ADVANCED ACCOUNTING
13th Edition
ISBN: 9781260773033
Author: Hoyle
Publisher: MCG
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Chapter 4, Problem 17P
To determine
Identify the appropriate answer for the given statement from the given choices.
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Selected data for the Rubio Company follow:Current assets.............. $ 31,200 Current liabilities ............ $ 26,000Long-term assets ......... 185,000 Long-term liabilities........ 110,000Total revenues............. 199,000 Total expenses................. 160,000Based on these facts, what are Rubio’s current ratio and debt ratio?Current ratio Debt ratioa. 1.200 0.629b. 1.590 0.629c. 8.315 0.833d. 1.244 0.236
Gold Company's comparative balance sheet and income statement for last year appear below:
Statement of Financial Position
Ending
Beginning
Balance
Balance
Cash...........................................................
$ 70,000
$ 38,000
Accounts receivable..................................
76,000
52,000
Inventory....................................................
24,000
42,000
Prepaid expenses.......................................
8,000
16,000
Long-term investments..............................
260,000
210,000
Plant and equipment..................................
530,000
510,000
Accumulated depreciation.........................
( 398,000)
( 350,000)
Total assets................................................
$570,000
$518,000
Accounts payable.......................................
$ 32,000
$ 54,000
Accrued…
The following data were abstracted from the records of Ballistic Corporation for the year:
Sales .................................................
$900,000
Bond interest expense .................................
50,000
Income taxes ..........................................
200,000
Net income ............................................
300,000
How many times was bond interest earned?
a.
18.0
b.
15.0
c.
11.0
d.
10.0
could you please show me how to calculate
Chapter 4 Solutions
ADVANCED ACCOUNTING
Ch. 4 - Prob. 1QCh. 4 - Atwater Company acquires 80 percent of the...Ch. 4 - What is a control premium and how does it affect...Ch. 4 - Prob. 4QCh. 4 - How is the noncontrolling interest in a subsidiary...Ch. 4 - Prob. 6QCh. 4 - Prob. 7QCh. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - Prob. 1PCh. 4 - Prob. 2PCh. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - Prob. 5PCh. 4 - Prob. 6PCh. 4 - Prob. 7PCh. 4 - Assuming that Pride, in its internal records,...Ch. 4 - Prob. 9PCh. 4 - Prob. 10PCh. 4 - Prob. 11PCh. 4 - Prob. 12PCh. 4 - Prob. 13PCh. 4 - Prob. 14PCh. 4 - Prob. 15PCh. 4 - Prob. 16PCh. 4 - Prob. 17PCh. 4 - Prob. 18PCh. 4 - Current liabilities: a. 50,000 b. 46,000 c. 40,000...Ch. 4 - Prob. 20PCh. 4 - Stockholders equity: a. 80,000 b. 90,000 c. 95,000...Ch. 4 - Prob. 22PCh. 4 - Prob. 23PCh. 4 - Prob. 24PCh. 4 - Prob. 25PCh. 4 - Prob. 26PCh. 4 - Prob. 27PCh. 4 - Prob. 28PCh. 4 - Prob. 29PCh. 4 - Prob. 30PCh. 4 - Prob. 31PCh. 4 - Prob. 32PCh. 4 - Prob. 33PCh. 4 - Prob. 34PCh. 4 - Prob. 35PCh. 4 - Prob. 36PCh. 4 - Prob. 37PCh. 4 - Prob. 38PCh. 4 - Prob. 39PCh. 4 - Prob. 40PCh. 4 - Prob. 41PCh. 4 - Prob. 42PCh. 4 - Prob. 43PCh. 4 - Prob. 44PCh. 4 - Prob. 1DYSCh. 4 - Prob. 2DYSCh. 4 - Costco Wholesale Corporation owns and operates...
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Similar questions
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- Following are data from the statements of two companies selling comparable products: Current Year-End Balance Sheets SunCompany ZengCompany Cash......................................................................................... 119.00 180.00 Notes receivable....................................................................... 77.00 32.00 Accounts receivable, net........................................................... 420.00 640.00 Merchandise inventory.............................................................. 588.00 877.00 Prepaid expenses...................................................................... 16.00 55.00 Plant and equipment, net........................................................... 2,321.00 2,744.00 Total assets...............................................................................…arrow_forwardThe data (in thousands of dollars) were extracted from Larop Corporation's financial reports for the previous fiscal year.Sales ........................................................................................ $870 Purchases of raw materials..................................................... $190 Direct labor.............................................................................. $200 Manufacturing overhead ........................................................ $230 Administrative expenses......................................................... $150 Selling expenses...................................................................... $140 Raw materials inventory, beginning ....................................... $10 Raw materials inventory, ending ............................................ $40 Work in process inventory, beginning .................................... $20 Work in process inventory, ending ......................................... $50 Finished goods…arrow_forwardNorsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2.5 on June 30 of the current year. Onthat date, the company’s assets were:Cash ..................................................... Kr 90,000Accounts receivable, net ...................... 260,000Inventory ............................................... 490,000Prepaid expenses ................................. 10,000Plant and equipment, net ...................... 800,000Total assets .......................................... Kr1,650,000The Norwegian currency is the krone, denoted here by the symbol Kr.Required:1. What was the company’s working capital on June 30?2. What was the company’s acid-test ratio on June 30?3. The company paid an account payable of Kr40,000 immediately after June 30.a. What effect did this transaction have on working capital? Show computations.b. What effect did this transaction have on the current ratio? Show computations.arrow_forward
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- The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just completed year. Sales ................................................................................ $870 Purchases of raw materials ............................................. $190 Direct labor ..................................................................... $200 Manufacturing overhead ................................................. $230 Administrative expenses ................................................. $150 Selling expenses .............................................................. $140 Raw materials inventory, beginning ............................... $10 Raw materials inventory, ending .................................... $40 Work in process inventory, beginning ............................ $20 Work in process inventory, ending ................................. $50 Finished goods inventory, beginning .............................. $90…arrow_forwardThe following data were taken from the financial statements of Howard Corporation for the year ended December 31, 2014: Net sales .................................................... $120,000Net income ..................................................... 30,000Total assets, January 1, 2014 ..................... 400,000Total assets, December 31, 2014 .............. 600,000 What was Howard's rate of return on assets for 2014? Group of answer choices 6 percent 20 percent 5 percent 24 percentarrow_forwardThe following information appeared in a company’s income statement:Sales . . . . . . . . . . . . . . . . . . . . . . . . $300,000Sales returns . . . . . . . . . . . . . . . . . . . 15,000Sales discounts . . . . . . . . . . . . . . . . . 4,500Beginning inventory . . . . . . . . . . . . . 25,000Purchases . . . . . . . . . . . . . . . . . . . . . 180,000Purchases returns and allowances . . . . 6,000Purchases discounts . . . . . . . . . . . . . 3,600Transportation-in . . . . . . . . . . . . . . . 11,000Gross profit from sales . . . . . . . . . . . 105,000Net income . . . . . . . . . . . . . . . . . . . 55,000 RequiredCalculate the (a) total operating expenses, (b) cost of goods sold, and (c) ending inventory.arrow_forward
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