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TABLE P3.3 Balance Sheet, Peachtree Construction (31 December 2016) Assets Current assets Cash $243,146 Accounts receivable Trade accounts 201,573 Retainage 42,147 Total accounts receivable 243,720 Material inventory 1,873 76,142 Work in process (costs and estimated earnings in excess of billings) Prepaid expenses 6,148 Other current assets 782 Total current assets 571,811 Fixed assets 542,173 Machinery and equipment Cars and trucks 49,214 Furniture and fixtures 5,812 Total depreciable assets 597,199 Less accumulated depreciation 291,314 Net fixed assets 305,885 Total assets 877,696 Current liabilities Accounts payable 236,144 Retainage payable 21,312 Notes payable 84,211 Accrued liabilities 15,827 Work in process (billings in excess of costs and estimated 5,163 earnings) Other current liabilities 1,421 Total current liabilities 364,078 138,481 Long-term liabilities Total liabilities 502,559 Capital stock 15,000 Retained earnings 360,137 Total net worth 375,137 Total liabilities and net worth $877,696 Liabilities Net worth TABLE P3.4 Income Statement, Peachtree Construction (Year ended 31 December 31, 2015) % of Sales Net sales-total revenue costs 2,143,761 100 Materials 1,013,913 Labor (includes all payroll taxes 548,271 and union fringes) Subcontracts 201,798 Other direct costs $1,450 Total direct costs 1,815,432 Gross profit 328,329 Operating expenses Variable overhead Auto and truck 12,089 Communications 5,575 Interest 1,275 Miscellaneous 213 Office supplies 1,943 Travel and entertainment 871 Total variable overhead 21,966 Fixed overhead Contributions 675 Depreciation 8,238 Dues and subscriptions 514 Insurance 12,475 Legal and audit 2,315 Licenses and taxes 175 Payroll taxes (office only) 51,790 Rent 2,506 Repairs and maintenance 375 Salaries-office 23,418 Salaries-officers 38,410 Total fixed overhead 140,891 Total overhead 162,857 Net profit before taxes 165,472 State and federal taxes 77,076 Net profit 88,396 47.3 25.57 9.41 2.4 84.68 15.32 0.57 0.26 0.05 0.01 0.09 0.04 1.02 0.03 0.38 0.02 0.58 0.1 0.01 2.42 0.12 0.02 1.1 1.79 6.57 7.59 7.73 3.6 4.13

TABLE P3.3 Balance Sheet, Peachtree Construction (31 December 2016) Assets Current assets Cash $243,146 Accounts receivable Trade accounts 201,573 Retainage 42,147 Total accounts receivable 243,720 Material inventory 1,873 76,142 Work in process (costs and estimated earnings in excess of billings) Prepaid expenses 6,148 Other current assets 782 Total current assets 571,811 Fixed assets 542,173 Machinery and equipment Cars and trucks 49,214 Furniture and fixtures 5,812 Total depreciable assets 597,199 Less accumulated depreciation 291,314 Net fixed assets 305,885 Total assets 877,696 Current liabilities Accounts payable 236,144 Retainage payable 21,312 Notes payable 84,211 Accrued liabilities 15,827 Work in process (billings in excess of costs and estimated 5,163 earnings) Other current liabilities 1,421 Total current liabilities 364,078 138,481 Long-term liabilities Total liabilities 502,559 Capital stock 15,000 Retained earnings 360,137 Total net worth 375,137 Total liabilities and net worth $877,696 Liabilities Net worth TABLE P3.4 Income Statement, Peachtree Construction (Year ended 31 December 31, 2015) % of Sales Net sales-total revenue costs 2,143,761 100 Materials 1,013,913 Labor (includes all payroll taxes 548,271 and union fringes) Subcontracts 201,798 Other direct costs $1,450 Total direct costs 1,815,432 Gross profit 328,329 Operating expenses Variable overhead Auto and truck 12,089 Communications 5,575 Interest 1,275 Miscellaneous 213 Office supplies 1,943 Travel and entertainment 871 Total variable overhead 21,966 Fixed overhead Contributions 675 Depreciation 8,238 Dues and subscriptions 514 Insurance 12,475 Legal and audit 2,315 Licenses and taxes 175 Payroll taxes (office only) 51,790 Rent 2,506 Repairs and maintenance 375 Salaries-office 23,418 Salaries-officers 38,410 Total fixed overhead 140,891 Total overhead 162,857 Net profit before taxes 165,472 State and federal taxes 77,076 Net profit 88,396 47.3 25.57 9.41 2.4 84.68 15.32 0.57 0.26 0.05 0.01 0.09 0.04 1.02 0.03 0.38 0.02 0.58 0.1 0.01 2.42 0.12 0.02 1.1 1.79 6.57 7.59 7.73 3.6 4.13

