Question
The following information pertains to Walrus Inc. Cash $60,000 Accounts receivable 170,000 Inventory 100,000 Plant assets (net) 582,000 Total assets $912,000 Accounts payable $110,000 Accrued
The following information pertains to Walrus Inc. | ||||||||||||||||
Cash | $60,000 | |||||||||||||||
Accounts receivable | 170,000 | |||||||||||||||
Inventory | 100,000 | |||||||||||||||
Plant assets (net) | 582,000 | |||||||||||||||
Total assets | $912,000 | |||||||||||||||
Accounts payable | $110,000 | |||||||||||||||
Accrued taxes and expenses payable | 42,000 | |||||||||||||||
Long-term debt | 120,000 | |||||||||||||||
Common stock ($10 par) | 260,000 | |||||||||||||||
Paid-in capital in excess of par | 50,000 | |||||||||||||||
Retained earnings | 330,000 | |||||||||||||||
Total equities | $912,000 | |||||||||||||||
Net sales (all on credit) | $2,000,000 | |||||||||||||||
Cost of goods sold | 1,400,000 | |||||||||||||||
Net income | 120,000 | |||||||||||||||
Required: Compute the following: (ignore Avg for balance sheet accounts)
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started