CORRECTION NEED IT THKS

 

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Prepare a comparative balance sheet of Gilmour Company showing the dollar change and the percent change for each item.
(Round percentages to 2 decimal places, e.g. 2.25

%

. If $ or % change are in decrease, enter amounts or percentages using either a negative sign preceding the number e.g. -45, -2.25% or parentheses e.g. (45), (2.25)%.)

GILMOUR COMPANY
Comparative Balance Sheet
December 31, 2013 and 2012

December 31

 

Increase or (Decrease)

Assets

2013

 

2012

 

$ Change

 

% Change

Cash

$ 180,000

$ 275,000

$

%

Accounts receivable (net)

219,500

155,300

Short-term investments

269,300

149,600

Inventories

1,059,600

979,300

Prepaid expenses

24,750

24,750

Fixed assets

2,585,200

1,949,400

Accumulated depreciation

( 1,000,500

 )

( 750,

100

 )

     Total

$ 3,337,850

 

$ 2,783,250

 

$

%
 

Liabilities and Stockholders’ Equity

Accounts payable

$ 50,020

$ 74,100

$

%

Accrued expenses

170,400

199,400

Bonds payable

450,500

189,600

Capital stock

2,100,000

1,769,300

Retained earnings

566,930

 

550,850

 

     Total

$ 3,337,850

 

$ 2,783,250

 

$

%

 

 

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Answer each of the questions in the following unrelated situations.
(a) The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $492,400, what is the amount of current liabilities?

Current Liabilities

$

(b) A company had an average inventory last year of $209,000 and its inventory turnover was 5. If sales volume and unit cost remain the same this year as last and inventory turnover is 9 this year, what will average inventory have to be during the current year?
(Round answer to 0 decimal places, e.g. 125.)

$

Average Inventory

(c) A company has current assets of $88,790 (of which $37,160 is inventory and prepaid items) and current liabilities of $37,160. What is the current ratio? What is the acid-test ratio? If the company borrows $13,870 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-test ratio be?
(Round answers to 2 decimal places, e.g. 2.50.)

 :1

 :1

 :1

Current Ratio						:1
Acid Test Ratio
New Current Ratio
New Acid Test Ratio

(d) A company has current assets of $605,100 and current liabilities of $239,000. The board of directors declares a cash dividend of $191,200. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend?
(Round answers to 2 decimal places, e.g. 2.50.)

 :1

 :1

Current ratio after the declaration but before payment

Current ratio after the payment of the dividend

Presented below are comparative balance sheets for the Gilmour Company.

GILMOUR COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2013 AND 2012

December 31

2013

2012

Assets

Cash

$180,200

$275,700

Accounts receivable (net)

220,400

154,300

Short-term investments

270,100

149,400

Inventories

1,061,000

980,700

Prepaid expenses

24,140

24,140

Fixed assets

2,585,600

1,949,300

Accumulated depreciation

(1,000,900

)

(750,100

)

$3,340,540

 

$2,783,440

 

 

Liabilities and Stockholders’ Equity

Accounts payable

$50,700

$75,180

Accrued expenses

169,500

200,500

Bonds payable

450,100

190,600

Capital stock

2,100,000

1,770,300

Retained earnings

570,240

 

546,860

 

$3,340,540

 

$2,783,440

 

(a)

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Prepare a comparative balance sheet of Gilmour Company showing the percent each item is of the total assets or total liabilities and stockholders’ equity.
(Round percentages to 2 decimal places, e.g. 2.25%. For accumulated depreciation, enter percentages using either a negative sign preceding the number e.g. -2.25% or parentheses e.g. (2.25)%.)

GILMOUR COMPANY
Comparative Balance Sheet
December 31, 2013 and 2012

December 31

Assets

2013

 

2012

Cash

$ 180,200

%

$ 275,700

%

Accounts receivable (net)

220,400

154,300

Short-term investments

270,100

149,400

Inventories

1,061,000

980,700

Prepaid expenses

24,140

24,140

Fixed assets

2,585,600

1,949,300

Accumulated depreciation

( 1,000,900

 )

 

 )

 

     Total

$ 3,340,540

 

%

$ 2,783,440

 

%

 

Liabilities and Stockholders’ Equity

Accounts payable

$ 50,700

%

$ 75,180

%

Accrued expenses

169,500

200,500

Bonds payable

450,100

190,600

Capital stock

2,100,000

1,770,300

Retained earnings

570,240

 

 

546,860

 

 

     Total

$ 3,340,540

 

%

$ 2,783,440

 

%

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Attempts: 1 of 1 used

 

( 750,100

(b) Prepare a comparative balance sheet of Gilmour Company showing the dollar change and the percent change for each item. (Round percentages to 2 decimal places, e.g. 2.25%. If $ or % change are in decrease, enter amounts or percentages using either a negative sign preceding the number e.g. -45, -2.25% or parentheses e.g. (45), (2.25)%.) GILMOUR COMPANY Comparative Balance Sheet December 31, 2013 and 2012 December 31   Increase or (Decrease) Assets 2013   2012   $ Change   % Change Cash $ 180,200 $ 275,700 $ % Accounts receivable (net) 220,400 154,300 Short-term investments 270,100 149,400 Inventories 1,061,000 980,700 Prepaid expenses 24,140 24,140 Fixed assets 2,585,600 1,949,300 Accumulated depreciation ( 1,000,900  ) ( 750,100  )      Total $ 3,340,540   $ 2,783,440   $ %   Liabilities and Stockholders’ Equity Accounts payable $ 50,700 $ 75,180 $ % Accrued expenses 169,500 200,500 Bonds payable 450,100 190,600 Capital stock 2,100,000 1,770,300 Retained earnings 570,240   546,860        Total $ 3,340,540   $ 2,783,440   $ %

6.58

77.40

70.03

-29.96

-26.95

100
100

1.52

2.70

5.07

7.20

5.58

13.47

6.85

62.86

63.60

17.07

19.65

100
100

8.07

5.38

31.74

35.19

0.74

0.89

77.45

70.04

(29.97)

(26.95)

100
100

1.50

2.66

5.11

7.16

13.50

6.81

62.91

63.57

16.98

19.79

100

5.39

100

123100

116111

2.39

1.39

2.01

1.28

1.41

1.71

9.88

5.39

9.91

6.60

5.54

8.09

5.37

31.76

35.23

0.72

0.87