Part II: Open Ended Accounting Problems

Instructions: Determine a final numerical answer for each question. You will record your ANSWERS ONLYon THPS-2 Answer Submission Form on iCollege. For dollar answers (unless otherwise specifically instructed), round (if necessary) to 0 decimal places, but do NOT include a dollar sign or any commas on iCollege. For example, record $24,302.84962 as 24303. For percent answers (unless otherwise specifically instructed), round (if necessary) to 1 decimal place, but do NOT include a percent sign on iCollege. For example, record 0.154863 = 15.4863% as 15.5. If your answer is a negative amount, enter a hyphen (-) before your number with no space between the hyphen and the number. For example, enter negative 319 as -319.

21. Assume that the following current asset and current liability accounts apply to the James Company for the years 2021 and 2022 (note: the ??? in the table is a figure that you must determine).

Hardin Company Current Asset and Liability Accounts For the Years Ending December 31, 2021 2022 Cash 31.500 32,200 Accounts receivable 64,800 68,300 Inventory 116,900 107,200 Notes payable 10.600 10,600 Accounts payable 11,600 ??7 Accruals 1,700 2.900James Company Current Asset and Current Liability Accounts For the Years Ending December 31, 2021 2022 Cash 2.100 1,600 Accounts receivable 5,200 6,100 Inventory 7.900 ??? Notes payable 600 900 Accounts payable 1,900 1,400 Accruals 300 500\f\f\f\fFinancial Data for Spinaway, Inc. (Unless otherwise noted, all data is for December 31, 2022) Number of shares outstanding 72.000 Average collection period (days) Sales $960,000 Accounts payable days Gross profit margin 20% Retained earnings (Dec 31, 2021) Inventory turnover ratio 8 Dividends paid in 2022 Notes payable $18,000 Accruals Net profit margin 15% Land Return on assets 8.0% Debt ratio Percent of sales on credit 90% Par value per share Gross fixed assets $2,276,000 Accumulated depreciationSpinaway, Inc. Balance Sheet for the Year Ending December 31, 2022 Cash Notes payable Accounts receivable Accounts payable Inventory Accruals Current assets Current liabilities Gross fixed assets Long-term debt (Accumulated depreciation) Total liabilities Net fixed assets Common stock Land Capital surplus Total assets Retained earnings Total liab. & equityNumber of shares outstanding 60,000 Average collection period (days) 24 Sales $800,000 Accounts payable days 9 Gross profit margin 30% Capital surplus $138,500 Inventory turnover ratio Total dividends paid $4,000 Cash $25,000 Accruals $20,500 Net profit margin 10% Quick ratio 1.6 Return on assets 16% Debt ratio 30% Percent of sales for cash 25%Fedrekoko, Inc. Balance Sheet for the Year Ending December 31, 2022 Cash Notes payable Accounts receivable Accounts payable Inventory Accruals Current assets Current liabilities Net fixed assets Long-term debt Total assets Total liabilities Common stock ($0.50 par value) Capital surplus Retained earnings Total liab. & equity