Quick ratio? Cash $100,000 Accounts receivable $357,000 Inventory $458,000 Current Liabilities $498,000 Long term debt $610,000 Equity $598,000
Q: Computational. ABC sells item A as part of its product line. Information as to balances on hand,…
A: Under weighted average cost method using periodic inventory system, value of ending inventory and…
Q: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the…
A: Lets understand the basics. Journal entry is required to make to record event and transaction happen…
Q: Problem 28-4 (ACP) Icon Company provided the following balances at the end of the current year:…
A: Dividends are the payment by a company to its shareholders as a distribution of profit. The dividend…
Q: Of the 12,000 units produced by Hirofumi Company during April 2022, 10,000 units were sold at P50…
A: Solution: Selling price per unit = P50 Variable cost per unit = (Materials + Direct labor +…
Q: QUESTION TWO Hendry Limited produces a mini-kitchen called Town Cook, which is enjoying extensive…
A: Marginal costing is that method of costing under which all marginal or variable costs are part of…
Q: Given the following information, complete the cash budget:
A: Cash budget refers to a budget which shows the estimated cash flows of the company during a specific…
Q: Question 2 Nick Ltd acquired 100% of the issued capital of Wing Ltd on 1 July 2011 for $270000. The…
A: Comment-Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: A machine costing $77,804 with a 7-year life and $73,232 depreciable cost was purchased January 1.…
A: For calculating yearly depreciation, we have to divide the depreciable cost by a total number of…
Q: What is the difference between Agricultural activity and biological assets? Name two examples of…
A: The growing and production of agricultural products which includes harvesting, breeding of animals,…
Q: structured
A: Structured products are well before assets that often incorporate equity assets as well as one or…
Q: 6. Quebec Corporation, a calendar-year company, had sufficient retained earnings in 2012 as a basis…
A: Dividend means the amount given to shareholder of the company as profit distribution by company.…
Q: 5. Information on an entity's accounts is shown below: Increase in accounts payable Decrease in…
A: Accrual basis of accounting is that basis under which all incomes and expenses that are earned or…
Q: Can you help me with 2,3 and 4? On November 1, 20Y9, Lexi Martin established an interior decorating…
A: GIVEN On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage…
Q: A moral or legal obligation to ensure the safety or well-being of others Could be defined as duty of…
A: The auditors has no duty to Resolve the client's staffing issues because it is in now way related…
Q: A company manufactures and sells one product. It plans to sell 25,000 units for the period. The…
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods…
Q: Hannah Company has current assets equal to $3,800,000. Of these, $1,200,000 is cash, $1,800,000 is…
A: Introduction: Current ratio: Division of current liabilities with current assets derives the current…
Q: Evilene makes flying brooms. She has characterized the company's costs below. Indicate in the shaded…
A: Cost Classification: Inventory Manufacturing and Selling Cost can be classified into following…
Q: Georgia Company uses standard costs and a flexible budget for controlling its service activities. In…
A: Labor Rate Variance=Standard Rate-Actual Rate×Actual Hours Labor Efficiency Variance=Standard…
Q: List and briefly describe, in your own words, each of the six (6) elements of a quality control…
A: system of quality control is defined as a process to provide the form with reasonable assurance that…
Q: 13. Use the same information given in Problem 12. How much compensation expense should be recorded…
A: Compensation expenses in case of share appreciation right means the amount of expenses to be borne…
Q: Vibrant Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following…
A: Working Notes:- Preparation of Sales Budget:- . Preparation of production budget:-
Q: Which of the following are most likely to be internal service fund activities? (multiple answers…
A: Government funds are the funds created by government organizations for specific purposes of…
Q: Tart Restaurant Holdings, Incorporated began the year with a retained earnings balance of $950,000.…
A: Retained earnings is the amount of earnings accumulated over the period of time. Net income will…
Q: £30 million in cash from operations (CFO), £6 million in after-tax interest expense that it treats…
A: Free cash flow = cash flow from operating activities + interest expense - tax shield on interest…
Q: AA, a domestic corporation, invested Pl.000.000 in 10,000 common shares of stock of BB, another…
A: Taxable income is that income, in which a person pay tax. In this a person earns total money in a…
Q: Ella Ltd purchased 20% of the shares of Monica Ltd on 1 January 20X2. This purchase resulted in Ella…
A: Solution: JOURNAL ENTRIES a) Using Equity Method Date…
Q: Plush Co.
