lance of Total Assets for Virtue Company is $500,000 on November 30. During November, the following took place:
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The balance of Total Assets for Virtue Company is $500,000 on November 30. During November, the following took place:
Sold $60,000 of inventory for cash
Purchased a $100,000 machine for cash
Increased accounts payable $50,000 by acquisitions of inventory on account
Wrote off accounts receivable of $20,000
Total Assets for Virtue Company on November 1 is:
-
$550,000
-
$530,000
-
none of the other alternatives are correct
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$500,000
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$450,000
Step by step
Solved in 3 steps
- Presented below are selected balance sheet information and the income statement for Burch Company. Selected Balance Sheet Information Jan. 1 Dec. 31 Cash $11,400 $17,500 Accounts receivable 8,000 10,500 Inventory 23,500 21,000 Accounts payable 10,000 14,200 Income taxes payable 2,500 1,300 Burch Company Income Statement For the year ended December 31 Sales $250,000 Cost of goods sold (160,000) Depreciation expense (22,900) Other expenses (35,000) Income tax expense (12,000) Net income $20,100 Required: Compute the net cash flows from operating activities using the indirect method.Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured bymortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250 Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 (1-a) Compute the current ratio for each of the three years.(1-b) Did the current ratio improve or worsen over the three…The following are the current assets of Barnes Co. as of December 31: Accounts Receivable $38,000 Allowance for Doubtful Accounts 5,000 Cash 45,000 Interest Receivable 5,500 Inventory 88,000 Notes Receivable 100,000 Prepare the current asset section of the balance sheet. Barnes Co. Balance Sheet December 31 Assets Current Assets: Total Current Assets %24
- The following balance sheet information was provided by Western Company: Assets Cash Accounts receivable Inventory Multiple Choice O 110.6 days Assuming Year 2 net credit sales totaled $132,000, what was the company's average days to collect receivables? Note: Use 365 days in a year. Do not round your intermediate calculations. 52.5 days 55.3 days Year 2 58.1 days $3,200 $21,000 $36,000 Year 1 $2,700 $19,000 $42,000[The following information applies to the questions displayed below. Simon Company's year-end balance sheets follow. At December 31 Assets 1 Yr Ago Current Yr 2 Yrs Ago Cash $ 26,794 $ 31,320 $ 62.100 32,958 Accounts receivable, net Merchandise inventory 89,900 50,500 111,000 8,629 84,000 53,000 Prepaid expenses Plant assets, net 3,662 199,580 8,221 227,082 213.846 Total assets $ 463,405 $ 399,487 $ 339,700 Liabilitles and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 113,080 $ 66,163 $ 43,944 85,378 90,044 162,500 80,780 73,572 162,500 102,447 162,500 59,684 Total liabilities and equity $ 463,405 $ 399,487 $ 339,700 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr 1 Yr Ago Sales $ 602,427 $ 475,390 Cost of goods sold Other operating expenses Interest expense Income tax expense $ 367,480 $ 309,004…Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured bymortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250 Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 1. Express the balance sheets in common-size percents.2. Assuming annual sales have not changed in the last three years,…
- Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250 Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 The company’s income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr…The unadjusted income statement of AZ Co. shows a net income of $125,000 for the year ended December 31, 20X1. The following date were discovered in the course of the examination of the company's records: December 31, 20X0 Inventory is overstated by $22,500 December 31, 20X1 Inventory is understated by $37,500 A $10,000 customer's deposit received in December 31, 20X1, was credited to sales in 20X1. The goods were actually shipped in January 20X2. What is the adjusted net income of the firm for the year ended December 31, 20X1? 55,000 75,000 100,000 175,000[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow, At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash 32.958 50,500 24 26,794 2$ 31,320 $ Accounts receivable, net 89,900 62.100 Merchandise inventory Prepaid expenses Plant assets, net 111,000 84,000 53.000 3,662 199,580 8,629 8,221 227,082 213,846 Total assets $ 463,405 $ 399,487 $ 339,700 Liabillties and Equity Accounts payable $ 113,080 $ 66,163 $ 43,944 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings 73.572 162,500 59,684 90,044 162,500 85,378 162,500 102,447 80,780 Total liabilities and equity $ 463.405 $ 399,487 $ 339,700 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr 1 Yr Ago Sales $ 602.427 $ 475,390 $ 309,004 Cost of goods sold Other operating expenses $ 367,480 186.752 120,274 Interest expense…
- [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Current Yr 1 Yr Ago 2 Yrs Ago Cash $ 26,794 $ 31,320 $ 62,100 84,000 32,958 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 89,900 111,000 50,500 53,000 3,662 199,580 8,629 8,221 213,846 227,082 Total assets $ 463,405 2$ 399,487 $ 339,700 Liabilities and Equity Accounts payable $ 113,080 $ 66,163 $ 43,944 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings 85,378 162,500 90,044 73,572 162,500 162,500 102,447 80,780 59,684 Total liabilities and equity $ 463,405 $ 399,487 $339,700 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr 1 Yr Ago Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses $ 602,427 $…Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 31,600 88,000 112,500 10,650 281,000 $523,750 $ 36,250 $ 38,400 62,000 83,800 9,350 249,500 $440,900 $ 379,900 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 49,500 52,500 4,500 235,000 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160,500 107,400 81,600 160,500 87,000 Total liabilities and equity $523,750 $440,900 $ 379,900 ces The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago For Year Ended December 31 Sales Current Yr $755,000 $ 620,000 Cost of goods sold other operating expenses Interest expense $445,450 234,050 11,300 9,550 $390,600 148,800 12,700 8,925 Income tax expense Total costs and expenses 700,350 561,025 Net income $ 54,650 $…Harbinger Corporation reports the following balances: As of 12/31/20 As of 12/31/19 Accounts Receivable 70,000 80,000 (Gross) Inventory Accounts Payable 140,000 135,000 55,000 160,000 165,000 45,000 Unearned Revenue Year ended Year ended 12/31/20 12/31/19 Sales 500,000 230,000 470,000 220,000 Cost of Goods Sold How much Cash did Harbinger collect from customers in 2020?