## (Answered) Accounting equations, current assets, journal entries and ratios

See the attached file for clarity.;PE 2-4;LO1 The Accounting Equation;For the following four cases, use the accounting equation to compute the missing quantity.;Assets Liabilities Owners' Equity;Case A \$10,000 \$ 4,000 A;Case B 8,000 B \$3,500;Case C C 5,500 7,000;Case D 13,000 15,000 D;PE 2-6;LO1 Current Assets;Using the following information, compute total current assets.;Land.................... \$7,000;Machinery................ 1,300;Accounts payable.......... 1,600;Cash.................... 625;Buildings................. 7,500;Accounts receivable........ 800;Retained earnings.......... 2,200;Inventory................. 2,100;PE 3-16;LO3 Journal Entries with Revenues, Expenses, and Dividends;Make the journal entries necessary to record the following eight transactions.;a. Purchased inventory on account for \$130,000.;b. Sold goods for \$100,000 cash. The goods originally cost \$65,000.;c. Paid \$27,000 cash for employee wages.;d. Paid \$12,500 cash for advertising.;e. Sold goods for \$25,000 cash and \$60,000 on account (a total of \$85,000). The goods;originally cost \$57,000.;f. Collected cash of \$47,000 from the \$60,000 receivable on account, the remaining;\$13,000 is expected to be collected later.;g. Paid cash of \$55,000 on the \$130,000 payable on account, the remaining \$75,000 is;expected to be paid later.;h. Paid cash dividends of \$8,500.;PE 3-20;LO4 Using a Trial Balance to Prepare an Income Statement;Using the trial balance given below, prepare an income statement.;Debit Credit;Cash..................................................... \$ 68,000;Accounts Receivable......................................... 126,000;Inventory.................................................. 216,000;Land..................................................... 90,000;Building................................................... 200,000;Accounts Payable.......................................... \$ 150,000;Loan Payable............................................... 270,000;Capital Stock.............................................. 250,000;Dividends................................................. 17,000;Sales Revenue............................................. 370,000;Cost of Goods Sold......................................... 244,000;Utilities Expense............................................ 54,000;Rental Expense............................................. 25,000;Totals.................................................. \$1,040,000 \$1,040,000;1. Calculating Ratios. Here are simplified financial statements of Phone Corporation from a recent year;INCOME STATEMENT;(figures in millions of dollars);Net sales 13,193;Cost of goods sold 4,060;Other expenses 4,049;Depreciation 2,518;Earnings before interest and taxes (EBIT) 2,566;Interest expenses 685;Income before tax 1,881;Taxes 570;Net income 1,311;Dividends 856;BALANCE SHEET;(figures in millions of dollars);End of Year Start of Year;Assets;Cash and marketable securities 89 158;Receivables 2,382 2,490;Inventories 187 238;Other current assets 867 932;Total current assets 3,525 3,818;Net property, plant, and equipment 19,973 19,915;Other long-term assets 4,216 3,770;Total assets 27,714 27,503;Liabilities and shareholders' equity;Payables 2,564 3,040;Short-term debt 1,419 1,573;Other current liabilities 811 787;Total current liabilities 4,794 5,400;Long-term debt and leases 7,018 6,833;Other long-term liabilities 6,178 6,149;Shareholders' equity 9,724 9,121;Total liabilities and shareholders' equity 27,714 27,503;Calculate the following financial ratios;a. Long-term debt ratio;b. Total debt ratio;c. Times interest earned;d. Cash coverage ratio;e. Current ratio;f. Quick ratio;g. Operating profit margin;h. Inventory turnover;i. Days in inventory;j. Average collection period;k. Return on equity;l. Return on assets;m. Payout ratio;Attachments;2-4.doc
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