A: The adjustment entries are prepared as,
Q: An audit trail is a step-by-step record by which accounting data can be traced to its source.…
A: Vouching refers to checking the business transactions with their respective source documents.
Q: $1: Fees received by professionals in their practice of profession are treated as compensation…
A: In the context of the given question, we should select the correct option. According to the BIR,…
Q: 1. If Jason accepts the special order, by how much will his income increase or decrease?
A: If Jason accepts the special order, $3,160 will his income increase.
Q: During the accounting period, Munoz purchased $238,300 of raw materials and issued $249,500 of…
A: Cost of goods manufactured shows total costs incurred on manufacturing of goods. It includes direct…
Q: 13. A holder of a redeemable preference share can * a. purchase treasury shares any time at the…
A: Redeemable preference shares are those shares which can be redeemed or being settled by the company…
Q: During August, Skyler Company worked on three jobs. Data relating to these three jobs follow: Job 39…
A: Job costing is a method of accounting in which costs associated with the completion of a task is…
Q: What is the Profit in 2019 under absorption costing? 2019
A: Absorption costing income statement The Absorption costing income statement is a statement prepared…
Q: Consolidated inventory balance is composed of the book values of the parent’s and the subsidiary’s…
A: The answer is d i.e and nothing else.
Q: Which of the following are a type of insurance? (select all that apply) □ a. Performance Bond b.…
A: Insurance refers to a contract in the form of a policy between the insurance holders and insurance…
Q: If there were 40000 pounds of direct materials on hand on January 1, 120000 pounds are desired for…
A: Accounting formulas are used to calculate the budgeted requirements of the direct material to be…
Q: Explain realizable value less than cost or cost greater than net realizable value?
A: Introduction:- The following formula used to calculate net realizable value as follows under:- Net…
Q: During 2021, JJJ Co. introduced a new line of machines that carry a three-year warranty against…
A: Solution:- Calculation of the amount should JJJ report as a liability at December 31, 2023 as…
Q: 8. Carleigh, Inc., is a pork processor. Its plants, located in the Midwest, produce several products…
A: Gross profit earned: - Gross profit is the difference between the sales revenue and the cost of…
Q: The following information are available for X Corp: (The company uses actual costing). What is the…
A: Beginning inventory for 2020 is equal to ending inventory of 2019. Sales = opening inventory +…
Q: Auditors must consider the possibility of fraud by employees or management on every audit…
A: Fraud: When someone intentionally uses false or misleading information in an effort to fraudulently…
Q: in 2021, Leonard moved 1500 kms to begin a new job in Winnipeg. The trip from Alberta to Manitoba…
A: Concept of allowable moving expenses and CRAM Mileage rate
Q: NEEDED IN 10 MINUTES Computational. ABC sells item A as part of its product line. Information as to…
A:
Q: Wehner Company is currently manufacturing Part ABS-43, producing 50,900 units annually. The part is…
A: When business has two alternatives that either manufacture the product or purchase the product from…
Q: Cicchetti Corporation uses customers served as its measure of activity. The following report…
A: The flexible budget is prepared as estimating results on the basis of standard rates and actual…
Q: Statement 1: An intercompany sale will affect the consolidated net income the same way regardless if…
A: Upstream sale is sale from subsidiary to parent and downstream sale is sale from parent to…
Q: An entity includes one coupon in each box of laundry soap it sells. A towel is offered as premium to…
A: The estimated expenses is recorded in the period the related sales are incurred.
