CORRECTION NEED IT THKS
homework0116
correction_and_continuation_of_problems.docx|
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Your answer is incorrect. Try again. |
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Prepare a comparative balance sheet of Gilmour Company showing the dollar change and the percent change for each item. (Round percentages to 2 decimal places, e.g. 2.25%. If $ or % change are in decrease, enter amounts or percentages using either a negative sign preceding the number e.g. -45, -2.25% or parentheses e.g. (45), (2.25)%.)
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GILMOUR COMPANY Comparative Balance Sheet December 31, 2013 and 2012 |
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December 31 |
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Increase or (Decrease) |
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Assets |
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2013 |
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2012 |
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$ Change |
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% Change |
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Cash |
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$ 180,000 |
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$ 275,000 |
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$ |
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% |
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Accounts receivable (net) |
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219,500 |
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155,300 |
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Short-term investments |
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269,300 |
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149,600 |
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Inventories |
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1,059,600 |
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979,300 |
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Prepaid expenses |
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24,750 |
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24,750 |
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Fixed assets |
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2,585,200 |
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1,949,400 |
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Accumulated depreciation |
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( 1,000,500 |
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( 750,100 |
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Total |
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$ 3,337,850 |
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$ 2,783,250 |
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$ |
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% |
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Liabilities and Stockholders’ Equity |
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Accounts payable |
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$ 50,020 |
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$ 74,100 |
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% |
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Accrued expenses |
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170,400 |
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199,400 |
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Bonds payable |
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450,500 |
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189,600 |
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Capital stock |
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2,100,000 |
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1,769,300 |
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Retained earnings |
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566,930 |
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550,850 |
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Total |
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$ 3,337,850 |
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$ 2,783,250 |
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$ |
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Your answer is partially correct. Try again. |
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Answer each of the questions in the following unrelated situations. (a) The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $492,400, what is the amount of current liabilities?
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Current Liabilities |
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$ |
(b) A company had an average inventory last year of $209,000 and its inventory turnover was 5. If sales volume and unit cost remain the same this year as last and inventory turnover is 9 this year, what will average inventory have to be during the current year? (Round answer to 0 decimal places, e.g. 125.)
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Average Inventory |
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$ |
(c) A company has current assets of $88,790 (of which $37,160 is inventory and prepaid items) and current liabilities of $37,160. What is the current ratio? What is the acid-test ratio? If the company borrows $13,870 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-test ratio be? (Round answers to 2 decimal places, e.g. 2.50.)
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Current Ratio |
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:1 |
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Acid Test Ratio |
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:1 |
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New Current Ratio |
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:1 |
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New Acid Test Ratio |
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:1 |
(d) A company has current assets of $605,100 and current liabilities of $239,000. The board of directors declares a cash dividend of $191,200. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend? (Round answers to 2 decimal places, e.g. 2.50.)
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Current ratio after the declaration but before payment |
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:1 |
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Current ratio after the payment of the dividend |
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:1 |
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6.58
77.40
70.03
-29.96
-26.95
100
100
1.52
2.70
5.07
7.20
5.58
13.47
6.85
62.86
63.60
17.07
19.65
100
100
8.07
5.38
31.74
35.19
0.74
0.89
77.45
70.04
(29.97)
(26.95)
100
100
1.50
2.66
5.11
7.16
13.50
6.81
62.91
63.57
16.98
19.79
100
5.39
100
123100
116111
2.39
1.39
2.01
1.28
1.41
1.71
9.88
5.39
9.91
6.60
5.54
8.09
5.37
31.76
35.23
0.72
0.87
