This is a multi part question:1.A. How much has been earned by the company’s operations but not distributed to shareholders?B. What is the total investment by shareholders?C. How much do customers owe the company? AccountsAmountA, L, SE, R, E or NA1 Salaries expense$ 43,0002 Common stock47,5003 Accounts receivable4 Dividends paid5 Sales revenue55,50019,000267,0006 Inventory7 Wages payable8 Equipment9 Cost of goods sold51,50014,000175,000104,00010 Rent expense19,00011 Income tax expense30,50012 Cash62,50013 Retained earnings56,500

Income Statement represents the Net Income by deducting all the expenses (E) incurred during the…

This is a multi part question: 1. A. How much has been earned by the company’s operations but not distributed to shareholders? B. What is the total investment by shareholders? C. How much do customers owe the company?

This is a multi part question: 1. A. How much has been earned by the company’s operations but not distributed to shareholders? B. What is the total investment by shareholders? C. How much do customers owe the company?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information was gathered for BBB, Inc. for 2020. The amounts are for the year ended December 31, 2019 or as of that date except for the Beginning Retained Earnings which is given for the beginning of 2020. Please complete an Income Statement, Statement of Owners Equity and Balance Sheet.
K. Jackson Corporation Assets Cash Accounts receivable Inventory Net fixed assets Total assets Liabilities and owners' equity. Accounts payable ST Notes payable Long-term debt Owners' Equity Total liabilities and owner's equity Balance Sheet $250,000 450.000 500,000 2.100,000 $3,300.000 $100.000 450.000 1,050,000 1,700.000 $3,300,000 Income Statement Sales (all credit) Cost of goods sold Operating expense Interest expense Income taxes Net income $8,000,000 (4.000.000) (2,900,000) (150,000) (380,000) $570,000 Based on the information for K. Jackson Corporation, the current and acid-test ratios are, respectively. OA2.37 and 1.39. OB2 37 and 1.27 OC2 18 and 1.39 OD.2 18 and 1.27 OE None of the above.
Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accounts payable Salaries payable Income tax payable Total current liabilities (a1) a. $8,600 Current ratio 12,900 b. Quick ratio 145,000 5,200 $171,700 $53,300 3,600 1,000 $57,900 2024 $30,100 10,300 :1 105,000 $152,300 :1 6,900 $40,400 5,000 1,000 $46,400 $27,100 7,700 100,000 During 2024, credit sales and cost of goods sold were $138,040 and $82,500, respectively. The 2023 and 2022 credit sales were $151,200 and $151,840, respectively, and the cost of goods sold for the same periods were $79,950 and $82,325, respectively. The accounts receivable and inventory balances at the end of 2021 were $6,900 and $85,000, respectively. 5,600 $140,400 Using the above data, calculate the following ratios: (Round receivables turnover ratio and average collection period to 1 decimal place, e.g. 15.2, days to sell inventory to 0 decimal places, e.g. 152 and all other answers to 2 decimal…
1. The business was started when the company received $50,000 from the issue of common stock. 2 Purchased equipment inventory of $380,000 on account. 3. Sold equipment for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330.000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 2 percent of sales. 5. Paid the sales tax to the state agency on $400.000 of the sales. 6. On September 1, Year 1, borrowed $0,000 from the local bank. The note had a 4 percent interest rate and matured on March 1. Year 2. 7. Paid $6.200 for warranty repairs during the year. 8. Paid operating expenses of $78,000 for the year. 9. Paid $250,000 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. Requlred a. Record the given transactions in a horizontal statements model. b. Prepare the income statement, balance sheet,…
