User Account

All Pages

Determine the current assets balance sheet items

Assignment Help Financial Accounting
Reference no: EM132893317

The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory.

The December 31, 2021, balance sheet revealed the following:

Inventory $890,000

Total assets $3,500,000

Current ratio 2.40

Acid-test ratio 1.40

Debt to equity ratio 1.5

Required:

Problem 1: Determine the following 2021 balance sheet items:

1.1. Current Assets:
1.2. Shareholders' equity:
1.3. Long-Term assets:
1.4. Long-Term liabilities:

Reference no: EM132893317

Questions Cloud

Prepare the adjusting entry for november : Prepare the adjusting entry for November 30, 2020 assuming the entity is using EXPENSE METHOD in recording its prepayments.
Addresses a theory of social behavior : Discuss how social media communication addresses a theory of social behavior and the social environment - how the chosen social media or online tool
How much is the depreciation expense for andy lim : How much is the depreciation expense? Andy Lim purchased a delivery vehicle on January 1, 2020 amounting to P 250,000. It is estimated that the vehicle
Traits or characteristics regarding servant leadership : Of the various leadership approaches discussed in chapter 8 and in videos on Moodle page, which one would you most prefer your boss to use in working
Determine the current assets balance sheet items : Determine the Current Assets 2021 balance sheet items. The current asset section of the Excalibur Tire Company's balance sheet consists of cash.
What is the consequence of missing : In 2015, Erin O'Toole made Home Buyer's Plan (HBP) withdrawals that totalled $18,000. Relative to the 2020 taxation year, Mr. O'Toole failed to make his regular
Describe how the principle you chose could be used : Identify which one resonates with you. Explain why. Propose an example of a situation in supervision and describe how the principle you chose could be used
Personal learning and professional development needs : How can employees address identified learning and professional development needs and what things should they take into consideration?
What was the percentage change in the cost of purchased : What was the percentage change in the cost of purchased oil products when comparing nine months ended September 30, 2013 versus the same period in 2012?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Occur to dispose of the overapplied amount

Manufacturing overhead during the year was overapplied. If the amount is immaterial, which one of the following is a part of the transaction that should occur to dispose of the overapplied amount? A. Increase Cost of Goods Sold B. Decrease Cost of Go..

  Determine the proper amount of net income

During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $100,000. Determine the proper amount ..

  What is the contribution margin for one pair of baby shoes

What is the contribution margin for one pair of baby shoes? Jeankelly company manufactures custom-designed baby shoes and other baby accessory products.

  Which loan will have a higher balance at time of repayment

The Stafford Loan has a grace period of six months from the time of graduation. Which loan will have a higher balance at the time of repayment and by how much?

  What is reasonable value for company a

Using the information what is reasonable value for Company A based on its future income stream for 2014 to 2018?

  What is the after-tax cash flow from the sale of the machine

If it is sold after 4 years for $78,384, and VailTrax has a 36% tax rate, what is the after-tax cash flow from the sale of the machine?

  What is transaction date

What is your Transaction date? A firm's fiscal year starts on February 1, 2026, You are journalizing on March 10, 2026 a bank adjustment dated March 7, 2026.

  Marginal cost includes prime cost plus fixed overheads

Marginal cost includes prime cost plus fixed overheads and contribution is the difference between the selling price and the total costs.

  Make a outline the accounting issues

Outline the accounting issues that Entity 5 would need to deal with from its research and development activities and the contracts with customers

  What are accounting and financial management systems

Personnel working in the financial services division, What are accounting and financial management systems and how do they assist business operations?

  How did the company react to the investigation

Examples of earnings manipulation that resulted in financial statement fraud Specific facts of case that caused SEC investigation, how the SEC handle complaints

  Prepare a record the purchase in the? journal

Record the purchase in the? journal, identifying each? lot's cost in a separate Land account. Round decimals to two? places, and use the computed percentages

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd