Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 4, Problem 69.1C
To determine
Concept Introduction:
Cash and Cash Equivalents:
Cash is the category that includes currency, coins, and deposits in bank accounts. Cash Equivalent is the category which includes short term and highly liquid assets which are readily convertible into cash. Liquidity is the term used for company’s ability of payoff its liabilities.
To Calculate:
The Cash and Cash Equivalents and short term investments as % of total assets at the end of the fiscal year 2015 and 2016 for Under Armour Inc. and Columbia Sportswear.
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QUESTION ONE: The balance sheets of Choolwe & Co Ltd for the years ended 2017, 2018 and 2019 are as follows: Choolwe & Co Ltd Balance sheets at 31 December 2017 2018 2019 K000 K000 K000 Non-current assets Plant and equipment 13,200 16,110 16,410 Current assets Inventory 2,190 2,280 2,490 Trade debtors 2, 040 2,100 2,430 Short-term investments 4,200 1,800 1,290 Cash at bank and in hand…
Comprehensive Problem
Happy Hearts Company provided the following statements of financial position at year-end and
other financial data relating to activities during the current year
2021
2020
200,000
1,040,000
600,000
1,100,000
150,000
1,200,000
110,000
300,000
3,400,000
(900,000)
Cash and cash equivalents
Accounts receivable, net of allowance
Trade notes payable
Inventory
Prepaid expenses
Investment in equity securities, at cost
Property, plant and equipment
Accumulated depreciation
200,000
1,360,000
120,000
500,000
2,000,000
(600,000)
Patent
80.000
4.900.000
Total
5.960.000
Accounts payable
Trade notes payable
Accrued expenses
880,000
60,000
100,000
400,000
3,000,000
530,000
990,000
840,000
240,000
330,000
Notes payable (short-term debt)
Share capital, P100 par
Share premium
Retained earnings
Treasury shares, at cost
2,400,000
400,000
790,000
(100,000)
4.900.000
Total
5.960.000
The statement of retained earnings for the year ended December 31, 2021 showed the
following
Retained…
Cash
Accounts receivable (net)
Other current assets
1.
Investments
Plant and equipment (net)
Net sales
2.
NOVAK CORPORATION
Balance Sheets
December 31
Current liabilities
Long-term debt
Common stock, $10 par
Retained earnings
Sales revenue
Less: Sales returns and allowances
Net income
Additional information:
2022
$32,000
52,000
93,000
58,000
500,000
$735,000
148,000
Cost of goods sold
Gross profit
Operating expenses (including income taxes)
323,000
177,000
NOVAK CORPORATION
Income Statements
For the Years Ended December 31
2021
$ 22,000
47,000
$87,000 $82,000
2022
98,000
370,000
$610,000
73,000
313,000
127,000
88,000
699,400
428,311
271,089
2021
$20,000
2020
$743,000 $603,000
43,600
115,000
$735,000 $610.000 $543,000
50,000
32,265
570,735
352,878
217,857
181,870 ▷ 151,764
$89,219
$66,093
67,000
48,000
358,000
$543,000
$72,000
53,000
303,000
The market price of Novak's common stock was $7.00, $7.74, and $8.43 for 2020, 2021, and 2022, respectively.
You must compute dividends paid. All…
Chapter 4 Solutions
Cornerstones of Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - The Sarbanes-Oxley Act increased top managements...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20DQCh. 4 - Prob. 21DQCh. 4 - Prob. 22DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Which of the following is not one of the five...Ch. 4 - Prob. 4MCQCh. 4 - The internal audit function is part of what...Ch. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Which one of the following would not appear on a...Ch. 4 - Prob. 10MCQCh. 4 - Prob. 11MCQCh. 4 - Prob. 12MCQCh. 4 - Prob. 13MCQCh. 4 - Prob. 14MCQCh. 4 - Prob. 15MCQCh. 4 - Prob. 16CECh. 4 - Prob. 17CECh. 4 - Cornerstone Exercise 4-18 Adjusting Entry from...Ch. 4 - Prob. 19CECh. 4 - Prob. 20CECh. 4 - Cornerstone Exercise 4-21 Cash Over and Short On a...Ch. 4 - Cornerstone Exercise 4-22 Cash Over and Short...Ch. 4 - Prob. 23CECh. 4 - Prob. 24CECh. 4 - Prob. 25BECh. 4 - Prob. 26BECh. 4 - Prob. 27BECh. 4 - Prob. 28BECh. 4 - Prob. 29BECh. 4 - Prob. 30BECh. 4 - Prob. 31BECh. 4 - Prob. 32BECh. 4 - Prob. 33BECh. 4 - Prob. 34BECh. 4 - Prob. 35BECh. 4 - Prob. 36BECh. 4 - Prob. 37BECh. 4 - Prob. 38BECh. 4 - Prob. 39ECh. 4 - Prob. 40ECh. 4 - Prob. 41ECh. 4 - Prob. 42ECh. 4 - Miller Enterprises deposits the cash received...Ch. 4 - Prob. 44ECh. 4 - Prob. 45ECh. 4 - Prob. 46ECh. 4 - Prob. 47ECh. 4 - Hawk Enterprises identified the following items on...Ch. 4 - Prob. 49ECh. 4 - Prob. 50ECh. 4 - Prob. 51ECh. 4 - Prob. 52ECh. 4 - Prob. 53ECh. 4 - Exercise 4-54 Operating Cycle and Current...Ch. 4 - Prob. 55APSACh. 4 - Prob. 56APSACh. 4 - Prob. 57APSACh. 4 - Prob. 58APSACh. 4 - Prob. 59APSACh. 4 - Prob. 60APSACh. 4 - Prob. 61APSACh. 4 - Prob. 55BPSBCh. 4 - Prob. 56BPSBCh. 4 - Prob. 57BPSBCh. 4 - Prob. 58BPSBCh. 4 - Prob. 59BPSBCh. 4 - Prob. 60BPSBCh. 4 - Prob. 61BPSBCh. 4 - Prob. 62.1CCh. 4 - Prob. 62.2CCh. 4 - Prob. 62.3CCh. 4 - Prob. 62.4CCh. 4 - Prob. 63.1CCh. 4 - Prob. 63.2CCh. 4 - Prob. 64.1CCh. 4 - Prob. 64.2CCh. 4 - Prob. 65CCh. 4 - Prob. 66.1CCh. 4 - Prob. 66.2CCh. 4 - Prob. 67.1CCh. 4 - Prob. 67.2CCh. 4 - Prob. 68.1CCh. 4 - Prob. 68.2CCh. 4 - Prob. 68.3CCh. 4 - Prob. 68.4CCh. 4 - Prob. 69.1CCh. 4 - Prob. 69.2CCh. 4 - Prob. 69.3CCh. 4 - Prob. 69.4CCh. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Prob. 70.2CCh. 4 - Prob. 70.3CCh. 4 - Prob. 70.4C
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