Q: Question Content Area Sell at Split-Off or Process Further Decision, Alternatives, Relevant Costs…
A: Sell or process further is decision involves calculating the relevant cost and revenue at split-off…
Q: On January 1, 2020, Cage Company contracts to lease equipment for 5 years, agreeing to make a…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Learn your way
Includes step-by-step video
Step by step
Solved in 2 steps
- Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?If current assets are $112,000 and current liabilities are $56,000, what is the current ratio? A. 200 percent B. 50 percent C. 2.0 D. $50,000What is CFF (Cash Flow Financing), given:Accounts Payable 100,000Accrued Expenses 50,000Increase in Bonds Payable 300,000Decrease in Equity 75,000Dividends Paid 80,000
- Given, Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 i) Calculate the operating cash flow ii) Calculate the cash flow to creditorsFMT Co has current assets that consist of cash: $20,000, receivables: $70,000 and inventory: $90,000. Current liabilities are $75,000. On the basis of the current ratio and the quick ratio, FMT Co is:given the following information, compute the current and quick ratios cash $ 100,000 accounts receivable 357,000 inventory 458,000 current liabilities 498,000 long term debt 610,000 equity 598,000
- The financial statements of Persimmon Company include the following items: 20X9 20X8 Cash $51,500 $44,000 Short-term Investments 33,000 16,000 Net Accounts Receivable 100,000 105,000 Merchandise Inventory 165,000 148,000 Total Assets 535,000 551,000 Total Current Liabilities 275,000 294,000 Long-term Note Payable 57,000 56,000 What is working capital for 20X9? Group of answer choices A $203,000 B $90,500 C $74,500 D $41,500Using the data below, calculate the following ratios. Cash 4500 Accts Payable 4400 Accounts Receivable 6200 Wages Payable 2100 Inventory 7000 Notes Payable 4000 Plant & Equipment 7300 Long Term Debt 5000 Equity 9500 Sales = 28,400 Net Income = 2,300 EBIT = 1,00 Interest Charge = 850 Fixed Asset Turnover Inventory Turnover f. Interest Coverage TIE Equity Multiplier Tot Assets/Equity h. L/T Debt Ratio ROA j. ROEUsing the data below, calculate the following ratios. Cash 4500 Accts Payable 4400 Accounts Receivable 6200 Wages Payable 2100 Inventory 7000 Notes Payable 4000 Plant & Equipment 7300 Long Term Debt 5000 Equity 9500 Sales = 28,400 Net Income = 2,300 EBIT = 1,00 Interest Charge = 850 Current Ratio b. Quick Ratio Total Asset Turnover d. Fixed Asset Turnover Inventory Turnover f. Interest Coverage TIE Equity Multiplier Tot Assets/Equity h. L/T Debt Ratio ROA…
- Given the following information, compute the current and quick ratios: Cash $ 120,000 Accounts receivable 389,000 Inventory 495,000 Current liabilities 477,000 Long-term debt 611,000 Equity 567,000 Round your answers to two decimal places. Current ratio: :1 Quick ratio: :1Accounts payable $466,000Notes payable $250,000Current liabilities $716,000Long-term debt $1,166,000Common equity $4,883,000Total liabilities and equity $6,765,000 a. What percentage of the firm's assets does the firm finance using debt (liabilities)? b. If Campbell were to purchase a new warehouse for $1.1 million and finance it entirely with long-term debt, what would be the firm's new debt ratio? Question content area bottom Part 1 a. What percentage of the firm's assets does the firm finance using debt (liabilities)? The fraction of the firm's assets that the firm finances using debt is 27.827.8%. (Round to one decimal place.) Part 2 b. If Campbell were to purchase a new warehouse for $1.1 million and finance it entirely with long-term debt, what would be the firm's new debt ratio? The new debt ratio will be enter your response here%. (Round to one decimal place.)Data pertaining to the current position of company are as follows: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 100,000Compute:(a) the working capital, (b) the current ratio(c) the quick ratio