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- Is the organization in a good position to pay its bills? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S EQUITY…Please see the incorrect answers I got. Can you helo me solve them correctly? The financial information below was taken from the annual financial statements of Cullumber Videos: 2014 2013 Current assets $99,800 $101,200 Current liabilities 36,800 51,200 Total liabilities 158,000 168,800 Total assets 441,000 476,000 Net sales 473,800 512,000 Net credit sales 466,000 500,000 Cost of goods sold 262,000 264,000 Inventory 46,000 44,800 Receivables (net) 26,800 24,800 Dividends 7,600 10,400 Capital expenditures 13,400 19,200 Net income 45,200 36,800 Net cash provided by operating activities 28,600 35,200 Calculate the following ratios for Cullumber Videos for 2014. (Round Free cash flow to 0 decimal place, e.g. 12. Other all answers to 2 decimal places, e.g. 12.21.) 1. Average collection period enter a number…The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional information from Arduous’s accounting records is provided also. ARDUOUS COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in millions) 2021 2020 Assets Cash $ 142 $ 100 Accounts receivable 209 232 Investment revenue receivable 25 23 Inventory 226 219 Prepaid insurance 23 32 Long-term investment 213 144 Land 235 169 Buildings and equipment 437 438 Less: Accumulated depreciation (117 ) (158 ) Patent 53 56 $ 1,446 $ 1,255 Liabilities Accounts payable $ 69 $ 103 Salaries payable 25 37 Interest payable (bonds) 27 23 Income tax payable 31 38 Deferred tax liability 49 27 Notes payable 33 0…
- The following information is taken from the 2014 annual report to shareholders of Hewlett-Packard Year Ended 2014 2013 Accouts receivable, net $ 18,481 $ 16,537 Accounts receivable, gross $ 19,066 $ 17,166 Bad debt expense $ 156 $ 345 What is the Balance in HP's allownace for doubtful accounts at the end of the fiscal year? 2013? 2014?I'm studying for a test and I want to know how to do each question for it, can you walk me through step by step how to solve this one? The following data concern XYZ Corporation for 2018:Bad debts expense for the year 11,000Accounts receivable—December 31, 2018 235,000Credit sales during the yearAllowance for doubtful accounts—December 31, 20181,600,00018,000 Calculate the net realizable value of the accounts receivable.Baker & Co. has applied for a loan from the Trust Us Bank in order to invest in several potential opportunities. In order to evaluate the firm as a potential debtor, the bank would like to compare Baker & Co. with the industry. Balance Sheet December 31 December 31 Income Statement For the year ended Dec 31, 2021 2020 2021 Assets Sales (100% credit) 1,330 Cash 305 270 Less: Cost of goods sold 760 Accounts receivable 275 290 Gross profit 570 Inventory 600 580 Operating expenses 30 Current assets 1,180 1,140 Depreciation 200 Plant and equipment 1,700 1,940 Net operating income 340 Less: acc depr -500 -600 Less: Interest expense 57 Net plant and equipment 1,200 1,340 Net income before taxes 283 Total assets 2,380 2,480 Less: Taxes 96 Net income 187 Liab. and Owners' Equity Accounts payable 150 200 Notes payable 125 - Current liabilities 275 200 Bonds payable 500 500…
