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- Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable Accounts receivable Accrued liabilities Cash $25,348 72,217 6,515 18,453 36,540 82,322 107,903 73,662 29,474 659,319 1,775 31,321 Intangible assets Inventory Long-term investments Long-term liabilities Notes payable (short-term) Property, plant, and equipment Prepaid expenses Temporary investments Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)? Oa. 0.8 Ob. 3.4 Oc. 16.5 Od. 2Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable Accounts receivable Accrued liabilities Cash Intangible assets Inventory Long-term investments Long-term liabilities Notes payable (short-term) Property, plant, and equipment Prepaid expenses Temporary investments $34,776 68,729 6,274 17,183 41,813 79,200 110,895 74,491 22,045 646,175 2,554 31,252 Based on the data for Harding Company, what is the amount of working capital? a. $198,918 b. $643,621 c. $997,801 Od. $135,823The following financial information relate to Lang Industrial Systems Inc. and as a financial analyst you are required to assist with the following problems: Assets Current Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Property, Plant, and Equipment Less Accumulated Depreciation Net Fixed Assets Total Assets Balance Sheet ($ in Millions) 2022 2021 540 820 550 950 174 776 400 Total Current Liabilities 1910 1400 Long-Term Liabilities Long-Term Debt Total Long- Term Liabilities Owners' Equity 2686 600 400 800 100 700 Liabilities and 2022 2021 Owners' Equity 2100 Current Liabilities Accounts Payable Notes Payable Common Stock ($1 Par) Retained Earnings Total Owners' Equity Total Liab. and Owners' Equity 1120 810 460 1580 431 431 340 335 675 2686 370 1180 440 440 310 170 480 2100 Income Statement ($ in Millions) 2022 Sales Cost of Goods Sold Administrative Expenses Depreciation Earnings Before Interest and Taxes Interest Expense Taxable income Taxes Net Income…
- (Preparation of a Classified Balance Sheet, Periodic Inventory) Presented below is a list of accounts in alphabetical order. Accounts ReceivableBuildingsAccumulated Depreciation—BuildingsCash (in bank)Accumulated Depreciation—EquipmentCash (on hand)Accumulated Other Comprehensive IncomeCash Surrender Value of Life InsuranceAdvances to EmployeesCommission ExpenseAdvertising ExpenseCommon StockAllowance for Doubtful AccountsInterest ReceivableBond Sinking FundInventory—BeginningBonds PayableInventory—EndingLandPrepaid RentLand for Future Plant SitePurchase Returns and AllowancesLoss from FloodPurchasesNotes Payable (due next year)Retained EarningsPaid-in Capital in Excess of Par—Preferred StockSalaries and Wages Expense (sales)PatentsSalaries and Wages PayablePayroll Taxes PayableSales DiscountsPension LiabilitySales RevenuePetty CashTreasury Stock (at cost)Preferred StockUnearned Subscriptions RevenuePremium on Bonds Payable InstructionsPrepare a classified balance sheet in good form.…Elegant Universal uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Universal considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.Common categories of a classified balance sheet Include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, Identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrights
- Based on the information below of FDNACCT Co., how much should be recorded as total assets in the Statement of Financial Position? Long-term Payable Notes Payable Property, Plant and Equipment Accounts Receivable Accounts Payable Accumulated Depreciation Cash Unearned Income Notes Receivable Prepaid Insurance Accrued Expense Accrued Revenue P500,000 120,000 831,000 50,000 65,000 121,000 76,000 15,345 259,000 56,700 37,890 154,840Below are the most recent statements of financial position for Tabor Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash, and the amount: (Negative answers should be Indicated by a minus sign. Omit "$" sign in your response.) Agrets TABOR INC. Statement of Financial Position December 31, 2021 Accounts receivable Inventories Property, plant, and equipment Less: Accumulated depreciation Total assets Liabilities and Equity Accounts payable Accrued expenses Long-term debt Common stock Accumulated retained earnings Total liabilities and equity Item Accounts receivable Inventories Property, plant, and equipment Accounts payable Accrued expenses Long-term debt Common stock Accumulated retained earnings $ 33,400 76,894 66,880 161,700 50,303 $288,571 $ 49,493 6,908 28,160 17,600 186,418 $288,571 Source/Use (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select)…Analysis of an income statement, balance sheet, and additional information from the accounting records of Gadgets, Inc., reveals the following items. 1. Purchase of a patent. 2. Depreciation expense. 3. Decrease in accounts receivable. 4. Issuance of a note payable. 5. Increase in inventory. 6. Collection of notes receivable. 7. Purchase of equipment. 8. Exchange of long-term assets. 9. Decrease in accounts payable. 10. Payment of dividends. Required: Indicate in which section of the statement of cash flows each of these items would be reported: operating activities (indirect method), investing activities, financing activities, or a separate noncash activities note.
- a) Calculate the non-current asset additions for the year{Hint: you will need to complete a T account to reconcile the movement in the net bookvalue of the non-current asset balance. The additions will be the unexplained movement} b) Prepare the operating activities and investing activities sections of the Statement of cashflows for the year ended 30 June 2021 c) Using your answer to part b) comment on the quality of the business’s profitsUse the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $31,229 Accounts receivable 69,846 Accrued liabilities 6,621 Cash 24,043 Intangible assets 41,585 Inventory 80,918 Long-term investments 113,099 Long-term liabilities 70,392 Marketable securities 36,458 Notes payable (short-term) 29,239 Property, plant, and equipment 682,295 Prepaid expenses 1,350 Based on the data for Harding Company, what is the amount of working capital? a.$145,526 b.$680,945 c.$1,049,594 d.$212,615Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue Classification Account Title 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrights Classification