Foster Fabricators prepared the following balance sheet in preparing a loan application. Required Prepare a common-size balance
Question:
Foster Fabricators prepared the following balance sheet in preparing a loan application.
Required
Prepare a common-size balance sheet for each fiscal year, rounding all percentages to one decimal place. Your answers may not add perfectly due to rounding.
Transcribed Image Text:
Dec. 31, 2020 Dec. 31, 2019 Assets Current assets: Cash and cash equivalents $ 248,005 $ 419,465 Accounts receivable 38,283 34,839 15,043 Inventory Prepaid expenses and other current assets 15,332 39,965 34,795 Income tax receivable 58,152 16,488 Investments 415,199 338,592 Total current assets 814,647 859,511 Property, plant, and equipment, net Long-term investments 1,217,220 1,106,984 622,939 496,106 Other assets 70,260 64,716 Total assets $ 2,725,066 $2,527,317 Liabilities and stockholders' equity Current liabilities: $ 69,613 Accounts payable Accrued payroll and benefits Accrued liabilities $ 85,709 64,958 73,894 129,275 102,203 Total current liabilities 279,942 245,710 Deferred liabilities 284,267 240,975 Other liabilities 32,883 28,263 Total liabilities 597,092 514,948 Stockholders' equity: Common stock 358 354 Additional paid-in capital Retained earnings 954,988 861,843 1,172,628 1,150,172 Total stockholders' equity 2,127,974 2,012,369 Total liabilities and stockholders' equity $ 2,725,066 $2,527,317
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (10 reviews)
12312020 12312019 Assets Current assets Cash and cash equivalents 91 166 Accounts Rece...View the full answer
Answered By
Akash Goel
I am in the teaching field since 2008 when i was enrolled myself in chartered accountants course
Since then i have an experience of teaching of class XI, XII, BCOM, MCOM, MBA, CA CPT.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2014. The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and...
-
The following balance sheet items are available from Carnell Inc. as of December 31, 2012: Required a. Prepare a comparative, classified balance sheet for Carnell Inc. b. Perform horizontal and...
-
The Dakota Corporation prepared, for 2014 and 2013, the following balance sheet data: 2014 2013 Cash $87,375 63,750 Available-for-sale securities (not cash equivalents) 17,250 105,000 Accounts...
-
1. Let f(x) = 2x+6 if x < -1 3x+2 if x -1 (a) What is lim, -1- f(x)? Your answer will depend on b. (b) What is lim,-1+ f(x)? (c) For what values of b does limx-1 f(x) exist? 2. Suppose that f and g...
-
Let X and Y be Uniformly distributed on the diamond-shaped region with corners located at (1, 0), (0, 1), (-1,0), and (0,-1).
-
Consider a hypothesis test for two population proportions with the null hypothesis H0: p1 = p2. What parameter is being estimated by the a. Sample proportion p1? b. Sample proportion p2? c. Pooled...
-
Consider the IRR and ERR measures of worth. If we define a root to mean a value for the measure that results in \(\mathrm{PW}=0\), then which of the following statements is true? a. Both IRR and ERR...
-
Windsor Lock Companys controller is preparing a production budget for the year. The companys policy is to maintain a finished goods inventory equal to one-half of the following months sales. Sales of...
-
Describe persistence design under NoSQL technologies.? What is NoSQL polyglot persistence?
-
Assuming the data are normal, what is the probability the blade weights from this process will exceed 5.20? What is the probability that weights will be less than 4.80? What is the actual percent of...
-
What could cause a companys current ratio to be high but its acid-test ratio to be low?
-
Baldwin Industries, a manufacturer of construction equipment, is considering the purchase of KayNet Cables, one of its suppliers. Baldwins board of directors has given preliminary approval for the...
-
Kurz Manufacturing is currently an all-equity firm with 20 million shares outstanding and a stock price of $7.50 per share. Although investors currently expect Kurz to remain an all-equity firm, Kurz...
-
8. What factors influence the spending behavior of the different sectors of the economy?
-
What are the effects of income tax increases on compensating wage differentials? What are the effects of mandated provision of benefits?
-
What is GTCC ? Explain in detail .You used your GTCC to pay for the baggage fees on your outbound flight. While you could add the baggage fee expense to your voucher manually, select the option that...
-
In response to high inflation in the United States, let us assume that the Federal Reserve decides to tighten monetary policy to combat inflation, what will happen to the value of the Canadian dollar?
-
If the Federal Reserve increases the US money supply, what will this do to the value of the US dollar compared to the euro?
-
The equation of a wave is Find (a) the amplitude and (b) the wavelength of this wave. y(x, t) = (3.5 cm) sin {30cm [x-(66 cm/s)
-
Identify the tax issues or problems suggested by the following situations. State each issue as a question. Jennifer did not file a tax return for 2007 because she honestly believed that no tax was...
-
Our workers are all under labor contracts; therefore, our labor rate variance is bound to be zero. Discuss
-
Our workers are all under labor contracts; therefore, our labor rate variance is bound to be zero. Discuss
-
What effect, if any, would you expect poor-quality materials to have on direct labor variances?
-
Using the SaleCo SQL compose a T-SQL query to display the customer code and customer last name from the customer table where a record is returned from the invoice table where the customer code equals...
-
When attempting to communicate with another system using the ping command, what is the most likely cause for a "request timed out" response? TLS is not configured properly. TCP/IP is configured...
-
What type of protocol is illustrated in the figure below (Figure (10 marks) Q4_D)? Explain how it works. CAV 2 CAV 3 CAV 1 CAV 4 CAV 2 Step 1-route request propagation CAV 5 CAV 3 Step 2-route...
Study smarter with the SolutionInn App