An Inn has the following comparative balance sheets: Balance Sheets, December 31 ASSETS Current Assets Bank...
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An Inn has the following comparative balance sheets: Balance Sheets, December 31 ASSETS Current Assets Bank Credit card receivables Linen Inventory Supplies Inventory Total Current Assets Non-current Assets Furnishings Accum depreciation, furnishings Building Accum depreciation, building Total Assets 2021 Shareholders Equity Retained earnings Total Equity Liabilities & Equity $215,000 140,000 23,455 18,175 396,630 145,600 -67,800 875,000 -87,500 865,300 $1,261,930 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities Accounts payable Wages payable Taxes payable Total Current Liabilities Non-current Liabilites Mortgage payable Total Liabilities Equity $48,010 5,800 6,375 60,185 770,200 830,385 2020 $125,000 198,000 20,460 16,335 359,795 135,600 -54,240 875,000 -70,000 886,360 $1,246,155 $60,090 2,510 22,165 84,765 779,980 864,745 300,000 300,000 131,545 81,410 431,545 381,410 $1,261,930 $1,246,155 1 From the information given, prepare a Statement of Cash Flows 2 Calculate the company's working capital for both years 3 Calculate the company's working capital ratio (or current ratio) in year 2021 4 Calculate the linen inventory turnover ratio and days in inventory if the Linen Cost of Sales is 12,300 5 Calculate the supplies inventory turnover ratio and days in inventory if the Supplies Cost of Sales is 63,800 An Inn has the following comparative balance sheets: Balance Sheets, December 31 ASSETS Current Assets Bank Credit card receivables Linen Inventory Supplies Inventory Total Current Assets Non-current Assets Furnishings Accum depreciation, furnishings Building Accum depreciation, building Total Assets 2021 Shareholders Equity Retained earnings Total Equity Liabilities & Equity $215,000 140,000 23,455 18,175 396,630 145,600 -67,800 875,000 -87,500 865,300 $1,261,930 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities Accounts payable Wages payable Taxes payable Total Current Liabilities Non-current Liabilites Mortgage payable Total Liabilities Equity $48,010 5,800 6,375 60,185 770,200 830,385 2020 $125,000 198,000 20,460 16,335 359,795 135,600 -54,240 875,000 -70,000 886,360 $1,246,155 $60,090 2,510 22,165 84,765 779,980 864,745 300,000 300,000 131,545 81,410 431,545 381,410 $1,261,930 $1,246,155 1 From the information given, prepare a Statement of Cash Flows 2 Calculate the company's working capital for both years 3 Calculate the company's working capital ratio (or current ratio) in year 2021 4 Calculate the linen inventory turnover ratio and days in inventory if the Linen Cost of Sales is 12,300 5 Calculate the supplies inventory turnover ratio and days in inventory if the Supplies Cost of Sales is 63,800
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The task youve provided involves performing financial analysis based on the balance sheet of a company for two comparative years 2021 and 2020 However ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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