Please fill in blanks atios for 2020 and 2019. (Round your final answers to two decimal places, X.XX.)2019-X XX.)acData Tablesale(In millions)XX.XX and thenex202020192018Balance sheetCurrent assets:Cash2495 $65 $45ed froInvestment in trading securities1251601252019Receivables, net of allowance foruncollectible accounts of $7, $6, and $4,respectivelyding290270230vavs folInventories355360325s and tPrepaid expenses901055Total current assets24955 $865 $780Total current liabilities2$570 $625 $680Income statementNet sales (all on account)$ 7,280 $ 5,500 $ 4,380PrintDone99+ comparative financial statements of Gold Pools, Inc., for 2020, 2019, and 2018 included the following select data:(Click the icon to view the comparative financial data.)ad the equirementsquirement 1. a. Compute the current ratios for 2020 and 2019. (Round your final answers to two decimal places, X.XX.)20202019urrent ratio =Requirement 1. b. Compute the quick (acid-test) ratios for 2020 and 2019. (Round your final answers to two decimal places, X.XX.)20202019Quick (acid-test) ratio =Requirement 1. c. Compute the days' sales outstanding for 2020 and 2019. (Round interim calculations to two decimal places, XX XX and the amounts youinto the answer boxes (DSO) up to the next whole day.)20202019Days' sales outstanding (DSO) =daysdaysRequirement 2. Which ratios improved from 2019 to 2020 and which ratios deteriorated? Is this trend favorable or unfavorable?The current ratioV from 2019 to 2020. The quick ratiov from 2019 to 2020. The days' sales outstandingThis trendV the company.Requirement 3. Recommend two ways for Gold Pools to improve cash flows from receivables.Enter any number in the edit fields and then continue to the next question.del&7*24%ba8.RYH.JKL5

sale XX.XX nex 2020 2019 2018 Balance sheet Current assets: Cash 95 $ 65 $ 45 ed fro Investment in trading securities 125 160 125 2019 Receivables, net of allowance for uncollectible accounts of $7, $6, and $4, respectively ding 290 270 230 vavs fo Inventories 355 360 325 s and t Prepaid expenses 90 10 55 Total current assets 955 $ 865 $ 780 Total current liabilities 570 $ 625 $ 680 Income statement Net sales (all on account) $ 7,280 $ 5,500 $ 4,380 Print Done %24 %24 %24

sale XX.XX nex 2020 2019 2018 Balance sheet Current assets: Cash 95 $ 65 $ 45 ed fro Investment in trading securities 125 160 125 2019 Receivables, net of allowance for uncollectible accounts of $7, $6, and $4, respectively ding 290 270 230 vavs fo Inventories 355 360 325 s and t Prepaid expenses 90 10 55 Total current assets 955 $ 865 $ 780 Total current liabilities 570 $ 625 $ 680 Income statement Net sales (all on account) $ 7,280 $ 5,500 $ 4,380 Print Done %24 %24 %24

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 2MCQ

See similar textbooks

Similar questions

Investment in Trading Securities The following information relates to Sanders Companys investment in trading securities for 2019: Required: 1. Prepare journal entries to record the previous information for 2019. Use the effective interest method and round all amounts to the nearest dollar. Assume that Sanders prepares semiannual financial statement. 2. Show the items of income or loss from investment transactions that Sanders reports for each 2019 semiannual income statement. 3. Show how the investment items are reported on each of the 2019 semiannual balance sheets, assuming that management expects to dispose of all investments within one year of purchase.
Investments in Equity Securities Noonan Corporation prepares quarterly financial statements and invests its excess funds in marketable securities. At the end of 2018, Noonans portfolio of investments consisted of the following equity securities: Dunne the first half of 2019, Noonan engaged in the following investment transactions: Required: 1. Record Noonans investment transactions for January 6 through June 30, 2019. 2. Show the items of income or loss from investment transactions that Noonan reports for each of the first and second quarters of 2019. 3. Show how the preceding items are reported on the first and second quarter 2019 ending balance sheets, assuming that management expects to dispose of the Keene and Sachs securities within the next year.
Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of 12,500. Prepare the year-end journal entry to record the unrealized gain or loss.
Balance Sheet Calculations Dawson Companys balance sheet information at the end of 2019 and 2020 is as follows: Additional information: The company did not issue any common stock during 2020. Required: Next Level Fill in the blanks labeled (a) through (l). All the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)
Refer to the information in RE13-11. Assume that on December 31, 2019, the investment in Cornett Company stock has a market value of 10,500. Prepare the year-end journal entry to record the unrealized gain or loss.
Investments in Equity Securities Manson Incorporated reported investments in equity securities of 60,495 as a current asset on its December 31, 2018, balance sheet. An analysis of Mansons investments on December 31, 2018, reveals the following: During 2019, the following transactions related to Mansons investments occurred: Required: 1. Assuming Manson prepares quarterly financial statements, prepare journal entries to record the preceding information. 2. Show the items of income or loss from investment transactions that Manson reports for each quarter of 2019. 3. Show how Mansons investments are reported on the balance sheet on March 31, 2019; June 30, 2019; September 30, 2019; and December 31, 2019.
During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?
Choose the correct letter of answer: Company F Statement of Financial Positions at December 31, 2020 shows the following: Cash P4,000.00, Marketable Securities P8,000.00, Accounts Receivable P100,000.00, Inventories P120,000.00, Prepaid Expenses P1,000.00, Notes Payable (short term) P5,000.00, Accounts Payable P150,000.00, Accrued Expenses P20,000.00, Income taxes payable P1,000.00, and long-term liabilities P340,000.00. Determine the following: current ratio and quick ratio. a. 1.32 and 0.64b. 1.52 and 0.82c. 1.82 and 0.86d. 1.98 and 1.54e. 2.2 and 2.1
During 2019, Mickey Mouse Company owns trading securities with Minnie Mouse Company. The cost of trading securities and their market value on December 31, 2019 are as follows:Security Cost Market Value X 750,000 900,000 Y 1,200,000 1,350,000 Z 2,700,000 2,200,000Also in 2019, Mickey Mouse Company had net income of P1,500,000. What is the amount of net income after making an adjustment necessary for trading securities?
Selected information is taken from the financial statements of Little Company for two successive years follows. Compute the percentage change from 2020 to 2019 whenever possible. 2020 2019 Accounts receivable............................... P126, 00 P150,000 Marketable securities............................. -0- 250,000 Retained earnings................................... 80,000 (80,000) Notes receivable..................................... 120,000 -0- Notes payables........................................ 860,000 800,000 Cash......................................................... 82,400 80,000 Sales.................................................. 990,000 900,000
MW Company had the following activities in 2019 issuance of bonds OMR65000 , Bank loan repaid OMR75000 , dividends paid OMR30000 , issue of common stock OMR33000 and sale of inventories OMR50000 Cash from Financing activities is : O a . OMR 42000 Ob . OMR 7000 O c . None of the options O d . OMR ( 7000 )