The balance sheet at December 31, 2023 for Zumba Company follows: Current Assets: Cash and Cash...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The balance sheet at December 31, 2023 for Zumba Company follows: Current Assets: Cash and Cash Equivalents Accounts Receivable, net Inventories Prepaid Rent Total Current Assets Land, buildings and equipment, net Investments Total assets £2 4,800 2,200 898 £7,900 7,400 So0 £15,800 Current Liabilities: Accounts Payable Current Portion Long-Term Debt Accrued Salaries Payable Total Current Liabilities Long-Term Debt Total Liabilities £500 2,500 1,000 4,000 8,000 12,000 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 2,800 1,000 3,800 £15,800 Additional information follows: 1. Net income for the year ended December 31, 2023 is £2,020. 2. Cost of goods sold for the year ended December 31, 2023 is £4,400. 3. Inventory on January 1, 2023 is £1,800. 4. Accounts Receivable, net on January 1, 2023 are £4,400. 5. Total assets on January 1, 2023 are £20,000. 6. Net credit sales for the year ended December 31, 2023 are £14,600. 7. Net income before interest and taxes for the year ended December 31, 2023 is £4,800. 8. Interest expense for the year ended December 31, 2023 is £55o. 9. Total stockholders' equity on January 1, 2023 is £3,500. Write the Formula and Compute the following ratios: 1. Current ratio 2. Quick ratio 3. Accounts receivable turnover 4. Days' inventory outstanding 5. Times interest earned 6. Return on assets 7. Return on equity List and Explain Fundamental and Enhancing Qualitative Characteristics of useful information in accounting? The balance sheet at December 31, 2023 for Zumba Company follows: Current Assets: Cash and Cash Equivalents Accounts Receivable, net Inventories Prepaid Rent Total Current Assets Land, buildings and equipment, net Investments Total assets £2 4,800 2,200 898 £7,900 7,400 So0 £15,800 Current Liabilities: Accounts Payable Current Portion Long-Term Debt Accrued Salaries Payable Total Current Liabilities Long-Term Debt Total Liabilities £500 2,500 1,000 4,000 8,000 12,000 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 2,800 1,000 3,800 £15,800 Additional information follows: 1. Net income for the year ended December 31, 2023 is £2,020. 2. Cost of goods sold for the year ended December 31, 2023 is £4,400. 3. Inventory on January 1, 2023 is £1,800. 4. Accounts Receivable, net on January 1, 2023 are £4,400. 5. Total assets on January 1, 2023 are £20,000. 6. Net credit sales for the year ended December 31, 2023 are £14,600. 7. Net income before interest and taxes for the year ended December 31, 2023 is £4,800. 8. Interest expense for the year ended December 31, 2023 is £55o. 9. Total stockholders' equity on January 1, 2023 is £3,500. Write the Formula and Compute the following ratios: 1. Current ratio 2. Quick ratio 3. Accounts receivable turnover 4. Days' inventory outstanding 5. Times interest earned 6. Return on assets 7. Return on equity List and Explain Fundamental and Enhancing Qualitative Characteristics of useful information in accounting?
Expert Answer:
Answer rating: 100% (QA)
41 3 4 144 5 bet sc 9 7 bome 8 01 backspace wnu toc... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
Posted Date:
Students also viewed these accounting questions
-
Inventory and cost of goods sold information for Lafleche Inc. is provided below: Required: a. Calculate the inventory turnover ratio and average number of days in inventory under the two cost...
-
The following is Mann Corp.s comparative balance sheet at December 31, 2011, and 2010, with a column showing the increase (decrease) from 2010 to 2011: Additional information: 1. On December 31,...
-
Cost of goods sold is $100,000. Accounts payable increased by $2,000. Inventory increased by $5,000. Cash paid to suppliers is: Multiple Choice $107,000. $103,000. $100,000. $93,000.
-
It can be seen that in rolling a strip, the rolls will begin to slip if the back tension, b is too high. Derive an analytical expression for the magnitude of the back tension in order to make the...
-
Discuss why a government might record encumbrances in its records and what role these amounts would have in the (a) Management of a government and (b) General purpose financial statements issued to...
-
Suncoast Boats Inc. estimates that because of the seasonal nature of its business, it will require an additional $2 million of cash for the month of July. Suncoast Boats has the following four...
-
When a suspected drunk driver blows 188 mL of his breath through the fuel-cell breathalyzer described in Section 20.7, the breathalyzer produces an average of 324 mA of current for 10 s. Assuming a...
-
In Russ Nelsons comments to Charlie, he recommends that Charlie block RICC employees from accessing social media sites such as Facebook and Twitter from their computers at work. What are the...
-
the accuracy of the costs allocated to patients. I he first overhead rate would include all overhead costs within the Intensive Car (ICU) and the second overhead rate would include all Other overhead...
-
Chumpy Lighting Limited manufactures a wide variety of light bulbs which it sells to lighting shops and builders merchants through wholesale distributors. It also sells direct to the big UK...
-
We have engaged in several excellent discussions over the semester. For this discussion, post a farewell to your colleagues and offer them bit of knowledge, advice, even a joke. Then check out a few...
-
How does the accounng for biological assets differ from the accounng for other inventory items? 2) How does Aurora Cannabis determine the stage of compleon for cannabis plants? Does any part of this...
-
Case Study 12 Ms. Kraus, the bookkeeper of a nursing facility, is entering charges into their appropriate journals when she comes across one that is not earmarked for a specific account. She phones...
-
In a two week period, Mary who lives in Florida, worked the following hours per day: 10 on Monday, 10 on Tuesday, 10 each day on Thursday, Friday and Saturday. She was off Sunday until Thursday; then...
-
Assume Phipps Chips, a fictious snack company, makes artisan potato chips in a variety of flavors. The company sells 12-ounce bags of a variety of flavors in grocery store chains such as Whole Foods...
-
The current asset conversion cycle is the number of days it takes to purchase, produce, and sell an item, and then to collect on that item. Explain
-
Use this sample data table to respond to tasks a-f. *Base Year Year 2013 2014* 2015 2016 Market Basket Price CPI $20 $25 $30 $33 Inflation Rate a) Calculate the CPI for each year. Show your work in...
-
Controls can be identified based on their function. The functions are preventive, detective, and corrective. A. True B. False
-
Suppose you work in the loan department of CIBC. Dean Young, owner of Dean Young Sports Equipment, has come to you seeking a loan for $500,000 to expand operations. Young proposes to use accounts...
-
Western Agriculture Industries Ltd. is authorized by the province of Saskatchewan to issue 500,000 common shares. In its initial public offering during 2013, Western Agriculture issued 200,000 of its...
-
Groovy Limited began 2017 with $95,000 in cash. During 2017, Groovy earned net income of $300,000, and adjustments to reconcile net income to net cash provided by operations totaled $60,000, a...
-
Every financial advisor has a strategy for predicting the direction of the stock market. Most focus on fundamental economic data, such as interest rates and corporate profits. But an alternative...
-
State whether the prediction (or implied prediction) should be trusted in each of the following cases, and explain why or why not. a. Youve found a best-fit line for a correlation between the number...
-
Figure 20 shows data and best-fit lines for both mens and womens world record times in the 1-mile race. Based on these data, predict when the womens world record will be faster than the mens world...
Study smarter with the SolutionInn App