Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information The following information applies to the questions displayed below.) South Fitness, Incorporated, reported the following information for the six-month period ended June 29,

image text in transcribed
image text in transcribed
Required information The following information applies to the questions displayed below.) South Fitness, Incorporated, reported the following information for the six-month period ended June 29, 2019. Items are listed alphabetically and are in thousands of dollars. Accounts Payable $ 1,028,700 Accounts Receivable 594,000 Advertising Expense 70,000 Csh (January 1, 2019) 1,384, eee Cash (June 29, 2019) 1,070, eee Common Stock 1,525,000 Dividends 310,000 Equipment 3,066,000 Income Tax Expense 79,000 Inventory 649,000 Notes Payable 348,300 Office Expense 657,000 Operating Expenses 694,000 Retained Earnings (January 1, 2019) 2,726,000 Sales Revenue 1,730,000 Supplies 169,000 Other cash flow information: Cash received from issuing common stock $ 58,000 Cash paid to purchase equipment 530,000 Cash paid to suppliers and employees 1,432,000 Cash received from customers 1,716,000 Cash received from sale of long-term assets 184,000 Dividends paid to stockholders 310,00 Required: 1-a. What amount of total assets have been financed by the creditors and the stockholders? 1-b. Was the company financed mainly by creditors or stockholders? 1-c. What is your information source? Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Reg 10 What amount of total assets have been financed by the creditors and the stockholders? (Enter your answers in thousands.) (s in thousands) Financed by Creditors Financed by Stockholders Reg 1A Reg 1B >

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

The Definitive Guide To Blockchain For Accounting And Business

Authors: Saurav K. Dutta

1st Edition

1789738687, 9781789738681

More Books

Students also viewed these Accounting questions

Question

identify the main types of research studies in HRM research;

Answered: 1 week ago

Question

decide what data to gather and when;

Answered: 1 week ago