FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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The following items are reported on a company's balance sheet:
Cash
$227,700
Marketable securities
109,000
Accounts receivable
235,700
Inventory
197,500
Accounts payable
293,700
Round your answers to two decimal places.
a. Determine the current ratio.
b. Determine the quick ratio.
Use the table for the questions below.
Consider the following balance sheets:
PharmPic
DosageDoc
Reported Dec. 31,
2020
2021
2020
2021
Assets
Cash
224,224
200,400
301,540
230,876
Accounts Receivable
129,000
118,125
130,316
110,345
Inventories
154,890
171,147
184,717
186,000
Total Current Assets
508,114
489,672
616,573
527,221
Net Property Plant & Equipt.
421,162
431,795
456,462
460,000
Patents and Trademarks
212,770
210,110
201,348
199,990
Total Assets
1,142,046
1,131,577
1,274,383
1,187,211
Liabilities and Stockholders' Equity:
Short Term Borrowings (Bank)
257,000
264,023
302,453
270,000
Accounts Payable
212,900
209,000
267,004
225,000
Current Portion of LTD (Interest Bearing Debt)
39,532
29,081
32,611
46,048
Total Current Liabilities
509,432
502,104
602,068…
The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux's accounting records is provided also.
DUX COMPANY
Comparative Balance Sheets
December 31, 2024 and 2023
($ in thousands)
2024
2023
Assets
Cash
$ 121
$ 40
Accounts receivable
43
71
Less: Allowance for uncollectible accounts
(5)
(4)
Dividends receivable
4
3
Inventory
100
95
Long-term investment
54
50
Land
95
85
Buildings and equipment
162
200
Less: Accumulated depreciation
(38)
(80)
$ 536
$ 460
Liabilities
Accounts payable
$ 46
$ 82
Salaries payable
6
9
Interest payable
7
2
Income tax payable
5
6
Notes payable
10
0
Bonds payable
80
50
Less: Discount on bonds
(5)
(6)
Shareholders' Equity
Common stock
210
200
Paid-in capital—excess of par
24
20
Retained earnings
163
97
Less: Treasury stock
(10)
0
$ 536
$ 460
DUX COMPANY
Income Statement
For the Year…
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- The following items are reported on a company's balance sheet: Line Item Description Amount Cash $277,000 Marketable securities 101,400 Accounts receivable 234,300 Inventory 217,800 Accounts payable 315,500 Determine the (a) current ratio and (b) quick ratio. Round answers to one decimal place.arrow_forwardComplete the 20xx balance sheet for ABD Industries using the information that follows it. Balance Sheet Assets Cash 32,700 Marketable Securities 25,000 Accounts receivable a Inventories b Total current assets Net fixed assets e Total assets Liabilities and Stockholders' Equity Accounts payable 120,000 Notes payable Accruals 20,000 Total current liabilities Long-term debt i Total liabilities h Stockholders' equity 600,000 Total liabilities and stockholders' equity The following financial data are also available: а. Sales totaled PhP1,800,000 b. The gross profit margin was 25%. С. Inventory turnover was 6.0. d. There are 365 days in the year. е. The average collection period was 40 days. f. The current ratio was 1.60 g. The total asset turnover ratio was 1.20. h. The debt ratio was 60%arrow_forwardHancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ Sarrow_forward
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