Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

MacBook Pro O calcc (12 points) the balance sheet below, please answer the questions below. Sheet(Year ended June 30, 2017) de la Vega Corporation Arts

image text in transcribed

MacBook Pro O calcc (12 points) the balance sheet below, please answer the questions below. Sheet(Year ended June 30, 2017) de la Vega Corporation Arts Liabilities Cash Accounts Payable 70,000 Marketable Securities Accounts Receivable Inventory Prepaid Expenses Property, plant and equipment Accumulated Depreciation Property, plant and equip. (Net) 1.545.000 500.000 110,000 722.000 10,000 1,250,000 20.000 1,230,000 Accrued Expenses Current Portion - Long-term debt Long-term debt Total Liabilities 60,000 665.000 1,825,000 2,620,000 Common stock Paid-in Capital in Excess of Par Retained earnings Shareholder's Equity Total Liab. & Owner's Equity 700,000 300,000 497,000 1,497,000 4,117,000 Total Assets 4,117,000 i What are total quick assets in dollars)? di. What are the total current assets (in dollars)? ill. What is the amount owed to suppliers for goods received but not paid for yet (in dollars)? iv. What is the Return on Equity if Net Income for the year ended June 30, 2017 was $150,000 (in %)? v. What is the Return on Assets if Net Income for the year ended June 30, 2017 was $150,000 (in %)? vi. If de la Vega Corporation's depreciation expense was $5,000 for the year ended June 30, 2017, why would this amount be different than the Accumulated Depreciation above (in 1-2 sentences)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

978-0073526706, 9780073526706

More Books

Students also viewed these Accounting questions