Chapter 4, Problem 32P

The December 31, Year 4, balance sheet for Burdette Corporation is presented here. These are the only accounts on Burdette’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information:  BURDETTE CORPORATIONBalance Sheet As of December 31, Year 4 Assets       Cash $ 31,000   Accounts receivable (net)   ?   Inventory   ?   Property, plant, and equipment (net)   298,000     $ 442,000   Liabilities and Stockholders’ Equity       Accounts payable (trade) $ ?   Income taxes payable (current)   31,000   Long-term debt   ?   Common stock   304,000   Retained earnings   ?     $ ?       Additional Information       Current ratio (at year end) 1.8 to 1.0 Total liabilities ÷ Total stockholders’ equity   70 % Gross margin percentage   40 % Inventory turnover (Cost of goods sold ÷ Ending inventory)   11.6 times Gross margin for Year 4 $ 319,000      Requireda. Compute the balance in trade…

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 $ 114 $ 46 Accounts receivable 45 67 Less: Allowance for uncollectible accounts (5) (4) Dividends receivable 3 2 Inventory 80 75 Long-term investment 48 42 Land 75 65 Buildings and equipment 188 200 Less: Accumulated depreciation (66) (100)   $ 482 $ 393 Liabilities     Accounts payable $ 10 $ 24 Salaries payable 1 5 Interest payable 8 2 Income tax payable 8 9 Notes payable 10 0 Bonds payable 60 50 Less: Discount on bonds (1) (2) Shareholders' Equity     Common stock 210 200 Paid-in capital—excess of par 24 20 Retained earnings 155 85 Less: Treasury stock (3) 0   $ 482 $ 393 DUX COMPANY Income Statement For the Year…

The following financial information is taken from the balance sheets of the Peter Company and the Paul Company:   Peter Paul Current assets $200,000 $50,000 Current liabilities 40,000 20,000 Calculate the current ratio for each company.Round answers to two decimal places, when appropriate.Peter Company AnswerPaul Company Answer Which firm has a higher level of liquidity?

Using the data from Years n and n-1 below, answer the following questions. What are the company's assets, liabilities, and shareholder equity in Year n and n- I? What story does the balance sheet tell about changes in short term investments from Year n-1 to Year n? What story does the balance sheet tell about changes in notes payable from Year n-I to Year n? What is the company's net income in Year n and n-I?   please provide  answer and explain in detail for all answer all requirements with all working  answer in text

The December 31, Year 4, balance sheet for Baird Corporation is presented here. These are the only accounts on Baird’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information:  BAIRD CORPORATIONBalance Sheet As of December 31, Year 4 Assets       Cash $ 20,000   Accounts receivable (net)   ?   Inventory   ?   Property, plant, and equipment (net)   295,000     $ 442,000   Liabilities and Stockholders’ Equity       Accounts payable (trade) $ ?   Income taxes payable (current)   20,000   Long-term debt   ?   Common stock   301,000   Retained earnings   ?     $ ?       Additional Information       Current ratio (at year end) 1.5 to 1.0 Total liabilities ÷ Total stockholders’ equity   70 % Gross margin percentage   20 % Inventory turnover (Cost of goods sold ÷ Ending inventory)   12.5 times Gross margin for Year 4 $ 318,000      Requireda. Compute the balance in trade accounts…

Use the info below to answer the following questions: A company reports the following information as of December 31, Year 1: Sales revenue $ 900,000 Cost of goods sold 600,000 Operating Expenses 150,000 Unrealized Holding Gain on Trading securities 70,000 Unrealized Holding Gain on AFS securities 60,000What amount should the company report as net income as of December 31, Year 1?   What amount should the company report as comprehensive income as of December 31, Year 1?

You are evaluating the balance sheet for Goodman's Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities = $400000, Accounts receivable = $1200000, Inventory = $2100000, Accrued wages and taxes = $500000, accounts payable = $800,000, and notes payable = $600000. Calculate Goodman Bees' net working captaL

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 $ 49 $ 24 Accounts receivable 46 53 Less: Allowance for uncollectible accounts (3) (2) Dividends receivable 3 2 Inventory 65 60 Long-term investment 21 18 Land 85 60 Buildings and equipment 273 290 Less: Accumulated depreciation (70) (90)   $ 469 $ 415 Liabilities     Accounts payable $ 35 $ 43 Salaries payable 3 7 Interest payable 7 2 Income tax payable 8 9 Notes payable 25 0 Bonds payable 115 90 Less: Discount on bonds (4) (5) Shareholders' Equity     Common stock 210 200 Paid-in capital—excess of par 24 20 Retained earnings 54 49 Less: Treasury stock (8) 0   $ 469 $ 415 DUX COMPANY Income Statement For the Year Ended…

he comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also.  DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands)   2021   2020   Assets                 Cash $  195     $  134     Accounts receivable    60        62     Less: Allowance for uncollectible accounts   (4 )     (3 )   Dividends receivable    15        8     Inventory    73        62     Long-term investment    45        40     Land    112        70     Buildings and equipment    351        376     Less: Accumulated depreciation   (55 )     (74 )     $  792     $  675     Liabilities                 Accounts payable $  25     $  32     Salaries payable    8        11     Interest payable    10        8     Income tax payable    13        14     Notes payable    42        0     Bonds payable    263        190     Less: Discount on…