FINANCIAL ACCOUNTING: TOOLS LL W/ ACCES
9th Edition
ISBN: 9781119493648
Author: Kimmel
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
Use the table for the questions below.
Consider the following balance sheets:
PharmPic
DosageDoc
Reported Dec. 31,
2020
2021
2020
2021
Assets
Cash
224,224
200,400
301,540
230,876
Accounts Receivable
129,000
118,125
130,316
110,345
Inventories
154,890
171,147
184,717
186,000
Total Current Assets
508,114
489,672
616,573
527,221
Net Property Plant & Equipt.
421,162
431,795
456,462
460,000
Patents and Trademarks
212,770
210,110
201,348
199,990
Total Assets
1,142,046
1,131,577
1,274,383
1,187,211
Liabilities and Stockholders' Equity:
Short Term Borrowings (Bank)
257,000
264,023
302,453
270,000
Accounts Payable
212,900
209,000
267,004
225,000
Current Portion of LTD (Interest Bearing Debt)
39,532
29,081
32,611
46,048
Total Current Liabilities
509,432
502,104
602,068…
The following items are reported on a company's balance sheet:
Cash
$227,700
Marketable securities
109,000
Accounts receivable
235,700
Inventory
197,500
Accounts payable
293,700
Round your answers to two decimal places.
a. Determine the current ratio.
b. Determine the quick ratio.
The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux's accounting records is provided also.
DUX COMPANY
Comparative Balance Sheets
December 31, 2024 and 2023
($ in thousands)
2024
2023
Assets
Cash
$ 121
$ 40
Accounts receivable
43
71
Less: Allowance for uncollectible accounts
(5)
(4)
Dividends receivable
4
3
Inventory
100
95
Long-term investment
54
50
Land
95
85
Buildings and equipment
162
200
Less: Accumulated depreciation
(38)
(80)
$ 536
$ 460
Liabilities
Accounts payable
$ 46
$ 82
Salaries payable
6
9
Interest payable
7
2
Income tax payable
5
6
Notes payable
10
0
Bonds payable
80
50
Less: Discount on bonds
(5)
(6)
Shareholders' Equity
Common stock
210
200
Paid-in capital—excess of par
24
20
Retained earnings
163
97
Less: Treasury stock
(10)
0
$ 536
$ 460
DUX COMPANY
Income Statement
For the Year…
Knowledge Booster
Similar questions
- The following items are reported on a company's balance sheet: Line Item Description Amount Cash $277,000 Marketable securities 101,400 Accounts receivable 234,300 Inventory 217,800 Accounts payable 315,500 Determine the (a) current ratio and (b) quick ratio. Round answers to one decimal place.arrow_forwardComplete the 20xx balance sheet for ABD Industries using the information that follows it. Balance Sheet Assets Cash 32,700 Marketable Securities 25,000 Accounts receivable a Inventories b Total current assets Net fixed assets e Total assets Liabilities and Stockholders' Equity Accounts payable 120,000 Notes payable Accruals 20,000 Total current liabilities Long-term debt i Total liabilities h Stockholders' equity 600,000 Total liabilities and stockholders' equity The following financial data are also available: а. Sales totaled PhP1,800,000 b. The gross profit margin was 25%. С. Inventory turnover was 6.0. d. There are 365 days in the year. е. The average collection period was 40 days. f. The current ratio was 1.60 g. The total asset turnover ratio was 1.20. h. The debt ratio was 60%arrow_forwardHancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ Sarrow_forward
- Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $576,843 $305,088 Marketable securities 166,106 187,064 Accounts receivable (net) 258,387 289,100 Inventories 424,493 391,135 Prepaid expenses 55,369 25,509 Other current assets 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,516,471 $2,333,346 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 254,111 286,257 Accrued liabilities 273,658 166,983 Income taxes payable 97,735 178,911 Total Current Liabilities 1,086,880 970,570 Long-term debt 500,000 300,000 Deferred income taxes 215,017 262,404 Total Liabilities 1,801,897 1,532,974 Common stock $425,250…arrow_forwardSuppose these selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands). Cash Accounts receivable Inventory Other current assets Total current assets Total current liabilities 2022 Current ratio $13,057 25,199 29,385 19,579 $87,220 $249,200 2021 2022 $8,124 19,231 31,244 10,746 Compute the current ratio for each year. (Round answers to 2 decimal places, e.g. 2.12.) $69,345 $301,500 :1 2021 :1arrow_forwardThe following items are reported on a company's balance sheet: Cash $270,600 Marketable securities 83,600 Accounts receivable 263,100 Inventory 211,800 Accounts payable 315,200 Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place. a. Current ratio b. Quick ratioarrow_forward
- < The following items are reported on a company's balance sheet: $296,600 Marketable securities 185,000 Accounts receivable (net) 121,000 Inventory 127,000 Accounts payable 228,000 Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place. Cash a. Current ratio b. Quick ratioarrow_forwardThe following items are reported on a company's balance sheet: Cash $579,700 Marketable securities 452,900 Accounts receivable (net) 520,200 Inventory 258,800 Accounts payable 647,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratioarrow_forwardSelected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…arrow_forward
- Prepare a common-size balance sheet from the following information for Blossom Supply Company. (Round answers to 1 decimal place, e.g. 52.7%.) Blossom Supply CompanyBalance Sheet as of June 30, 2017($ thousands) Assets: % of Assets Liabilities and Equity: % of Assets Cash and marketable securities $ 399,000 enter percentages of assets % Accounts payable $ 820,000 enter percentages of assets % Accounts receivable 708,000 enter percentages of assets % Notes payable 110,000 enter percentages of assets % Inventory 1,155,000 enter percentages of assets % Accrued income taxes 43,800 enter percentages of assets % Other current assets 42,400 enter percentages of assets % Total current liabilities $ 973,800 enter percentages of assets % Total current assets $ 2,304,400 enter percentages of assets % Long-term debt 1,158,000 enter percentages of assets % Net plant and…arrow_forwardRefer to the 10-K for Abercrombie & Fitch. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in thousands. a. Cash b. Short-term investments (or marketable securities) c. Accounts receivable d. Inventory e. Other current assets f. Accounts payable g. Other current liabilities h. Cash flow from operations A A AA A A 好 2. The company projects the following to occur in the next fiscal year: • Accounts payable will decrease by 25%. • Other current liabilities are expected to increase by 33%. • Cash flow from operations is expected to decrease by 32%. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances for the following accounts and cash flow from operations.arrow_forwardThe following items are reported on a company's balance sheet: Cash $112,300 Marketable securities 131,400 Accounts receivable (net) 45,200 Inventory 170,000 Accounts payable 270,000. Determine the current ratio ?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education