Chapter 2, Problem 2.1aDIE

Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities January 31, 2020 Working capital Current ratio 6 EL EL $ 21 $ 15 January 31, 2019 01/31/2020 01/31/2019 9 18 $ 25 Required: a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (1.e.. 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.) $12 b. Evaluate the firm's liquidity at each balance sheet date. Based on the working capital and current ratio measures, the firm has become more liquid over the 2-year period. O Based on the working capital and current ratio measures, the firm has become less liquid over the 2-year period. c. Assume that the firm operated at a loss…

Baggett Company’s balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: 1. Prepare a December 31,2019, balance sheet for Baggett.                                2. Compute the debt-to-assets ratio.

PayNet Inc. (PayNet) and Shale Ltd. (Shale) had the following balance sheets on July 31, 2022:

Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities January 31, January 31, 2023 2022 Req A $8 6 7 $ 21 Req B and C $3 5 4 $12 $5 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? 9 11 $ 25 Complete this question by entering your answers in the tabs below. $3 2 4 $9

Below information is excerpt from ABC Company's Dec. 31, 2021 financial records:

Epsilon Golf Company's balance sheet at December 31, 2021 is as follows: (Click the icon to view the balance sheet.) Requirement 1. Perform a vertical analysis of Epsilon Golf Company's balance sheet to determine the component percentages of its assets, liabilities, and stockholders' equity. (Round the percentages to the nearest hundredth percent, X.XX%. Do not enter the % symbol in any of the input fields.) Assets Total current assets Property, plant, and equipment, net Other assets Total assets Liabilities Total current liabilities December 31, 2021 Long-term debt Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ $ $ Amount 42,465 203,775 38,760 285,000 46,455 107,730 154,185 130,815 285,000 % of total % % % % % % % % %

The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Net Income is $150,600. 2. Sales on account are $1,215,500. (All sales are credit sales.) 3. Cost of goods sold is $973,400. Complete this question by entering your answers in the tabs below. a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity 2024 19.9 % 13.9 % %6 $208,600 60,000 86,000 3,100 times %6 390,000 390,000 700,000 580,000 (338,000) (178,000)…

Using the following information, prepare a properly classified Statement of Financial Position for Rabbi’s Company as of December 31, 2020 under: Account Form 1.     ACCRUALS AND OTHER CURRENT LIABILITIES 125,890.00 2.     BONDS PAYABLE 5,000,000.00 3.     CASH AND CASH EQUIVALENTS 2,500,000.00 4.     CURRENT INCOME TAX PAYABLE 589,660.00 5.     INTANGIBLE ASSETS, NET 2,654,700.00 6.     INVESTMENT IN ASSOCIATE 1,890,600.00 7.     INVESTMENT IN PROPERTY 1,968,740.00 8.     INVESTMENT IN EQUITY SECURITIES 3,650,000.00 9.     LONG-TERM NOTES PAYABLE 2,000,000.00 10.MERCHANDISE INVENTORY 2,789,000.00 11.OFFICE AND STORE SUPPLIES 400,000.00 12.OTHER NON-CURRENT ASSET 600,000.00 13.OTHER NON-CURRENT LIABILITIES 750,000.00 14.OWNER’SEQUITY 18,211,250.00 15.PROPERTY PLANT AND EQUIPMENT NET 9,856,250.00 16.PREPAID EXPENSES 385,000.00 17.SHORT TERM NOTES PAYABLE 320,000.00 18.TRADE AND…

The December 31, 2019, balance sheet for Walton Corporation is presented here. These are the only accounts on Walton’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information:   WALTON CORPORATIONBalance Sheet As of December 31, 2019 Assets       Cash $ 35,000   Accounts receivable (net)   ?   Inventory   ?   Property, plant, and equipment (net)   305,000     $ 452,000   Liabilities and Stockholders’ Equity       Accounts payable (trade) $ ?   Income taxes payable (current)   35,000   Long-term debt   ?   Common stock   311,000   Retained earnings   ?     $ ?       Additional Information       Current ratio (at year end) 1.4 to 1.0 Total liabilities ÷ Total stockholders’ equity   60 % Gross margin percentage   40 % Inventory turnover (Cost of goods sold ÷ Ending inventory)   10.5 times Gross margin for 2019 $ 350,000       Required Compute the balance in trade accounts…