Following is thebalance sheet of X, Y and Z sharing profits and losses in the ratio 3 : 3 : 2.BALANCE SHEETas at 31.3.2015Liabilities$Assets$Creditors30,000Cash20,000Bills payable40,000Debtors50,000Capitals :Stock25,000X 50,000Y 30,000Buildings75,00020.0001,00,0001,70,0001,70,000On 1st April, 2015, the partners decided to share future profits in the ratio5:3:2 and following revaluations were to be made :-(i) Building was to be appreciated by 20%(ii) 10% of debtors were bad.(iii) A provision for discount on creditors was to be made @ 2%.Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of there-constituted firm.

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Answered: Following is the balance sheet of X, Y…

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 4CE

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M,Band/Aweretthree partnerssharing profits i int the ratio 2::2::11Their|Balance Sheetas at 31.3.2012 was as under: BALANCE SHEET as at 31.3.2012 Liabilities $ Assets $ General ReservE M's Capital B's Capital FAs Capital Creditors 28,000 30,000 20,000 10,000 25,000 17,500 4,C00 TZ1500 28,500 45,500 15,000 30,000 Casih Debtors Stock Land & Building Motor Vehicle Bilis Payable Goodwill 1,30,500 1,30,500 Bdied on 12th June, 2012. According to the deed, his legal representatives entitied ito: (fa) Batanceiin Capital A/c ((b) Shareof goodwill valued on the basis of thrice the averoge profits far ithe pastifourcompieted years. ((0) Shareinprofits upto the dote of death on the basis of average profits forthe pastifour completet yeurs. ((d) ifntereston capital@ 18% p.a. Profits forithe yearsending on/March 31“ of 2009, 2010, 2011 and2012 respectively.were $50,000, $E8,00, $40,000, $52,0ODirespectively. Theifirmihaitaken amatonvéhičteibutítwas mot recordetdi inthelhooksitillttate. The market…
Cash Accounts receivable (net) Other current assets 1. Investments Plant and equipment (net) Net sales 2. NOVAK CORPORATION Balance Sheets December 31 Current liabilities Long-term debt Common stock, $10 par Retained earnings Sales revenue Less: Sales returns and allowances Net income Additional information: 2022 $32,000 52,000 93,000 58,000 500,000 $735,000 148,000 Cost of goods sold Gross profit Operating expenses (including income taxes) 323,000 177,000 NOVAK CORPORATION Income Statements For the Years Ended December 31 2021 $ 22,000 47,000 $87,000 $82,000 2022 98,000 370,000 $610,000 73,000 313,000 127,000 88,000 699,400 428,311 271,089 2021 $20,000 2020 $743,000 $603,000 43,600 115,000 $735,000 $610.000 $543,000 50,000 32,265 570,735 352,878 217,857 181,870 ▷ 151,764 $89,219 $66,093 67,000 48,000 358,000 $543,000 $72,000 53,000 303,000 The market price of Novak's common stock was $7.00, $7.74, and $8.43 for 2020, 2021, and 2022, respectively. You must compute dividends paid. All…
Required:a. Calculate the following ratios for Sweets plc for 2021 and 2020, showing the formulas and workings:1- ROCE2- ROE3- Earnings per share4- Net profit margin5- Asset turnover6- Stock holding days7- Debtors collection period8- Current ratio9- Gearing ratio10- Interest cover
Required:a. Calculate the following ratios for Sweets plc for 2021 and 2020, showing the formulas and workings:4- Net profit margin5- Asset turnover6- Stock holding days7- Debtors collection period8- Current ratio9- Gearing ratio10- Interest cover
(a) Calculate current Ratio and Quick Ratio from the followinginformation:Total Assets Rs. 350000Fixed Assets Rs. 175000Investment Rs. 70000Fictitious Assets Rs. 5000Share holders fund Rs. 200000Long term Debts Rs. 100000Inventory Rs. 45000(b) From the following information calculate the stock turnoverratio.Sales Rs. 200000, G.P 25% on cost, Opening Stock was 1/3rd of thevalue of closing stock. Closing stock was 30% of sales
