What is balance of current assets on the firms balance sheet

Assignment Help Financial Accounting
Reference no: EM131110370

Assignment

Balance Sheet The assets of Dallas & Associates consist entirely of current assets and net plant and equipment. The firm has total assets of $2.4 million and net plant and equipment equals $2.1 million. It has notes payable of $155,000, long-term debt of $655,000, and total common equity of $1.55 million. The firm does have accounts payable and accruals on its balance sheet. The firm only finances with debt and common equity, so it has no preferred stock on its balance sheet. Write out your answers completely. For example, 25 million should be entered as 25,000,000.

a. What is the amount of total liabilities and equity that appears on the firm's balance sheet?

b. What is the balance of current assets on the firm's balance sheet?

c. What is the balance of current liabilities on the firm's balance sheet?

d. What is the amount of accounts payable and accruals on its balance sheet?

[Hint: Consider this as a single line item on the firm's balance sheet.]

e. What is the firm's net working capital?

f. What is the firm's net operating working capital? g. What is the monetary difference between your answers to part e and f?

Reference no: EM131110370

Questions Cloud

Retrieval performance of the hopfield network : Consider a Hopfield network made up of five neurons, which is required to store the following three fundamental memories:
Find cost assigned to ending inventory and to cost of goods : Laker Company reported the following January purchases and sales data for its only product. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Observations of survival times and withdrawal times : Recall Problem 37 of Chapter 11. The data corresponded to 211 patients with stage IV prostate cancer who were treated with estrogen. A random sample of size 14 from the 211 observations of survival times and withdrawal times (in months) from Tabl..
Presented below are four independent situations : On January 1, 2011, Durocher Co. sold equipment with an estimated useful life of 5 years. At the same time, Durocher leased back the equipment for 2 years under a lease classified as an operating lease.
What is balance of current assets on the firms balance sheet : What is the balance of current assets on the firm's balance sheet? What is the balance of current liabilities on the firm's balance sheet? What is the amount of accounts payable and accruals on its balance sheet?
The lease agreement requires equal rental payments : The incremental borrowing rate for Elmer is 12%. Elmer is aware that Liquidity Finance Co. set the annual rental to ensure a rate of return of 10%.
Describes the purchasing power of payday palace : On January 1, Sam took out a $1,000 personal loan from Payday Palace, a hypothetical short-term cash advance company, that charged him a fixed monthly interest rate. On January 31, Sam repaid this loan with interest, for a total repayment of $1,100. ..
Organize and manage the genealogical tree : Suppose you are asked to develop a program that creates and develops thepedigree of a family. Asked to define the main structures (structures or classes) thatwill organize and manage the genealogical tree so that the program be able to answer at leas..
Compare with the values of the estimator : Compute the estimators Gu and  for the freestyle times of Table 16.2. Compare with the values of the estimator  . Explain the differences, if any.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare the journal entry to record the issuance of the bond

Venezuela Co. is building a new hockey arena at a cost of $3,000,000. It received a down payment of $600,000 from local businesses to support the project, and now needs to borrow $2,400,000 to complete the project. Prepare the journal entry to record..

  Explain how much of these losses may jonathan deduct

During the year, Jonathan sold the following assets: business auto for $1500 loss (not a capital asset), stock investment for a $4000 loss (bought 2 months ago), and pleasure boat for $500 loss. Presuming adequate income, explain how much of these..

  Pacific should report a gain on sale of this investment

Pacific Company bought 35% of the outstanding common stock of Atlantic Inc. on January 1, 2014, for $400,000. Atlantic reported net income of $200,000 for 2014 and declared and paid no dividends for the year. This investment was sold for $500,000 on ..

  Describe iasb conceptual frameworks perspective of users

Which qualitative characteristics of financial reporting, as per the IASB Conceptual Framework, appear not to be satisfied by current reporting practices as per IFRS.

  Realizable value of accounts receivable before write off

Prepare the journal entry to record the write-off.What is the cash realizable value of the accounts receivable before the write-off and after the write-off?

  Income statement for year 2012 using single-step form

Prepare an income statement for the year 2012 using the multiple-step form. Common shares outstanding for 2012 total 40,550 (000 omitted).

  Analyze mixed costs into variable and fixed components

Analyze mixed (semi-variable) costs into variable and fixed components, using both the “high-low” method, and the Excel scatter-graph approach, and explain the purpose for such an analysis. When there is a change in the level of activity, which of th..

  Statement about a multiple-step income statement

Which of the following is not a true statement about a multiple-step income statement?

  Maximum transfer price tulip would pay internally

Spring Corp. has two divisions, Daffodil and Tulip. Daffodil produces a gadget that Tulip could use in its production. Tulip currently purchases 100,000 gadgets for $12.50 on the open market. Daffodil's variable costs are $6 per widget while the full..

  General fund transactions of a revenue or transfer nature

All revenue and inter fund transfers of the City of Fenton are accounted for on the modified accrual basis. Below is shown a list of Fenton's General Fund transactions of a revenue or transfer nature. State which ones should be recognized by the Gene..

  The partnership agreement of nieto keller and pickert

the partnership agreement of nieto keller and pickert provides for the subsequent income ratio a nieto the managing

  What do you suggest the willma do

She believes that stock is going to increase more in value, so she does not really want to sell it. What do you suggest the Willma do?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd