Data table Knapp Inc. Balance Sheet at 1/31/2017 and 1/31/2018 Assets 2017 2018 Cash Accounts receivable...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Data table Knapp Inc. Balance Sheet at 1/31/2017 and 1/31/2018 Assets 2017 2018 Cash Accounts receivable Inventory $ 200 $ 158 450 423 550 617 $ 1,200 $ 1,198 Current assets Plant and equipment $ 2,200 Less accumulated depreciation (1,000) $ 2,625 (1,211) $ 1,200 $ 1,414 Net plant and equipment $ 2,400 $ 2,612 Total assets Accounts payable Notes payable-current (9%) Current liabilities Bonds Owners' equity Common stock Retained earnings Total owners' equity Total liabilities and owners' equity Liabilities and Owners' Equity 2017 2018 $ 200 $ 155 0 135 $ 200 $ 290 $ 600 $ 600 $ 900 $ 900 700 822 $ 1,600 $ 1,722 $ 2,400 $ 2,612 Print Done 1/31/2018 Sales Cost of goods sold Gross profit Selling, general and administrative expenses Depreciation Operating income Interest expense Net income before taxes Taxes (40%) Net income 2017 $ 1,200 2018 $ 1,468 700 854 500 $ 614 $ 30 $ 42 220 250 211 253 $ 250 361 50 56 $ 200 305 80 122 $ 120 $ 183 Complete the assets section of the common-sized balance sheet: (Round to one decimal place.) Common-sized balance sheet ASSETS Cash Accounts receivable 158 % 423 Inventory 617 Current assets +A 1,198 Plant and equipment $ 2,625 do do % % Less accumulated depreciation (1,211) Net plant and equipment Total assets GA 6A 1,414 % 2,612 % Data table Knapp Inc. Balance Sheet at 1/31/2017 and 1/31/2018 Assets 2017 2018 Cash Accounts receivable Inventory $ 200 $ 158 450 423 550 617 $ 1,200 $ 1,198 Current assets Plant and equipment $ 2,200 Less accumulated depreciation (1,000) $ 2,625 (1,211) $ 1,200 $ 1,414 Net plant and equipment $ 2,400 $ 2,612 Total assets Accounts payable Notes payable-current (9%) Current liabilities Bonds Owners' equity Common stock Retained earnings Total owners' equity Total liabilities and owners' equity Liabilities and Owners' Equity 2017 2018 $ 200 $ 155 0 135 $ 200 $ 290 $ 600 $ 600 $ 900 $ 900 700 822 $ 1,600 $ 1,722 $ 2,400 $ 2,612 Print Done 1/31/2018 Sales Cost of goods sold Gross profit Selling, general and administrative expenses Depreciation Operating income Interest expense Net income before taxes Taxes (40%) Net income 2017 $ 1,200 2018 $ 1,468 700 854 500 $ 614 $ 30 $ 42 220 250 211 253 $ 250 361 50 56 $ 200 305 80 122 $ 120 $ 183 Complete the assets section of the common-sized balance sheet: (Round to one decimal place.) Common-sized balance sheet ASSETS Cash Accounts receivable 158 % 423 Inventory 617 Current assets +A 1,198 Plant and equipment $ 2,625 do do % % Less accumulated depreciation (1,211) Net plant and equipment Total assets GA 6A 1,414 % 2,612 %
Expert Answer:
Related Book For
Foundations Of Finance
ISBN: 9780135160619
10th Edition
Authors: Arthur J. Keown, John H. Martin, J. William Petty
Posted Date:
Students also viewed these accounting questions
-
In Problem 3- 14, you were asked to prepare a statement of cash flows for Pamplin Inc. Pamplins financial statements are provided again below. Using this information, compute the firms free cash...
-
briefly define Nike's mission statement and strategic goals. Explain how Nike's mission and strategy align with each other. Discuss why having a clear mission and well-defined strategy is crucial for...
-
Following the 2017 General Election and change of government, the Labour-led coalition government established a Tax Working Group (TWG) to consider the overall structure, balance and fairness of the...
-
Joy died on November 5, 2014. Soon after Joy's death, the executor discovered the following insurance policies on Joy's life. Indicate the amount includible in Joy's gross estate for each policy. Joy...
-
Evanson Company expects to produce 500,000 units of their product during the year. Monthly production is expected to range from 40,000 to 80,000 units. The company has budgeted manufacturing costs...
-
In general how have interest rates changed since the late 1980s according to Figure 11.1? FIGURE 11.1 Interest and Inflation Rates, 1988-2010 10p Rate (%) 8 6 10-Year Treasury Bonds 4 2 AAA Corporate...
-
Presented below are the trial balance and the other information related to Yorkis Perez, a consulting engineer. 1. Fees received in advance from clients $6,000.2. Services performed for clients that...
-
2. 2. A 20 kg child climbs to the top of a slide that is 3 m above the ground level. She starts from rest and slides down the incline. a. Define and model the energy of the system with Energy Bar...
-
What is the radius of the smallest circle that encloses an equilateral triangle with 12-inch sides? What is the radius of the largest circle that will fit inside the same triangle?
-
Cost of borrowing is 5% bank lending rate = 5% Salary in 2016 was $600,000 and increased by $100,000 each year. Equipment cost, fixtures and leasehold costs = $750,000 Upgrade costs = $50,000 Create...
-
How could mini black holes, if they exist, lose mass? (b) What can eventually happen to them? Explain the importance of gravitational waves and their recent detection.
-
Karl is a California resident who is Single, has no dependents, and who is claimed as a dependent on another return. Karl must have a California Gross Income amount greater than what amount to have a...
-
Albert made investments of $1000 each for two years. The first one at an interest of 4.8% compounded monthly and the second at 4.9% compounded annually. Calculate the total value of his investment in...
-
A 0.50-kg mass is attached to the end of a 1.0- Im string. The system is whirled in a horizontal circular path. If the maximum tension that the string can withstand is 200 N. What is the maximum...
-
Calculate the Fermi Energy & Conductivity at room temperature for germanium containing 5x10^6 aresenic atoms/cm^3. Use the mobility of the electrons in the host materials. The textbook answers...
-
Write a paper about the Working relationship in the organization- collaboration within and outside the organization
-
Wildhorse Resource Development of Houston, TX (WRD) is an independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas, and NGL...
-
Historical data for the sales, accounts receivable, inventories, and accounts payable for the Crimson Mfg. Company follow: a. Calculate Crimsons days of sales outstanding and days of sales in...
-
Milhouse, 22, is about to begin his career as a rocket scientist for a NASA contractor. Being a rocket scientist, Milhouse knows that he should begin saving for retirement immediately. Part of his...
-
Over what ranges of taxable income in 2017 will the total income tax liability for two persons with equal incomes who file as single individuals equal their income tax liability if they file jointly...
-
If a taxpayer has $40,000 of employee salary in 2017, how much will be withheld for the Social Security and Medicare taxes?
-
Sally and Jim are married and have taxable income in 2017 of $160,000. If they could file their income tax as single individuals, each of them would have taxable income of $80,000. Do they have a...
Study smarter with the SolutionInn App