The balance sheets for Video Screens Corporation and additional information are provided below. VIDEO SCREENS CORPORATION...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The balance sheets for Video Screens Corporation and additional information are provided below. VIDEO SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity. Additional information for 2024: 1. Net income is $143,000. 2. Sales on account are $1,776,300. 3. Cost of goods sold is $1,323,000. $200,600 92,000 $127,000 99,000 102,000 87,000 4,700 2,700 550,000 550,000 860,000 740,000 (498,000) (338,000) $1,311,300 $1,267,700 $106,000 $92,000 6,500 12,700 8,500 5,700 110,000 220,000 770,000 770,000 310,300 167,300 $1,311,300 $1,267,700 dditional information for 2024: 1. Net income is $143,000. 2. Sales on account are $1,776,300. 3. Cost of goods sold is $1,323,000. equired: Calculate the following risk ratios for 2024: When we compare two companies, can one have a higher current ratio while the other has a higher acid-test ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the following risk ratios for 2024: (Round your answers to 1 decimal place.) Risk Ratios a. Receivables turnover ratio b. Inventory turnover ratio Current ratio d. Acid-test ratio . Debt to equity ratio: times times Required 1 Required 2 > The balance sheets for Video Screens Corporation and additional information are provided below. VIDEO SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity. Additional information for 2024: 1. Net income is $143,000. 2. Sales on account are $1,776,300. 3. Cost of goods sold is $1,323,000. $200,600 92,000 $127,000 99,000 102,000 87,000 4,700 2,700 550,000 550,000 860,000 740,000 (498,000) (338,000) $1,311,300 $1,267,700 $106,000 $92,000 6,500 12,700 8,500 5,700 110,000 220,000 770,000 770,000 310,300 167,300 $1,311,300 $1,267,700 dditional information for 2024: 1. Net income is $143,000. 2. Sales on account are $1,776,300. 3. Cost of goods sold is $1,323,000. equired: Calculate the following risk ratios for 2024: When we compare two companies, can one have a higher current ratio while the other has a higher acid-test ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the following risk ratios for 2024: (Round your answers to 1 decimal place.) Risk Ratios a. Receivables turnover ratio b. Inventory turnover ratio Current ratio d. Acid-test ratio . Debt to equity ratio: times times Required 1 Required 2 >
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
2. An marketing company is trying to decide between IT training conducted in-house and the use of third party consultants. To get some preliminary cost data, each type of training was implemented at...
-
Please help me with this question as soon as possible. Thank you so much! Answer the following questions in your own words in paragraph form and cite the work you use: 1. Define the four types of...
-
Create a 10- to 12-slide Microsoft PowerPoint presentation in which you include the following: Describe the premise of the study (conceptual framework). Explain the results of the study. Describe the...
-
Comparative income statements are available for Johanna's Fine Furs: Required Perform horizontal and vertical analyses on each of the items in the above comparative income statements. Round...
-
How are nonfactory costs and costs that benefit both factory and nonfactory operations accounted for?
-
Why is it important to determine when property is acquired?
-
Which of the following corresponds to "financial statements including all information required for the financial statement decision makers to make informed decisions about the company's financial...
-
Mark Goldsmiths broker has shown him two bonds. Each has a maturity of 5 years, a par value of $1,000, and a yield to maturity of 12%. Bond A has a coupon interest rate of 6% paid annually. Bond B...
-
hello. please help me with the following questions. thank you. i. from my "projections' lesson under vectors unit. 2. Vectors a and b are such that la| = 10 and |b|= 12 with an angle between them of...
-
Facts John Anderson's property suffered extensive damage in Year 5 as the result of a severe hurricane. The federal government declared the area in which John lived a major disaster area. John has...
-
Rollin King and Herb Kelleher started Southwest Airlines in 1971 with this idea: If they could take airline passengers where they want to go, on time, at the lowest possible price, and have a good...
-
The four principles of the IIA Code of Ethics are a. Confidentiality, competency, objectivity, and integrity. b. Objectivity, independence, compliance, and due diligence. c. Honesty, integrity,...
-
The pillars of moral strength that build moral character include: courage, wisdom, temperance, commitment, discernment, fairness, fidelity, freedom, honesty, integrity, kindness, respect,...
-
Religious ethics serves a moral purpose by providing codes of conduct for appropriate behavior through revelations from a divine source.
-
Sterilization is defined as the termination of the ability to produce offspring. A vasectomy is a surgical procedure performed on men in which the vas deferens is severed and tied to prevent the...
-
Several states have placed restrictions on abortions by reducing funding.
-
Consider the following table for Stocks A and B Economy Probability of Return Return on A Return on B Good 20% 15% 20% Normal 50% 10% 8% Bad 30% 5% -10% Calculate the following and show...
-
For the following exercises, find the area of the triangle. Round to the nearest hundredth. 22 50 36
-
Continuation of E9-32, E9-33, E9-34: memo (Learning Objective 5) Use your results from E9-32, E9-33, and E9-34 to write a memo to Deer Valleys Director of Finance Jim Madsen recommending whether Deer...
-
Solve various time value of money scenarios (Learning Objectives 3, 4) 1. Jeff just hit the jackpot in Las Vegas and won $25,000! If he invests it now at a 12% interest rate, how much will it be...
-
Retirement planning in two stages (Learning Objective 3) You are planning for a very early retirement. You would like to retire at age 40 and have enough money saved to be able to draw $225,000 per...
Study smarter with the SolutionInn App