December 31, 2019, data for Hestand Company follow. All accounts are represented. Amounts indicated by question marks (?) can be calculated using the following additional information.
Assets
Cash…………………………………………………………… $ 15,000
Accounts receivable (net)……………………………………………… ?
Inventory……………………………………………………………… ?
Property, plant, and equipment (net)……………………………. 278,000
………………………………………………………………………..$ ?
Liabilities and Stockholders’ Equity
Accounts payable (trade)…………………………………….. $ 26,000
Income taxes payable (current)…………………………………. 14,000
Long-term debt………………………………………………………. ?
Common stock………………………………………………. $160,000
Retained earnings……………………………………………………. ?
……………………………………………………………………….$ ?
Additional Information
Quick ratio (at year end)……………………………………… 1.3 to 1
Working capital………………………………………………. $42,000
Inventory turnover (cost of goods sold ÷)…. 12 times
Debt to equity ratio………………………………………………… 80%
Gross margin for 2019………………………………………. $126,000
Required
Determine the following:
a. The balance in as of December 31, 2019.
b. The turnover of assets for 2019.
c. The balance of long-term debt as of December 31, 2019.
d. The balance in retained earnings as of December 2019.
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