Complete the following balance sheet using the information given. Round account balances to the nearest dollar....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Complete the following balance sheet using the information given. Round account balances to the nearest dollar. You are required to write down your solutions step by step, and you have opportunity to earn partial points. Balance Sheet Cash Accounts receivable Inventory Net fixed assets Total assets Accounts payable Short-term Income Statement Sales (All Credit) $30,000 Cost of goods sold 12,000 Operating expenses Interest expense Taxes Net income 6,000 100 1,365 $2,530 payable Short-term notes payable $1,500 Long-term debt Common stock Retained earnings Total Liabilities and equity $5,000 Ratios: Return on Equity : = 15% Quick Ratio E 1.2 Return on Total Assets = Net Fixed Asset Turnover 1.6 Current Ratio = 10% 2 Average Collection Period 45 Tips: 1. Solve for common equity using ROE-Net Income/Common Equity 2. Retained Earnings = Common Equity - Common Stock 3. Net Fixed Asset Turnover -Sales/Net Fixed Assets 4 Complete the following balance sheet using the information given. Round account balances to the nearest dollar. You are required to write down your solutions step by step, and you have opportunity to earn partial points. Balance Sheet Cash Accounts receivable Inventory Net fixed assets Total assets Accounts payable Short-term Income Statement Sales (All Credit) $30,000 Cost of goods sold 12,000 Operating expenses Interest expense Taxes Net income 6,000 100 1,365 $2,530 payable Short-term notes payable $1,500 Long-term debt Common stock Retained earnings Total Liabilities and equity $5,000 Ratios: Return on Equity : = 15% Quick Ratio E 1.2 Return on Total Assets = Net Fixed Asset Turnover 1.6 Current Ratio = 10% 2 Average Collection Period 45 Tips: 1. Solve for common equity using ROE-Net Income/Common Equity 2. Retained Earnings = Common Equity - Common Stock 3. Net Fixed Asset Turnover -Sales/Net Fixed Assets 4
Expert Answer:
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118983270
7th edition
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
Posted Date:
Students also viewed these finance questions
-
Complete the following balance sheet for Fawcett's Plumbing Supplies. Fawcett's Plumbing Supplies Balance Sheet March 31, 2013 Assets Current assets Cash Office supplies Accounts receivable Total...
-
Complete the following balance sheet for Rooter Green Construction Company. Rooter Green Construction Company Balance Sheet June 30, 2014 Assets Current assets Cash Supplies Accounts receivable Total...
-
Net sales are $400,000, cost of goods sold is $310,000, operating expenses are $60,000 and other revenues are $5,200. What are the gross profit margin and profit margin? a. 22.5% and 7.5% b. 7.5% and...
-
Dale and Roy formed a partnership early this year. Dale contributed $150,000 cash in exchange for a 50% interest in the partnership. Roy contributed land with a tax basis of $90,000, and a fair...
-
John, who works at Swatch, has decided to use the weighted attribute method to compare three systems for manufacturing a watchband. The vice president and her assistant VP have evaluated each of...
-
Is it possible for the net force acting on an object to be zero, but the net torque to be greater than zero? Explain. (The forces contributing to the net force may not lie along the same line.)
-
Accounting for Participation Rates Exercises 2.30 and 2.31 show that smokers who agreed to be in the Deposit group (having their own money at risk) were much more likely to quit smoking than those...
-
Data for the progression of college students at a particular college are summarized in the following matrix of transition probabilities. a. What states are absorbing states? b. Interpret the...
-
Rubber and Steel Company is planning to manufacture a new product. The variable manufacturing costs will be $57 per unit and the fixed costs are estimated to be $6819 The selling price of the product...
-
The income statement of Fezzik's Shoe Repair is as follows: On April 1, the Owner's Capital account had a balance of $12,900. During April, Fezzik withdrew $3,000 cash for personal use. Prepare...
-
Explain what is meant by game theory using an example in which there is a dominant strategy. What would be the Nash equilibrium if any in your example?
-
Explain the differences between the different forms of online advertising, namely search, display, social and native. Visit https://www.facebook.com/business/ads and learn about the different...
-
What is a Chapter 11 bankruptcy?
-
What are the opportunities and challenges for companies using social media listening?
-
The bylaws of Jameson Enterprises, Inc., required a 70 percent supermajority to establish a qu o rum sufficient to hold a meeting to remove a director from the board. The bylaws also de s i g nated a...
-
What is the difference between a registered limited liability partnership and a limited partnership?
-
Consider the economy with two goods and fixed factor supplies. Assume that the social welfare function defined in commodity space : W = (x+2) X and that society's implicit production function X +...
-
1. As a general strategy, would you recommend that Carl take an aggressive approach to capacity expansion or more of a wait-and-see approach? 2. Should Carl go with the option for one facility that...
-
Columbus City was awarded a state reimbursement grant of $150,000 to assist its adult literacy program. The following were significant events relating to the grant: The city, which is on a calendar...
-
On January 1, 2018, the balance sheet of a city's funds for the acquisition of library books showed the following (in thousands):...
-
For each of the following situations, indicate the amount of revenue that the government should recognize in an appropriate governmental fund as well as in its government-wide statement of activities...
-
The group \(\mathrm{D}_{3}\) in Schoenflies notation (32 in international notation, which is read "three-two"; see Table 5.1 ) consists of the proper (those not reflections or inversions) covering...
-
Derive the two-dimensional matrix representation Tic)=(2) Tin)=(3) Tex)=(37) (69) T(c2b)= 1 TO)-(71) 10-(11) TO=(9) = for the group D3, using the basis (e1, e2) defined in the following figure.
-
Prove that the matrix representation of \(\mathrm{D}_{3}\) worked out in Problem 5.6 is irreducible. Data from Problem 5.6 Derive the two-dimensional matrix representation Tic)=(2) Tin)=(3)...
Study smarter with the SolutionInn App