35. Pete\'s Warehouse has net working capital of $2,400, total assets of $19,300

Question

  
35. Pete's Warehouse has net working capital of $2,400, total assets of $19,300, and net fixed assets of $10,200. What is the value of the current liabilities?
A.   -$6,700
B.   -$2,900
C.   $2,900
D.   $6,700
E.   $11,500
  
36. Baugh and Essary reports the following account balances: inventory of $17,600, equipment of $128,300, accounts payable of $24,700, cash of $11,900, and accounts receivable of $31,900. What is the amount of the current assets? A. $46,700
B.   $56,000
C.   $61,400
D.   $175,000
E.   $199,700
  
37. Donner United has total owners' equity of $18,800. The firm has current assets of $23,100, current liabilities of $12,200, and total assets of $36,400. What is the value of the long-term debt? A. $5,400
B.   $12,500
C.   $13,700
D.   $29,800
E.   $43,000
  
38. The Braxton Co. has beginning long-term debt of $64,500, which is the principal balance of a loan payable to Centre Bank. During the year, the company paid a total of $16,300 to the bank, including $4,100 of interest. The company also borrowed $11,000. What is the value of the ending long-term debt? A. $45,100
B.   $53,300
C.   $58,200
D.   $63,300
E.   $85,900
  
39. The Toy Store has beginning retained earnings of $28,975. For the year, the company earned net income of $4,680 and paid dividends of $1,600. The company also issued $3,000 worth of new stock. What is the value of the retained earnings account at the end of the year?
A.   $20,445
B.   $22,695
C.   $27,375
D.   $32,055
E.   $35,255
  
40. Leslie Printing has net income of $26,310 for the year. At the beginning of the year, the firm had common stock of $55,000, paid-in surplus of $11,200, and retained earnings of $48,420. At the end of the year, the firm had total equity of $142,430. The firm does not pay dividends. What is the amount of the net new equity raised during the year?
A.   $1,500
B.   $2,500
C.   $2,700
D.   $48,420
E.   $48,310
  
41. The owners' equity for The Deer Store was $58,900 at the beginning of the year. During the year, the company had aftertax income of $4,200, of which $3,200 was paid in dividends. Also during the year, the company repurchased $6,500 of stock from one of the shareholders. What is the value of the owners' equity at year end? A. $53,400
B.   $45,000
C.   $59,900
D.   $84,400
E.   $90,900
  
42. Gino's Winery has net working capital of $29,800, net fixed assets of $64,800, current liabilities of $34,700, and long-term debt of $23,000. What is the value of the owners' equity?
A.   $36,900
B.   $66,700
C.   $71,600
D.   $89,400
E.   $106,300
  
43. The Pier Import Store has cash of $34,600 and accounts receivable of $54,200. The inventory cost $92,300 and can be sold today for $146,900. The fixed assets were purchased at a cost of $234,500 of which $107,900 has been depreciated. The fixed assets can be sold today for $199,000. What is the total book value of the firm's assets?
A.   $127,800
B.   $307,700
C.   $346,800
D.   $382,300
E.   $415,600
  
44. Lester's Fried Chick'n purchased its building 11 years ago at a cost of $139,000. The building is currently valued at $179,000. The firm has other fixed assets that cost $66,000 and are currently valued at $58,000. To date, the firm has recorded a total of $79,000 in depreciation on the various assets. The company has current liabilities of $36,600 and net working capital of $18,400. What is the total book value of the firm's assets? A. $181,000
B.   $241,000
C.   $331,000
D.   $339,000
E.   $379,000
  
45. The financial statements of Jame's Auto Repair reflect cash of $14,600, accounts receivable of $11,500, accounts payable of $22,900, inventory of $17,800, long-term debt of $42,000, and net fixed assets of $63,800. The firm estimates that if it wanted to cease operations today it could sell the inventory for $35,000 and the fixed assets for $49,000. The firm could also collect 100 percent of its receivables. What is the market value of the assets? A. $32,800
B.   $39,900
C.   $74,000
D.   $95,500
E.   $110,100

Explanation / Answer

35 Answer : A - ($6,700) Current Liabilites = Net working capital - Current assets Current assets = $19300- $10200 Current assets = $9100 Current Liabilites = 2400 - 9100 Current Liabilites = - 6700 36 Answer : C - $61400 Current assets = Inventory + Accounts receivable + Cash Current assets = 17600+ 31900 + 11900 Current assets = $61,400 37 Answer : A - $5400 Value of long term debt $18800 + $12200 + Long term debt = $36400 Long term debt = $5400 38 Answer : D - $63300 Value of long term debt = 64500-(16300-4100) + 11000 Value of long term debt = $ 63300 39 Answer : D - $32055 Retained earnings = 28975 + 4680 - 1600 Retained earnings = $32055 40 Answer : A - $1500 New equity raised = 142430 - (26310+55000+11200+48420) New equity raised = $ 1500 41 Answer : A - $53400 Owners equity = 58900 + 4200-3200 - 6500 New equity raised = $ 53400 42 Answer : C - $ 71600 Current assets = 29800 + 34700 = $64500 Owners equity + current liabilities + Long term debt = Current assets + Fixed assets Owners equity + 34700 + 23000 = 64500 + 64800 Owners equity = $71600 43 Answer : B - $ 307700 Book value of assets = 34600+54200+92300+234500-107900 Book value of assets = $ 307700 44 Answer : A - $ 181000 Book value of assets = 139000+66000-79000+36600+18400 Book value of assets = $ 181000 45 Answer : E - $ 110100 Market value of assets = 14600+11500+35000+49000 Market value of assets = $ 110100

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