How to get following answers right using equations and calculator (no excel) 15.
ID: 2472221 • Letter: H
Question
How to get following answers right using equations and calculator (no excel)
15. Random items from the Smyth Company Balance Sheet for December 31, 2005 are given below. Use these items to reconstruct the balance sheet and solve for the amount of CASH shown on the Smyth Balance Sheet.
Long-term debt (excluding current portion) = 571
Current portion of long-term debt = 42
Net fixed assets = 927
16.The 2011 and 2012 Balance Sheets for Jacob, Inc. contained the following entries:
Jacob had materials purchases in 2011 of $1,551 and materials purchases in 2012 of $2,754 . What did Jacob record as Cost of Goods Sold (COGS) on its 2012 income statement? (Record your answer without a dollar sign and without commas).
Answer:
Inventories = 276
Retained earnings = 237
Accruals = 158
Accumulated depreciation = 80
Common stock ($0.02 par value) = 323
Additional paid in capital = 104
Accounts receivable = 340
Notes payable = 208
Accounts payable = 168
CASH = ???
Answer:
12/31/2011 12/31/2012 Accounts receivable $267 $724 Inventories $320 $710 Net fixed assets $509 $140 Accounts payable $113 $781Explanation / Answer
Cash is calculated as under:
Smyth Company Budgeted Balance Sheet As of Dec 31, 2005 Particulars Amount ($) Amount ($) ASSETS Current Assets: Accounts Receivables 340 Cash 100 Inventories 276 Total Current Assets 716 Net fixed assets 927 Total Assets 1,643 LIABILITIES AND STOCKHOLDERS EQUITY Liabilities : Current Liabilities Accounts Payable 168 Notes Payable 208 Accruals 158 Total Current Liabilities 366 Long term debt 571 Short term debt 42 Total Stockholders' Equity Common Stock 323 Additional paid in capital 104 Retained Earnings 237 Total Stockholders' Equity 664 Total Liabilities and stockholders’ equity 1,643Related Questions
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