Expenses Earnings before interest and taxes Interest Earnings before taxes Taxes Earnings after taxes Dividends Accounts receivable Inventory Current assets Total assets 63,000 91.000 The Som $ 162,500 85,000 $ -247,588 $.250,000 192.000 $58,000 $50,500 15,500 $ 35,000 $7,000 Balance Sheet Liabilities and Stockholders" Equity Accounts payable Accrued wages Accrued taxes Current liabilities Notes payable Long-tere debt Common stock Retained earnings Total liabilities and stockholders' equity $ 26,400 2,350 Using the percent-of-sales method, determine whether the company has external financing needs, or a surplus of funds. (Hint: A profit margin and payout ratio must be found from the income statement) Note: Do not round intermediate calculations. Input your answer as positive a value. 7.700 in extemal funds. $ 32,500 7,500 17,500 125,000 65,000 $ 247,500
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Instructions On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $163,800 Accumulated Depreciation-Building 740,900 Administrative Expenses 526,350 Building 2,507,600 Cash 186,150 Common Stock 304,450 Cost of Goods Sold 3,852,200 Dividends 184,450 Interest Expense 10,200 Inventory 1,022,600 Notes Payable 238,600 Office Supplies 19,050 Retained Earnings 1,267,250 Salaries Payable 7,700 Sales 6,264,600
Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses (including interest on bonds) Pretax income Income tax Net income Balance Sheet Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Property and equipment (net) Total assets Accounts payable Income taxes payable Bonds payable (interest rate: 10%) Common stock ($10 par value, 10,000 shares outstanding) Retained earnings Total liabilities and stockholders' equity Year 2 $453,000 250,000 203,000 167,000 36,000 10,800 $ 25,200 $ 6,800 42,000 25,000 200 130,000 $204,000 $ 17,000 1,000 70,000 100,000 16,000 $204,000 Year 1 $447,000 241,000 206,000 168,000 38,000 11,400 $ 26,600 $ 3,900 29,000 18,000 100 120,000 $171,000 $ 18,000 1,000 50,000 100,000 2,000 $171,000 Required: Interpret each element of the ratio analysis separately. Ensure accuracy by analyzing each ratio individually!
Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Y2 20Y1 Assets Current assets Cash $1,013,530 $917,700 Marketable securities 1,533,990 1,520,760 Accounts receivable (net) 978,200 919,800 Inventories 730,000 569,400 Prepaid expenses 191,756 183,540 Total current assets $4,447,476 $4,111,200 Long-term investments 2,479,894 1,119,115 Property, plant, and equipment (net) 5,330,000 4,797,000 Total assets $12,257,370 $10,027,315 Liabilities Current liabilities $1,347,720 $1,776,965 Long-term liabilities: Mortgage note payable, 8% $1,840,000 $0 Bonds payable, 8% 2,260,000 2,260,000 Total long-term liabilities $4,100,000 $2,260,000 Total liabilities $5,447,720 $4,036,965 Stockholders' Equity Preferred $0.70 stock, $50 par $850,000 $850,000 Common stock, $10 par 970,000 970,000 Retained earnings 4,989,650…
Calculate the common-sized percentage 2023. for Gross Margin in
balance sheets Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity Problem 13-5A (Algo) Part 1 $ 19,500 37,400 84,640 5,900 350,000 $ 497,440 $ 33,000 56,400 134,500 6,900 304,400 $ 535,200 $ 68,340 86,800 190,000 152,300 $ 497,440 $ 535,200 $ 91,300 115,000 206,000 122,900 statement Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share Beginning-of-year balance sheet data Accounts receivable, net Merchandise inventory Total assets Common stock, $5 par value Retained earnings Required: 1a. For both companies compute the (a) current ratio, (b) acid-test ratio, (c) accounts receivable turnover, (d) invent sales in inventory, and () days' sales uncollected. Note: Do not round intermediate calculations. 1b. Identify the company…
Balance Sheet Income Statement ($ in millions) ($ in millions) Assets LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Revenue 28,681.10 Accounts Receivable 954.80 Salaries Payable 225.20 Cost Of Goods Sold 20,768.80 Inventories 3,645.20 Other Current Liabilities 1,118.80 Gross Profit 7,912.30 Other Current Assets 116.60 Total…