Question
16.1/6 The comparative accounts payable and long-term debt balances for a company follow. Current Year Previous Year Accounts payable $45,036 $55,600 Long-term debt 90,240 70,500
16.1/6
The comparative accounts payable and long-term debt balances for a company follow.
| Current Year | Previous Year | |
| Accounts payable | $45,036 | $55,600 |
| Long-term debt | 90,240 | 70,500 |
Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis? Enter all answers as positive numbers.
| Amount of Change | Increase/Decrease | Percentage | |
| Accounts payable | $fill in the blank 1 | Decrease | fill in the blank 3 % |
| Long-term debt | $fill in the blank 4 | Increase | fill in the blank 6 % |
The following items are reported on a company's balance sheet:
| Cash | $361,200 |
| Marketable securities | 282,200 |
| Accounts receivable (net) | 359,800 |
| Inventory | 125,400 |
| Accounts payable | 418,000 |
Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.
| a. Current ratio | fill in the blank 1 |
| b. Quick ratio | fill in the blank 2 |
A company reports the following:
| Sales | $328,500 |
| Average accounts receivable (net) | 32,850 |
Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year.
| a. Accounts receivable turnover | fill in the blank 1 |
| b. Number of days' sales in receivables | fill in the blank 2 days |
A company reports the following:
| Sales | $328,500 |
| Average accounts receivable (net) | 32,850 |
Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year.
| a. Accounts receivable turnover | fill in the blank 1 |
| b. Number of days' sales in receivables | fill in the blank 2 days |
The following information was taken from Celebrate Company's balance sheet:
| Fixed assets (net) | $2,043,000 |
| Long-term liabilities | 454,000 |
| Total liabilities | 2,224,600 |
| Total stockholders' equity | 1,589,000 |
Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders' equity. If required, round your answers to one decimal place.
| a. Ratio of fixed assets to long-term liabilities | fill in the blank 1 |
| b. Ratio of liabilities to stockholders' equity | fill in the blank 2 |
A company reports the following:
| Income before income tax expense | $5,038,000 |
| Interest expense | 229,000 |
Determine the times interest earned. Round to one decimal place _____
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Advanced Accounting
Authors: Joe Ben Hoyle, Timothy S. Doupnik, Thomas F. Schaefer, Oe Ben Hoyle
9th Edition
007337945X, 978-0073379456
