Accounts payable 50000 Taxes Payable 8000 Sub total 58000 Non-Current Liabilities Bonds Payable (10%) 40000 40000 Owners’ Equity Share Capital 60000 Retained Earning 22600 Sub total 82600 Total Liabilities and Owners’ Equity 180600 The following are expected in the next 3 months January…Title INGRAM INDUSTRIES Balance Sheet June 30, 2008 Assets Current assets: Cash (including $13,000 in... Description INGRAM INDUSTRIES Balance Sheet June 30, 2008 Assets Current assets: Cash (including $13,000 in sinking fund for bonds payable) $ 70,000 Marketable securities 23,400 Investment in subsidiary company 23,000 Accounts receivable 21,000 Inventories (lower-of-cost-or-market) 117,00 $254,400 Plant assets: Land and buildings $160,000 Less: Accumulated depreciation 100,000 60,000 Investments: Treasury stock 4,000 Deferred charges: Discount on bonds payable $ 6,000 Prepaid expenses 2,000 8,000 Total Assets $326,400 Liabilities and Stockholders’ Equity Liabilities: Notes payable to bank $ 60,000 Accounts payable 18,000 Bonds payable 61,000 Total liabilities $139,000 Stockholders’ equity: Preferred and common (each $10 par, 5,000 shares preferred and 6,000 shares common) $110,000 Capital in excess of par 61,000 Retained earnings 16,400 187,400 Total liabilities and…
- Data pertaining to the current position of Lucroy Industries Inc. follow:Cash $ 800,000Marketable securities 550,000Accounts and notes receivable (net) 850,000Inventories 700,000Prepaid expenses 300,000Accounts payable 1,200,000Notes payable (short-term) 700,000Accrued expenses 100,000Instructions1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios in parts b through j to one decimal place.2. List the following captions on a sheet of paper:Transaction Working Capital Current Ratio Quick RatioCompute the working capital, the current ratio, and the quick ratio after each of the…Flint Corp. Statement of Financial Position For the Year Ended December 31, 2023 Current assets Cash (net of bank overdraft of $40,000 ) $450,000 Accounts receivable (net) Inventory at the lower of cost and net realizable value FV-NI investments (at cost-fair value $320,000 ) Property, plant, and equipment Buildings (net) 590,000 Equipment (net) 190,000 Land held for future use ,265,000 Intangible assets Goodwill Investment in bonds to collect cash flows, at amortized cost 100,000 Prepaid expenses Current liabilities Accounts payable 365,000 Notes payable (due next year) Pension obligation Rent payable 505,000 511,000 340,000 265,000 Long-term liabilities Bonds payable 681,000 Shareholders' equity Common shares, unlimited authorized, 380,000 issued 380,000 Contributed surplus 210,000 Retained earningsData pertaining to the current position of Forte Company follow:Cash $412,500Marketable securities 187,500Accounts and notes receivable (net) 300,000Inventories 700,000Prepaid expenses 50,000Accounts payable 200,000Notes payable (short-term) 250,000Accrued expenses 300,000 Instructions1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios in parts b through j to one decimal place.2. List the following captions on a sheet of paper:Transaction Working Capital Current Ratio Quick Ratio Compute the working capital, the…