- The December 31, 2015, balance sheet of Schism, Inc., showed long-term debt of $1,730,000, and the December 31, 2016, balance sheet showed long-term debt of $1,420,000. The 2016 income statement showed an interest expense of $97,000. What was the firm's cash flow to creditors during 2016? (A negative answer should be indicated by a minus sign. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)An extract from the balance sheets of Stevrosanne Pty Ltd showed the following for the years ended 30 June 2009 and 30 June 2010: 30 June 2009 30 June 2010 Current Assets $ $ Bank 41,250 35,880 Accounts receivable 78,200 75,800 Allowance for doubtful debts - 2,800 - 2,800 Inventory 39,100 37,050 Current Liabilities Accounts payable 61,100 57,200 Taxation payable 21,900 26,200 Provision for annual leave 21,800 23,300 Provision for dividend 32,500 34,700 Additional Information: Net profit after taxation is $219,500. This profit was determined after accounting for the following income and expense items: $ Depreciation 28,500 Gain on sale of non-current assets 5,750 Required: Determine the net cash provided from operating activities for the year ended 30 June 2010 by completing the reconciliation with profit after tax.Following are the auditor’s calculations of several key ratios for ROCO. The primary purpose of this information is to understand the client’s business and assess the risk of financial failure, but any other relevant conclusions are also desirable. Ratio 2020 2019 2018 2017 2016 1 Current ratio 2.42 2.83 3.17 3.20 3.25 3.15 2 Quick ratio 1.60 2.25 2.92 2.87 2.64 2.58 3 Times interest earned 2.35 2.76 3.38 4.81 6.12 4.86 4 Accounts receivable turnover 3.31 4.42 3.13 4.25 4.50 4.48 5 Days to collect receivables 110.27 82.58 116.61 85.88 81.11 81.47 6 Inventory turnover 1.08 .96 1.45 2.24 2.26 2.01 7 Days to sell inventory 337.96 380.2 251.72 162.94 161.5 181.59 8 Profit margin .52 .51 .62 .57 .53 .6 9 Return on assets .08 .08 .13 .1 .08 .11 10 Return on equity .05 .06 .10 .10 .11 .09 11…
- Perform the Reperformance or Recalculation procedures to check the mathematical accuracy ofthe Income Statement. What issue did you find? What is the next step? Create a Correctedversion of the Income Statement. Income Statement For the Year Ended For the Year Ended Revenue 3/31/2021 3/31/2022 Sales Revenue: Corporate Accounts $ 353,739.57 $ 343,050.56 Sales Revenues: Storefront $ 80,649.00 $ 91,411.50 Total Sales Revenue $ 434,388.57 $ 434,462.06 Cost of Goods Sold: Ingredients $ 69,736.39 $ 64,645.64 Cost of Goods Sold: Boxes and Cupcake Cups $ 3,875.55 $ 3,755.55 Cost of Goods Sold: Beverages $ 5,466.50 $ 5,681.50 Total COGS $ 76,078.44 $ 74,082.69 Gross Profit $ 358,310.13 $ 360,379.37 Interest Revenue $…Uptodate Projects Ltd has approached you to analyse and interpret their financial statements.The following amounts were extracted from the records of the company: 2019 2020 2021 R R RTurnover 200 000 220 000 250 000Cost of sales 140 000 150 000 165 000Profit before interest and tax 12 000 11 000 10 500Accounts receivable 16 500 25 000 29 600Accounts payable 13 000 14 700 17000 Inventory 18 750 26 000 30 400Bank/ (Overdraft)…Use the following Income Statement and Balance Sheet Information for 2018 to answer the question below. This is a Retail Company. All numbers are in Millions. Income Statement Total Sales213.8 Cost of Sales151.3 Gross Profit213.8-151.3 Selling and Administrative Expenses22.3 Research and Development 7.7 Depreciation and Amortization4.5 Other Income2.4 EBIT213.8-151.3-22.3-7.7-4.5+2.4 Interest Expense5.8 Pretax Income213.8-151.3-22.3-7.7-4.5+2.4-5.8 Taxes( 213.8-151.3-22.3-7.7-4.5+2.4-5.8 )*0.30 Net Income( 213.8-151.3-22.3-7.7-4.5+2.4-5.8 )*0.70 Balance Sheet Assets Liabilities Cash65.8Accounts Payable43.3Accounts Receivable54.4Notes Payable/Short term debt1.6Inventories4.4 Total Current Assets65.8+54.4+4.4Total Current Liabilities43.3+1.6 Net property, plant and equipment103.4Long-term debt80.0Total long-term assets103.4Total long-term debt liabilities80.0 Total Liabilities43.3+1.6+80.0 Stockholders' Equity (Total Equity)65.8+ 54.4+4.4+103.4-43.3-1.6-80.0Total…