Calculate the following for Co. XYZ: a. Current ratio b. Debt ratio Assets: Cash and marketable securities $400,000 Accounts receivable 1,415,000 Inventories 1,847,500 Prepaid expenses 24,000 Total current assets $3,686,500 Fixed assets 2,800,000 Less: accumulated depreciation 1,087,500 Net fixed assets $1,712,500 Total assets $5,399,000 Liabilities: Accounts payable $600,000 Notes payable 875,000 Accrued taxes Total current liabilities $1,567,000 Long-term debt 900,000 Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000 Less: Cost of goods sold 4,375,000 Selling and administrative expense 1,000,500 Depreciation expense 135,000 Interest expense Earnings before taxes $765,000 Income taxes Net income Common stock dividends $230,000 Change in retained earnings
Requirement 1. Compute these ratios: Working Capital Current Debt-to- Ratio Cash Ratio Debt Ratio Equity Ratio Round ratios to two 14.44 212400 7.73 decimal places or format as percentages or Accounts Days Sales currency as appropriate. Inventory Days Sales in Gross ProfitReceivable in Turnover Inventory Percentage Turnover Receivables 2019 Total Assets = Rate of Rate of Asset Return on Return on Turnover Stockholders' Earnings Total Assets Ratio Equity Per Share 2019 SHE = Price/ Earnings *Current Stock Price is Dividend $10.00 per share Ratio* Dividend Yield Payout Dividend per share= Requirement 2. Based on the ratios computed above, analyze the company's ability to pay its debts (both current and long term). Refer to at least 3 specific ratios in your analysis. Requirement 3: Based on the ratios computed above, analyze the company's management of inventory. Refer to at least 2 specific ratios in your analysis. Requirement 4: Based on the ratios computed above, analyze the company's…
Expressed as a percentage, what would be a company's current ratio if net fixed assets are Ph1,230,000; current assets, P368,400; current liabilities, Ph120,00 and other liabilities, Ph65,000 a. 307% b. 450% c. 603% d. 860%
Assume XYZ total assets $1,000,000 and net fixed $600,000. But current liabilities $200,000. Calculate the company current ratio? a. 4x O b. 2x c. 1.5x d. 3x
Determine Debt-Equity Ratio, Proprietary Ratio and Funds Proportion Ratios with the help of folowine information: Description Amount ? Equity Capital Profit & Loss A/C(Profit) Reserves & Surplus 10,00,000/- 5,00,000/- 3,00,000/- 2,50,000/- 30,00,000/- 5,00,000/- 15,00,000/- 1,50,000/- 5,00,000/- 45,75,000/- Premium on Issue of Shares & Debentures Debentures Long Term Fixed Deposits Accepted Long Term Bank Loans Provision for Divided & Taxation Short Term Bank Loans Fixed Assets
using the table find the folloing for the four firms: Enterprise value to EBITDA Ratio Price-Earnings multiole PEG raio Cpmpany Market Value (OMR million) Net Income (OMR million) Earnings Growth Market Value of Equity (OMR million) Market Value of Debt (OMR million) Cash (OMR million) EBITDA (OMR million) Happy 117.95 22.5 4% 53.07 64.87 41.25 43.85 Smart 112.35 20.25 4.5% 59.53 52. 79 45 44.88 Kind 116.26 21 4.65% 69.76 46.5 63.95 28.20 Cheerful 120 24 5% 42 78 62.4 44.32
Condensed balance sheet and income statement data for Oriole Corporation are presented here. Cash Accounts receivable (net) Other current assets Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings Oriole Corporation Balance Sheets December 31 2022 $ 30,100 49,800 89,600 55,100 500,100 $724,700 24 $84,500 145.700 381,000 113.500 $724,700 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) Net income Oriole Corporation Income Statement For the Years Ended December 31 2022 $16,100 45,500 95,000 70,000 370,800 $597,400 $79,400 84,300 319,000 114,700 $597,400 2021 $744.500 39 200 705 300 424.700 280,600 188.911 $91.689 2021 $605,400 30,700 574.700 366.000 208.700 151 200 $57.470 2020 $18,300 47,900 63,000 46,000 358,600 $533,800 306,000 107,400 $533,800 $69,700 50,700 Additional information: The market price of Oriole's common stock was…

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