Reference no: EM132571296
Canadian Bacon Inc. financial statements are presented in the table below.
Question 1: Based on the information in the table, and using a 365-day year, calculate operating cycle. Round the answers to two decimal places
Balance Sheet December 31, 2011
Cash and marketable securities $143,000
Accounts payable $278,000
Accounts receivable $354,000
Notes payable $87,000
Inventories $672,000
Accrued expenses $65,000
Prepaid expenses $12,500
Total current liabilities $430,000
Total current assets $1,181,500
Long-term debt $284,000
Gross fixed assets $1,675,000
Par value and paid-in-capital $228,000
Less: accumulated depreciation $500,000
Retained Earnings $1,414,500
Net fixed assets $1,175,000
Common Equity 1,642,500
Total assets $2,356,500
Total liabilities and owner's equity $2,356,500
Income Statement Year of 2011
Net sales (all credit) $3,136,600.00
Less: Cost of goods sold $2,195,620.00
Selling and administrative expenses $345,000.00
Depreciation expense $146,000.00
EBIT $449,980.00
Interest expense $45,300.00
Earnings before taxes $404,680.00
Income taxes $161,872.00
Net income $242,808.00
|
Difference between coaching and mentoring
: Create a chart, diagram, or other visual display of the characteristics, roles, and responsibilities of coaching and mentoring.
|
|
Contributions to society of small businesses
: Reflect on the contributions to society of small businesses and consider two (2) benefits and drawbacks of small business ownership.
|
|
Discuss merger accounting vs acquisition accounting
: Discuss 5 differences between merger accounting and acquisition accounting and the reasons why merger accounting is no longer in use.
|
|
What are the risks involved in the project
: What are the needs that have been identified - What assumptions, if any, should be made regarding the project to be undertaken
|
|
Find and calculate operating cycle
: Find and calculate operating cycle. Round the answers to two decimal places. Cash and marketable securities $143,000.Accounts payable $278,000
|
|
What is the balance in the investment account
: Down has net income of P 320,000 and pays P 80,000 of dividends. What is the balance in the investment account on Fox's financial records at the end of 2020
|
|
Communications considerations
: What communication strategies work well? How do you know? What communication strategies need improvement? How do you know?
|
|
What are some common resources
: What are some common resources that you can provide to patients who experience nervous system issues?
|
|
How to compile the pro forma income statement for the year
: How to Compile the pro forma income statement for the year ended December 31, 2016, using the percentage-of-sales method.
|