Bramble Inc. follows ASPE and had the following statement of financial position at the end of...
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Bramble Inc. follows ASPE and had the following statement of financial position at the end of operations for 2022: Bramble Inc. Statement of Financial Position December 31, 2022 Cash $50,100 Accounts payable $93,900 Accounts receivable 90,400 Long-term debt 85,800 Inventory 82,200 Common shares 100,900 Machinery (net) 125,000 Retained earnings 87,100 Trademarks 20,000 $367,700 $367,700 During 2023, the following occurred: 1. Bramble sold some of its trademarks. The trademarks had an unlimited useful life and a cost of $10,500. They were sold for proceeds of $20,000. 2. Machinery was purchased in exchange for long-term debt of $40,200. 3. Long-term debt in the amount of $15,000 was retired before maturity by paying $15,000 cash. 4. An additional $12.200 in common shares was issued. 5. Dividends totalling $14,000 were declared and paid to shareholders. Dividends paid are treated as financing activities. 6. Net income for 2023 was $46,600 after allowing for depreciation of $20,000. 7. 8. (d) Machinery with a carrying value of $15,800 was sold at a gain of $7,500. At December 31, 2023, Cash was $68,500; Accounts Receivable was $111.200; Accounts Payable was $82,800, and Inventory Increased to $108,000. Your answer is incorrect. Calculate the following ratios: (Round current cash debt coverage ratio and cash debt coverage ratio answers to 2 decimal places, e.g. 52.75. Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) 1. Free cash flow 2. Current cash debt coverage ratio 3. Cash debt coverage ratio eTextbook and Media List of Accounts Save for Later to 1 to 1 Attempts: 2 of 5 used Submit Answer Bramble Inc. follows ASPE and had the following statement of financial position at the end of operations for 2022: Bramble Inc. Statement of Financial Position December 31, 2022 Cash $50,100 Accounts payable $93,900 Accounts receivable 90,400 Long-term debt 85,800 Inventory 82,200 Common shares 100,900 Machinery (net) 125,000 Retained earnings 87,100 Trademarks 20,000 $367,700 $367,700 During 2023, the following occurred: 1. Bramble sold some of its trademarks. The trademarks had an unlimited useful life and a cost of $10,500. They were sold for proceeds of $20,000. 2. Machinery was purchased in exchange for long-term debt of $40,200. 3. Long-term debt in the amount of $15,000 was retired before maturity by paying $15,000 cash. 4. An additional $12.200 in common shares was issued. 5. Dividends totalling $14,000 were declared and paid to shareholders. Dividends paid are treated as financing activities. 6. Net income for 2023 was $46,600 after allowing for depreciation of $20,000. 7. 8. (d) Machinery with a carrying value of $15,800 was sold at a gain of $7,500. At December 31, 2023, Cash was $68,500; Accounts Receivable was $111.200; Accounts Payable was $82,800, and Inventory Increased to $108,000. Your answer is incorrect. Calculate the following ratios: (Round current cash debt coverage ratio and cash debt coverage ratio answers to 2 decimal places, e.g. 52.75. Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) 1. Free cash flow 2. Current cash debt coverage ratio 3. Cash debt coverage ratio eTextbook and Media List of Accounts Save for Later to 1 to 1 Attempts: 2 of 5 used Submit Answer
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Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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