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the company's current ratio?
A. 2.07
B. 1.38
C. 1.41 
D. 1.79

TABLE P3.3 Balance Sheet, Peachtree Construction (31 December 2016) Assets Current assets Cash $243,146 Accounts receivable Trade accounts 201,573 Retainage 42,147 Total accounts receivable 243,720 Material inventory 1,873 Work in process (costs and estimated earnings in excess of 76,142 billings) Prepaid expenses 6,148 Other current assets 782 571,811 Fixed assets 542,173 49,214 5,812 597,199 291,314 305,885 877,696 236,144 21,312 84,211 15,827 5,163 1,421 364,078 138,481 502,559 15,000 360,137 375,137 $877,696 Total current assets Machinery and equipment Cars and trucks Furniture and fixtures Total depreciable assets Less accumulated depreciation Net fixed assets Total assets Current liabilities Accounts payable Retainage payable Notes payable Accrued liabilities Work in process (billings in excess of costs and estimated earnings) Other current liabilities Total current liabilities Long-term liabilities Total liabilities Capital stock Retained earnings Total net worth Total liabilities and net worth Liabilities Net worth TABLE P3.4 Income Statement, Peachtree Construction (Year ended 31 December 31, 2015) % of Sales Net sales-total revenue costs 2,143,761 100 Materials 1,013,913 Labor (includes all payroll taxes 548,271 and union fringes) Subcontracts 201,798 Other direct costs 51,450 Total direct costs 1,815,432 Gross profit 328,329 Operating expenses Variable overhead Auto and truck 12,089 Communications 5,575 Interest 1,275 Miscellaneous 213 Office supplies 1,943 Travel and entertainment 871 Total variable overhead 21,966 Fixed overhead Contributions 675 Depreciation 8,238 Dues and subscriptions 514 Insurance 12,475 Legal and audit 2,315 Licenses and taxes 175 Payroll taxes (office only) 51,790 Rent 2,506 Repairs and maintenance 375 Salaries-office 23,418 Salaries-officers 38,410 Total fixed overhead 140,891 Total overhead 162,857 Net profit before taxes 165,472 State and federal taxes 77,076 Net profit 88,396 47.3 25.57 9.41 2.4 84.68 15.32 0.57 0.26 0.05 0.01 0.09 0.04 1.02 0.03 0.38 0.02 0.58 0.1 0.01 2.42 0.12 0.02 1.1 1.79 6.57 7.59 7.73 3.6 4.13
Transcribed Image Text:TABLE P3.3 Balance Sheet, Peachtree Construction (31 December 2016) Assets Current assets Cash $243,146 Accounts receivable Trade accounts 201,573 Retainage 42,147 Total accounts receivable 243,720 Material inventory 1,873 Work in process (costs and estimated earnings in excess of 76,142 billings) Prepaid expenses 6,148 Other current assets 782 571,811 Fixed assets 542,173 49,214 5,812 597,199 291,314 305,885 877,696 236,144 21,312 84,211 15,827 5,163 1,421 364,078 138,481 502,559 15,000 360,137 375,137 $877,696 Total current assets Machinery and equipment Cars and trucks Furniture and fixtures Total depreciable assets Less accumulated depreciation Net fixed assets Total assets Current liabilities Accounts payable Retainage payable Notes payable Accrued liabilities Work in process (billings in excess of costs and estimated earnings) Other current liabilities Total current liabilities Long-term liabilities Total liabilities Capital stock Retained earnings Total net worth Total liabilities and net worth Liabilities Net worth TABLE P3.4 Income Statement, Peachtree Construction (Year ended 31 December 31, 2015) % of Sales Net sales-total revenue costs 2,143,761 100 Materials 1,013,913 Labor (includes all payroll taxes 548,271 and union fringes) Subcontracts 201,798 Other direct costs 51,450 Total direct costs 1,815,432 Gross profit 328,329 Operating expenses Variable overhead Auto and truck 12,089 Communications 5,575 Interest 1,275 Miscellaneous 213 Office supplies 1,943 Travel and entertainment 871 Total variable overhead 21,966 Fixed overhead Contributions 675 Depreciation 8,238 Dues and subscriptions 514 Insurance 12,475 Legal and audit 2,315 Licenses and taxes 175 Payroll taxes (office only) 51,790 Rent 2,506 Repairs and maintenance 375 Salaries-office 23,418 Salaries-officers 38,410 Total fixed overhead 140,891 Total overhead 162,857 Net profit before taxes 165,472 State and federal taxes 77,076 Net profit 88,396 47.3 25.57 9.41 2.4 84.68 15.32 0.57 0.26 0.05 0.01 0.09 0.04 1.02 0.03 0.38 0.02 0.58 0.1 0.01 2.42 0.12 0.02 1.1 1.79 6.57 7.59 7.73 3.6 4.13
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