Chapter 17 Alternate Assignment Problem 1: Current Position Analysis The following data were taken from the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Chapter 17 Alternate Assignment Problem 1: Current Position Analysis The following data were taken from the balance sheet of Mossberg Company: Dec 31, 2014 $700,000 Cash Marketable securities 800,000 920,000 Accounts and notes receivable (net) Inventories 600,000 Prepaid expense 500,000 Total current assets 3,520,000 800,000 Accounts and notes payable (short-term) Accrued liabilities 300,000 Total current liabilities 1,100,000 Determine the following for 2014 rounding to one decimal place: 1. Working Capital 2. Current Ratio 3. Quick Ratio Dec 31, 2013 $600,000 620,000 780,000 500,000 500,000 3,000,000 750,000 250,000 1,000,000 Problem 2: Accounts Receivable Analysis The following data are taken from the financial statements of Krawcheck Inc. Terms of all sales are 2/10, n/55. 2014 2013 Accounts Receivable, end of year Net sales on account $500,000 $475,000 3,412,500 2,836,500 Determine the following for 2014 rounding to one decimal place: 1. Accounts Receivable Turnover 2. Number of days' sales in receivables Chapter 17 Alternate Assignment Problem 1: Current Position Analysis The following data were taken from the balance sheet of Mossberg Company: Dec 31, 2014 $700,000 Cash Marketable securities 800,000 920,000 Accounts and notes receivable (net) Inventories 600,000 Prepaid expense 500,000 Total current assets 3,520,000 800,000 Accounts and notes payable (short-term) Accrued liabilities 300,000 Total current liabilities 1,100,000 Determine the following for 2014 rounding to one decimal place: 1. Working Capital 2. Current Ratio 3. Quick Ratio Dec 31, 2013 $600,000 620,000 780,000 500,000 500,000 3,000,000 750,000 250,000 1,000,000 Problem 2: Accounts Receivable Analysis The following data are taken from the financial statements of Krawcheck Inc. Terms of all sales are 2/10, n/55. 2014 2013 Accounts Receivable, end of year Net sales on account $500,000 $475,000 3,412,500 2,836,500 Determine the following for 2014 rounding to one decimal place: 1. Accounts Receivable Turnover 2. Number of days' sales in receivables
Expert Answer:
Answer rating: 100% (QA)
1 Working capital Current asset Current liabilities 3520000 1100... View the full answer
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
The following data were taken from the balance sheet of Marine Equipment Company: a. Determine for each year (1) The working capital (2) The current ratio (3) The quick ratio. b. What conclusions can...
-
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the...
-
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: a. Determine for each year (1) The working capital, (2) The current ratio, and (3) The...
-
Write the dual for each of the following primal problems: (a) Maximize z = - 5x1 + 2x2 Subject to - x1 + x2 - 2 2x1 + 3x2 5 X1, x2 0 (b) Minimize z = 6x1 + 3x2 Subject to 6x1 - 3x2 + x3 2 3x1 +...
-
Refer to Arctic Cats balance sheet in Appendix A. What is the amount of Arctic Cats ac-counts payable as of March 31, 2011?
-
Would optically active ketones such as the following undergo acid-or base-catalyzed racemization? Explain your answer.
-
La Salle Exploration Company reported these figures for 2008 and 2007: Compute rate of return on total assets and rate of return on common stockholders' equity for 2008. Do these rates of return...
-
Morton Financial must decide on the percentage of available funds to commit to each of two investments, referred to as A and B, over the next four periods. The following table shows the amount of new...
-
After watching the video link https://www.youtube.com/watch?v=vaedonG8-_Q&list=RDCMUCw4JngrDzyLiv6IiCVkFywg answer the questions: 1. Why is it important to establish classroom culture? 2. Why is it...
-
Show how the IS and LM schedules look in the monetarist view. Use these schedules to illustrate the monetarist conclusions about the relative effectiveness of monetary and fiscal policy.
-
A nonlinear automobile spring is tested by having a 150-lb cylinder impact it with a speed v 0 = 12 ft /sec. The spring resistance is shown in the accompanying graph. Determine the maximum deflection...
-
What are presumptions, and why are they important?
-
What is the burden of proof in a criminal trial? How does it compare to the burden of proof in a civil trial?
-
Why are conventional files easy to design and implement?
-
What is at common misconception about databases?
-
Why is storing data in a database riskier than storing it in a file?
-
SHOW COMPLETE SOLUTIONS 53. A waterfall has a total drop of 15 m and a flow rate 2 m/s. Most nearly what theoretical power is available? C. 439 kW (A. PV B. D. 750 kW 294 KW 375 kW
-
The graph of an equation is given. (a) Find the intercepts. (b) Indicate whether the graph is symmetric with respect to the x-axis, the y-axis, or the origin. -3 6 -6 3 x
-
Crystal Springs Inc. bottles and distributes spring water. On June 1 of the current year, Crystal reacquired 2,500 shares of its common stock at $60 per share. On July 8, Crystal sold 1,500 of the...
-
How should the severance costs of terminated employees be accounted for?
-
General Motors 8.375% bonds due in 2033 were reported in The Wall Street Journal as selling for 100.245 on February 18, 2005. Were the bonds selling at a premium or at a discount on February 18,...
-
Show that \[ \gamma_{i}=\frac{\bar{\phi}_{i}}{\phi_{i}} \]
-
Carbon dioxide occupies a tank at \(100^{\circ} \mathrm{C}\). If the volume of the tank is \(0.5 \mathrm{~m}^{3}\) and the pressure is \(500 \mathrm{kPa}\), determine the mass of the gas in the tank.
-
If a cylinder of volume \(0.1 \mathrm{~m}^{3}\) is filled with \(1.373 \mathrm{~kg}\) of ammonia at \(1.95 \mathrm{MPa}\), determine the temperature at which ammonia exists in the cylinder. Assume...
Study smarter with the SolutionInn App