1 PROBLEM 3-4 2 PREPARING A BALANCE SHEET 23 3 Prepare a balance sheet from the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1 PROBLEM 3-4 2 PREPARING A BALANCE SHEET 23 3 Prepare a balance sheet from the following information. What is the 4 net working capital and ebt ratio? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data 5 section. 6 DATA 7 Cash $50,000 8 Account receivables 42,700 9 Accounts payable 23,000 10 Short-term notes payable 10,500 11 Inventories 40.000 12 Gross fixed assets 13 Other current assets 1,280,000 5,000 14 Long-term debt 200,000 15 Common stock 490,000 16 Other assets + 15,000 17 Accumulated depreciation 312,000 18 Retained earnings ? 19 20 SOLUTION 21 Balance Sheet 22 Cash 23 Accounts receivable 24 Inventories 25 Other current assets 26 Total current assets 27 Gross fixed assets 28 Accumulated depreciation 29 Net fixed assets 30 Other assets 31 Total assets 32 33 Notes payable 34 Accounts payable 35 Total current liabilities 36 Long-term debt 37 Total liabilities 38 Common stock 39 Retained earnings A 40 Total equity 41 Total liabilities and equity 42 43 Net Working Capital 44 Debt Ratio 45 1 PROBLEM 3-4 2 PREPARING A BALANCE SHEET 23 3 Prepare a balance sheet from the following information. What is the 4 net working capital and ebt ratio? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data 5 section. 6 DATA 7 Cash $50,000 8 Account receivables 42,700 9 Accounts payable 23,000 10 Short-term notes payable 10,500 11 Inventories 40.000 12 Gross fixed assets 13 Other current assets 1,280,000 5,000 14 Long-term debt 200,000 15 Common stock 490,000 16 Other assets + 15,000 17 Accumulated depreciation 312,000 18 Retained earnings ? 19 20 SOLUTION 21 Balance Sheet 22 Cash 23 Accounts receivable 24 Inventories 25 Other current assets 26 Total current assets 27 Gross fixed assets 28 Accumulated depreciation 29 Net fixed assets 30 Other assets 31 Total assets 32 33 Notes payable 34 Accounts payable 35 Total current liabilities 36 Long-term debt 37 Total liabilities 38 Common stock 39 Retained earnings A 40 Total equity 41 Total liabilities and equity 42 43 Net Working Capital 44 Debt Ratio 45
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Cherokee Company had an accounts receivable balance of $16,000 on December 31, 2013. Projected sales for the first three months of 2014 are: January $120,000 February 130,000 March 100,000 All sales...
-
A+ Learning Systems Inc. was organized on May 31, 2009. Projected selling and administrative expenses for each of the first three months of operations are as follows: June ... $114,800 July ......
-
Give a specic example of data that might be gathered from each of the following business disciplines: accounting, finance, human resources, marketing, information systems, production, and management....
-
In order to create a digital signature a. the sender encrypts a hash using the recipients public key b. the sender encrypts a hash using the senders private key c. the sender encrypts a hash using...
-
Suppose a firm faces a current tax rate of 35% but expects this rate to fall to 20% in the future. Employees on average face a current marginal tax rate of 31% but expect this rate to fall to 20%...
-
On 27th October 2021 David purchased a 72cm plasma Tv from Electrowise (Pty) Ltd at a value of R10 000-00 on instalment credit for a period12 months at an interest rate of 5% per year. Clause 3.2 of...
-
Consider this set of processes. Construct Gantt charts for the scheduling algorithms indicated below and compute the individual and average waiting time, individual and average response time and...
-
Ingram Micro Berhad currently has an enterprise value of RM300,000,000 and RM75,000,000 in excess cash. Ingram Micro is a debt free firm with 7,500,000 shares outstanding. Suppose Ingram uses its...
-
Describe the ultimate test of a quality product or service. Explain the core principles of Total Quality Management (TQM). Explain the users, limitations and reporting of quality cost information....
-
Canyon City Co. uses a job order costing system that combines actual direct material and actual direct labor costs with a predetermined overhead charge based on machine hours. Expected overhead and...
-
A person walks first at a constant speed of 4.9 m/s along a straight line from point A to point B and then back along the line from B to A at a constant speed of 1.6 m/s. What is her average speed...
-
Below are income statements, from 2019 for two companies that compete against one another in the same industry: Company 1 Company 2 Sales $150,000 $150,000 Variable Costs 60,000 15,000 Contribution...
-
. A fuel gas is known to contain methane, ethane, and carbon monoxide. A sample of the gas is charged into an initially evacuated 2.000-liter vessel at 25C and 2323 mm Hg absolute. The vessel is...
-
Can partitioned join be used for r r.A s? Explain your answer
-
Assume that you asked your stockbroker to purchase 100 shares of ExxonMobil Corporation stock. How would this transaction affect the financial statements of ExxonMobil? Explain.
-
The 2007 balance sheet for Carnival Corporation indicates that the company has 1,960 million shares of common stock authorized, of which approximately 624 million are outstanding. a. How many...
-
a. Does the accounting principle of consistency require a company to use the same method of depreciation for all of its plant assets? b. Is it acceptable for a corporation to use different...
Study smarter with the SolutionInn App