Use the following data to determine the total dollar amount of assets to be classified as current assets. Nighthawk Corporation Balance Sheet December
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Use the following data to determine the total dollar amount of assets to be classified as current assets.
| Nighthawk Corporation | |||||
| Balance Sheet | |||||
| December 31, 2020 | |||||
| Cash | $130,000 | Accounts payable | $151,000 | ||
| Accounts receivable | 123,800 | Salaries and wages payable | 27,700 | ||
| Inventory | 208,500 | Note payable (due 2025) | 270,400 | ||
| Supplies | 94,400 | Total liabilities | $449,100 | ||
| Land | 538,500 | ||||
| Buildings | $335,500 | Common stock | $360,000 | ||
| Less: Accumulated |
(56,100) | 279,400 | 779,800 | ||
| Franchise | 214,300 | Total |
$1,139,800 | ||
| Total assets | $1,588,900 | Total liabilities and stockholders' equity | $1,588,900 |
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- Partially Completed Spreadsheet Hanks Company has prepared the following changes in account balances for the spreadsheet to support its 2019 statement of cash flows: Additional information: The net income was 1,300. Depreciation expense was 350, and patent amortization expense was 100. At the end of 2019, long-term investments were purchased at a cost of 1,550. Land that cost 700 was sold for 900. On December 31, 2019, bonds payable with a face value of 2,000 were issued for equipment valued at 2,300. Two hundred shares of common stock were issued at 7 per share. Forty shares of common stock were issued as a small stock dividend, the relevant market price being 5 per share. Cash dividends declared and paid totaled 600. Required: On the basis of the preceding information, complete the spreadsheet.A Preparation of Ratios Refer to the financial statements for Burch Industries in Problem 12-89A and the following data. Required: 1. Prepare all the financial ratios for Burch for 2019 and 2018 (using percentage terms where appropriate and rounding all answers to two decimal places). 2. CONCEPTUAL CONNECTION Explain whether Burchs short-term liquidity is adequate. 3. CONCEPTUAL CONNECTION Discuss whether Burch uses its assets efficiently. 4. CONCEPTUAL CONNECTION Determine whether Burch is profitable. 5. CONCEPTUAL CONNECTION Discuss whether long-term creditors should regard Burch as a high-risk or a low-risk firm. 6. Perform a Dupont analysis (rounding to two decimal places) for 2018 and 2019.
