Rouse Toy Company reported the following comparative balance sheet: Requirements 1. Compute the collections from customers during
Question:
Rouse Toy Company reported the following comparative balance sheet:
Requirements
1. Compute the collections from customers during 2015 for Rouse Toy Company. Sales Revenue totaled $ 143,000.
2. Compute the payments for inventory during 2015. Cost of Goods Sold was $80,000.
Transcribed Image Text:
ROUSE TOY COMPANY Comparative Balance Sheet December 31, 2015 and 2014 2015 2014 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Expenses 17,00011,000 49,000 84,000 2,100 59,000 78,000 3,100 Long-term Assets: 227,000 75,000 S 459,100 Plants Assets, Net 189,000 85,000 S 420,100 Investments Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Accrued Liabilities Long-term Liabilities: Notes Payable 43,000 24,500 5,000 38,000 19,000 13,000 60,000 70,000 140,000 Total Liabilities 132,500 Stockholders Equity Common Stock Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders' Equity 42,000 284,600 326,600 S 459,100 39,000 241,100 280,100 S 420,100
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (17 reviews)
Requirement 1 Sales Revenue 143000 Beginning Accounts Receivable 49000 End...View the full answer
Answered By
Rohail Amjad
Experienced Finance Guru have a full grip on various sectors, i.e Media, Insurance, Automobile, Rice and other Financial Services.
Have also served in Business Development Department as a Data Anlayst
4.70+
32+ Reviews
83+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Managerial Accounting questions
-
Rouse Toy Company reported the following comparative balance sheet: Requirement 1. Compute the following for Rouse Toy Company: a. Collections from customers during 2012. Sales totaled $143,000. b....
-
Volusia Company reported the following comparative balance sheets for 2009: Additional information: 1. Net income for 2009 was $15,300. 2. Cash dividends of $10,500 were declared and paid during...
-
During the year, cost of goods sold was $40,000; income from operations was $38,000; income tax expense was $8,000; interest expense was $6,000; and selling, general, and administrative expenses were...
-
Data for Barry Computer Co. and its industry averages follow. a. Calculate the indicated ratios for Barry. b. Construct the DuPont equation for both Barry and the industry. c. Outline Barrys...
-
What hybrid orbitals would be expected for the central atom in each of the following molecules or ions? a. GeCl4 b. PBr3 c. BeF2 d. SO2
-
Repeat Prob. 988 when the isentropic efficiencies of the turbine and compressor are 90 percent and 80 percent, respectively, and there is a 50-kPa pressure drop across the combustion chamber. Data...
-
The typical shape of small cumulus clouds is as indicated in Fig. P9.17. Based on boundary layer ideas, explain why it is clear that the wind is blowing from right to left as indicated. Figure P9.17 U
-
Audio Products, Inc., produces two AM/ FM/ CD players for cars. The radio/ CD units are identical, but the mounting hardware and finish trim differ. The standard model fits inter-mediate and full-...
-
Please discuss how absorptive capacity can influence firms' innovation performance in the digital era. What are the possible mechanisms? Please draw on a wide range of literature to support your...
-
Individually identify projects assigned in previous terms. Were both sociocultural and technical elements factors in the success or difficulties in the projects?
-
Use the data in Short Exercise and your results. Happy Tots Learning Center has assembled the following data for the year ended June 30, 2014: Payments to suppliers ............... $ 117,000 Cash...
-
Consider the following transactions: a. Purchased equipment for $ 130,000 cash. b. Issued $ 14 par preferred stock for cash. c. Cash received from sales to customers of $ 35,000. d. Cash paid to...
-
A Toyota Camry costs $19,600 and has an average gas mileage of 27 mpg. A Toyota Prius costs $23,000 and has an average gas mileage of 50 mpg. Assuming gas costs $4 per gallon, generate total cost...
-
The conflict within the AFL over whether to organize on a craft basis or an industrial basis led to ________________.
-
According to the conservatives, when the minimum wage is abolished, the wage rate for marginal workers will _______. a) fall and employment will fall b) fall and employment will rise c) rise and...
-
Unions have two basic ways of exerting power. They are to (1) _________ and (2) ______________.
-
Antitrust today could best be summed up by the _________. a) 90 percent rule b) 60 percent rule c) rule of reason d) one-year rule
-
The Supreme Courts rule of reason was applied _______. a) from the time of the Civil War b) from 1911 to 1945 c) after 1945 d) after 1970
-
How do bonuses and stock options provide incentive pay for executives?
-
A bar of a steel alloy that exhibits the stress-strain behavior shown in Figure 6.22 is subjected to a tensile load; the specimen is 375 mm (14.8 in.) long and has a square cross section 5.5 mm (0.22...
-
Which plants produce pollen? What strategies do plants use for pollination? What strategy do most flowering plants use?
-
Crispy Fried Chicken bought equipment on January 2, 2018, for $33,000. The equipment was expected to remain in service for four years and to operate for 6,750 hours. At the end of the equipment's...
-
Salem Hardware Consultants purchased a building for $540,000 and depreciated it on a straight-line basis over a 40-year period. The estimated residual value is $100,000. After using the building for...
-
On January 2, 2017, Comfy Clothing Consignments purchased showroom fixtures for $17,000 cash, expecting the fixtures to remain in service for five years. Comfy has depreciated the fixtures on a...
-
Write a script called ChangeExtensions that accepts two file name extensions as arguments, and renames all files with the first extension to have the second extension. For example, Change Extensions...
-
Write an HTML document that draws the trapezoid (a rectangle that is wider on one side) below in Canvas. (30,30) 50 50 70
-
Find V 1 V 5 V source I 2 I 3 I 4 I 5 R 1 R 2 R 3 R 4 R total. V 2 = 6 0 . 0 V , V 3 = 9 0 . 0 V , V 4 = 5 0 . 0 V , I 1 = 1 . 5 A , I total = 4 . 0 A , R 5 = 3 0 ohms. Indicate where appropriate....
Study smarter with the SolutionInn App