Subject: acounting BookⓇintintencesThe adjusted trial balance for Happ Company follows.Adjusted Trial BalanceDecember 31Number101106153154183201209233307318319401611622640Account TitleCashAccounts receivableTrucksAccumulated depreciation-TrucksLandAccounts payableSalaries payableUnearned revenueCommon stockRetained earningsDividendsPlumbing revenueDepreciation expense-TrucksSalaries expenseRent expenseTotalsDebit$4,20018,35443,50030,000Credit$ 17,4879,7862,2391,63917,00045,15066,00016,4985,82930,88810,032$ 159,301 $ 159,301a. Use the adjusted trial balance to prepare the December 31 year-end income statement.b. Use the adjusted trial balance to prepare the December 31 year-end statement of retained earnings. The Retained earningsaccount balance was $45,150 on December 31 of the prior year.c. Use the adjusted trial balance to prepare the December 31 year-end balance sheet.

Income statement is the financial statement which is prepared to check the profitability of the…

The adjusted trial balance for Happ Company follows. Adjusted Trial Balance December 31 Number 101 106 153 154 183 201 209 233 307 318 319 401 611 622 640 Account Title Cash Accounts receivable Trucks Accumulated depreciation-Trucks Land Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Plumbing revenue Depreciation expense-Trucks Salaries expense Rent expense Debit $4,200 18,354 43,500 30,000 16,498 5,829 30,888 10.032 Credit $ 17,487 9,786 2,239 1,639 17,000 45,150 66,000

The adjusted trial balance for Happ Company follows. Adjusted Trial Balance December 31 Number 101 106 153 154 183 201 209 233 307 318 319 401 611 622 640 Account Title Cash Accounts receivable Trucks Accumulated depreciation-Trucks Land Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Plumbing revenue Depreciation expense-Trucks Salaries expense Rent expense Debit $4,200 18,354 43,500 30,000 16,498 5,829 30,888 10.032 Credit $ 17,487 9,786 2,239 1,639 17,000 45,150 66,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
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Selected ratios formulars Unilever 2021 BOPP 2021 ROCE PBIT / net assets * 100 (32,424/39,406 *100 = - 82% 102,154 / 192,758 *100 =53% Net Assets Turnover Revenue / Net Assets 526,912 / 39,406 = 13 times 214,174 / 192,758 = 1 time Gross Profit Margin Gross profit / revenue *100 97,046 / 526,912 *100 18.4% 115,462 / 214,174 * 100 54% Net Profit Before Tax PBT / revenue * 100 (35,005) / 526,912* 100 = -6.6% 104,778 / 214,174* 100 =48.9% Current Ratio Current assets / current liabilities 214,665/341,171 = 0.5 139,104 / 30,368 = 4.5 Quick Ratio Current assets – inventory / current liabilities 214,665-91,627 /341,171 = 0.4 139,104 -13,248/ 30,368 = 4.1 Inventory Days Inventory / cost of sales * 365 days 91,627/ 429,866 *365 = 77 days 13,248 / 101,397 *365 = 47 days Receivable Days Receivables / cost of sales * 365 days 24,515 / 429,866 *365 =20 days 92,860 / 101,397 *365 =334 days Payable Days…
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec 31 20Y9 Dec 31 20Y8ASSETSCash $ 70,720 $ 47,940Accounts Receivable 207,230 188,190Inventories 298,520 289,850Investments - 102,000Land 295,800 -Equipment 438,600 358,020Accumulated Depreciation-Equipment (99,110) (84,320)Total Assets $ 1,211,760 $ 901,680LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable $ 205,700 $ 194,140Accrued Expenses Payable (operating expenses) 30,600 26,860Dividends Payable 25,500 20,400Common Stock, $1 par 202,000 102,000Paid-in Capital; Excess of issue price over par-common stock 354,000 204,000Retained Earnings 393,960 354,280Total Liabilities and Stockholders Equity: $ 1,211,760 $ 901,680Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:A. Equipment and land were acquired for cashB. There were no disposals of equipment during the year.C. The investments were sold for $91,800 cash.D. The common stock was…
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Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Asset turnoverenter the number rounded to 2 decimal places (g)Return on assetsenter percentages rounded to 0 decimal places…