INTERMEDIATE ACCOUNTING LL W/ ACCESS 540
10th Edition
ISBN: 9781264688715
Author: SPICELAND
Publisher: MCG
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Textbook Question
Chapter 3, Problem 3.7BE
• LO3–2, LO3–3
The following information is taken from the balance sheet of Raineer Plumbing: cash and cash equivalents, $40,000;
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Complete the financial statement for MY Company.
Cash
Receivables
Inventories
Prepaid
expenses
Total
current
assets
Plant
assets
Other
assets
Total
assets
.
$95
575
822
[Select]
Type of Financial Statement: [Select]
[ Select]
[ Select]
2,800
$8.400
. Debt Ratio is 0.6
Current Ratio is 1.2
MY Company
December 31, 2018
(Dollars in thousands)
V
>
Total
current $1.700
liabilities
Long-
term
debt
Other
long-
term
liabilities
Share
capital
Total
liabilities
[ Select]
and
equity
810
Retained 2.645
earnings
183
Use the following data to complete MY Company's Balance Sheet.
[Select]
OUR COMPANY
Statement of Financial Position
As of December 31
2ΟΥ2
20Υ1
Cash and Cash Equivalents
P 470,310
P 519,860
Accounts Receivable, net
660,110
565,170
Inventory
653,060
555,480
228,810
Prepaid Expenses
173,740
Total Current Assets
1,957,220
1,869,320
Property, Plant and Equipment, net
Intangible Assets
5,910,530
745,200
5,501,660
721,910
Total Assets
P8,612,950 P8,092,890
Current Liabilities
P1,273,050 P1,123,700
Long-Term Liabilities
577,580
541,540
Total Liabilities
1,850,630
1,665,240
OUR, Capital
6,762,320
6,427,650
Total Liabilities and Owner's Equity P8,612,950 P8,092,890
OUR COMPANY
Statement of Comprehensive Income
For the Year Ended
20Υ2
20Υ1
Sales Revenue
P5,385,860 P4,921,850
1,374,790
Cost of Goods Sold
1,254,860
Gross Profit
4,011,070
3,666,990
3,127,150
3,406,460
604,610
Selling and Administrative Expenses
Operating Income
Interest Expense
539,840
23,040
11,820
Net Income
P 592,790
P 516,800
Required:
1. Compute for the 20Y2 profitability ratios.
2. Compute for…
Required information
[The following information applies to the questions displayed below.]
Current Year
ed
Cash
$ 11,500
Prior Year
$ 14,200
Accounts receivable
61,500
27,000
Equipment, net
Land
Total assets
59,000
99,000
52,000
73,500
$ 231,000
$ 166,700
Express the items in common-size percents.
Note: Round your percentage answers to one decimal place.
Current Year
Prior Year
Cash
%
%
ces
Accounts receivable
%
%
Equipment, net
%
%
Land
Total assets
%
%
0.0 %
0.0 %
Chapter 3 Solutions
INTERMEDIATE ACCOUNTING LL W/ ACCESS 540
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Define the terms paid-in-capital and retained...
Ch. 3 - Disclosure notes are an integral part of the...Ch. 3 - A summary of the companys significant accounting...Ch. 3 - Define a subsequent event.Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Show the calculation of the following solvency...Ch. 3 - Prob. 3.19QCh. 3 - Prob. 3.20QCh. 3 - (Based on Appendix 3) Segment reporting...Ch. 3 - Prob. 3.22QCh. 3 - Prob. 3.23QCh. 3 - Current versus long-term classification LO32,...Ch. 3 - Prob. 3.3BECh. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Financial statement disclosures LO34 For each of...Ch. 3 - Calculating ratios; solving for unknowns LO38 The...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Prob. 3.3ECh. 3 - Prob. 3.9ECh. 3 - Financial statement disclosures LO34 The...Ch. 3 - Prob. 3.13ECh. 3 - FASB codification research LO32, LO34 Access the...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.22ECh. 3 - Prob. 3.1PCh. 3 - Prob. 3.2PCh. 3 - Communication Case 31 Current versus long-term...Ch. 3 - Analysis Case 32 Current versus long- term...Ch. 3 - Prob. 3.4DMPCh. 3 - Prob. 3.9DMPCh. 3 - Prob. 3.11DMPCh. 3 - Prob. 3.15DMPCh. 3 - Ethics Case 316 Segment reporting Appendix 3 You...Ch. 3 - Prob. 3.17DMPCh. 3 - Prob. 2CCTC
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