Answered: The comparative balance sheet of…

Business

Accounting

The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 3BE: The following items are reported on a companys balance sheet: Determine (a) the current ratio and...

See similar textbooks

Similar questions

The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: a. For Costco, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. Comment on the results of your horizontal analysis in part (a). c. Based upon Exercise 2-23, compare and comment on the operating results of Target and Costco for the recent year.
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows:
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…
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…
The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20Y8Cash $399,800 $300,000 Temporary investments 426,700 328,700 Accounts and notes receivable (net) 392,500 358,300 Inventories 548,600 444,200 Prepaid expenses 299,400 166,800 Total current assets $2,067,000 $1,598,000 Accounts payable $307,400 $329,000 Accrued liabilities 222,600 141,000 Total current liabilities $530,000 $470,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. 20Y9 20Y8Working capital $$Current ratio Quick ratio b. The liquidity of Osborn Sisters Company has from 20Y8 to the 20Y9. The working capital, current ratio, and quick ratio have all . Most of these changes are the result of .
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 866,790 $ 932,340 Accounts receivable (net) 788,780 719,440 Inventories 1,196,170 1,100,820 Prepaid expenses 27,740 32,940 Land 298,180 450,730 Buildings 1,378,200 849,450 Accumulated depreciation-buildings (390,060) (364,050) Equipment 485,400 429,060 Accumulated depreciation-equipment (133,490) (149,950) Total assets $4,517,710 $4,000,780 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 858,360 $ 905,800 Bonds payable 252,990 0 Common stock, $20 par 298,000 110,000 Paid-in capital: Excess of issue price over par-common stock 715,000 527,000 Retained earnings 2,393,360 2,457,980 Total liabilities and stockholders’ equity $4,517,710 $4,000,780 The noncurrent asset, noncurrent…
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $626,170.00 $585,760.00 4 Accounts receivable (net) 227,840.00 208,880.00 5 Inventories 641,390.00 616,790.00 6 Investments 0.00 240,820.00 7 Land 327,380.00 0.00 8 Equipment 704,290.00 554,020.00 9 Accumulated depreciation-equipment (167,160.00) (148,930.00) 10 Total assets $2,359,910.00 $2,057,340.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable $424,670.00 $404,080.00 13 Accrued expenses payable 43,080.00 52,050.00 14 Dividends payable 24,920.00 19,300.00 15 Common stock, $4 par 140,000.00 102,000.00 16 Paid-in capital: Excess of issue price over par—common stock 417,400.00 280,600.00 17 Retained earnings 1,309,840.00 1,199,310.00 18…
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $626,170.00 $585,760.00 4 Accounts receivable (net) 227,840.00 208,880.00 5 Inventories 641,390.00 616,790.00 6 Investments 0.00 240,820.00 7 Land 327,380.00 0.00 8 Equipment 704,290.00 554,020.00 9 Accumulated depreciation-equipment (167,160.00) (148,930.00) 10 Total assets $2,359,910.00 $2,057,340.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable $424,670.00 $404,080.00 13 Accrued expenses payable 43,080.00 52,050.00 14 Dividends payable 24,920.00 19,300.00 15 Common stock, $4 par 140,000.00 102,000.00 16 Paid-in capital: Excess of issue price over par—common stock 417,400.00 280,600.00 17 Retained earnings 1,309,840.00 1,199,310.00 18…
he comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 782,470 $ 845,170 Accounts receivable (net) 712,050 649,450 Inventories 1,079,810 993,740 Prepaid expenses 25,040 29,730 Land 269,170 406,880 Buildings 1,244,130 766,820 Accumulated depreciation-buildings (352,110) (328,640) Equipment 438,180 387,320 Accumulated depreciation-equipment (120,500) (135,370) Total assets $4,078,240 $3,615,100 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 774,870 $ 817,680 Bonds payable 228,380 0 Common stock, $20 par 267,000 99,000 Paid-in capital: Excess of issue price over par-common stock 644,000 476,000 Retained earnings 2,163,990 2,222,420 Total liabilities and stockholders' equity $4,078,240 $3,615,100 The noncurrent asset, noncurrent…
The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20Y8 Cash $295,200 $218,900 Temporary investments 315,000 239,800 Accounts and notes receivable (net) 289,800 261,300 Inventories 405,000 324,000 Prepaid expenses 345,000 126,000 Total current assets $1,650,000 $1,170,000 Accounts payable $290,000 $315,000 Accrued liabilities 210,000 135,000 Total current liabilities $500,000 $450,000
The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20Y8 Cash $360,800 $273,600 Temporary investments 385,000 299,700 Accounts and notes receivable (net) 354,200 326,700 Inventories 495,000 405,000 Prepaid expenses 355,000 135,000 Total current assets $1,950,000 $1,440,000 Accounts payable $290,000 $315,000 Accrued liabilities 210,000 135,000 Total current liabilities $500,000 $450,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. 20Y9 20Y8 Working capital $fill in the blank 1 $fill in the blank 2 Current ratio fill in the blank 3 fill in the blank 4 Quick ratio fill in the blank 5 fill in the blank 6
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $626,100.00 $585,190.00 4 Accounts receivable (net) 228,630.00 208,060.00 5 Inventories 641,030.00 617,620.00 6 Investments 0.00 239,830.00 7 Land 328,160.00 0.00 8 Equipment 705,110.00 553,850.00 9 Accumulated depreciation-equipment (166,840.00) (147,700.00) 10 Total assets $2,362,190.00 $2,056,850.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable $423,690.00 $404,660.00 13 Accrued expenses payable 42,340.00 53,240.00 14 Dividends payable 23,050.00 18,680.00 15 Common stock, $4 par 156,000.00 93,000.00 16 Excess of paid-in capital over par 417,000.00 279,200.00 17 Retained earnings 1,300,110.00 1,208,070.00 18 Total liabilities and…