INT.ACCT. LL W/CONNECT+PROCTORIO PLUS
10th Edition
ISBN: 9781266374395
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; accounts receivable, $120,000; inventories, ?; total current assets, $235,000; property, plant, and equipment (net), ?; total assets, $400,000; accounts payable, $32,000; note payable (due in two years), $50,000; common stock; $100,000; and
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Required information
Use the following information for the Quick Studies below. (Algo)
[The following information applies to the questions displayed below.]
Cash
Accounts receivable
Equipment, net
Land
Total assets
QS 17-6 (Algo) Vertical analysis LO P2
Current Year
$ 12,700
64,000
64,000
100,500
$ 241,200
Cash
Accounts receivable
Equipment, net
Express the items in common-size percents. (Round your percentage answers to one decimal place.)
Land
Total assets
Current Year
Prior Year
$ 16, 200
29,900
56,000
76,000
$ 178,100
%
%
%
%
0.0 %
Prior Year
%
%
%
%
0.0 %
Problem #1
The following balance sheet and income statement data is given:
31-Dec
Yr 2021
Yr 2020
Cash
$4,300
$3,700
Accounts receivable (net)
22,000
23,400
Inventories
10,000
7,000
Plant assets (net)
75,000
86,000
Total assets
111,300
120,100
Accounts payable
12,370
11,100
Bonds payable
70,000
70,000
Total liabilities
82,370
81,100
Common stock, $10 par
65,000
59,000
Paid-in capital
10,000
10,000
Retained earnings
24,300
20,600
Total stockholders’ equity
99,300
89,600
Net credit sales
100,000
Cost of goods sold
60,350
Gross profit
39,650
Net income
14,000
REQUIRED:
Compute the following ratios for 2021.
NOTE: Copy and paste the information below into the answer box first and then show your calculation steps for this problem to receive credits.
(1) Accounts receivable turnover=____________________
(2) Inventory turnover=__________________
(3) Accounts payable…
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
INT.ACCT. LL W/CONNECT+PROCTORIO PLUS
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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