Question

Keystone Computers & Networks, Inc. Balance Sheet As of December 31 Vertical Analysis Preliminary 12/31/X5 Audited 12/31/X4 CURRENT ASSETS Dollar Value % of Total Assets Dollar Value % of Total Assets Cash $53,964 0.45% Trade receivables $8,534,524 71.84% Allowance for bad debts ($96,000) -0.81% Accounts receivables-officers $57,643 0.49% Inventory $1,234,589 10.39% Prepaid expenses $156,900 1.32% Total current assets $9,941,620 83.68% PROPERTY, PLANT, AND EQUIPMENT Equipment & furniture $1,090,634 9.18% Leasehold improvements $98,900 0.83% Accumulated depreciation ($250,987) -2.11% Total property, plant, and equipment $938,547 7.90% Software development costs - 0.00% Intangible assets, net of amortization $1,000,000 8.42% TOTAL ASSETS $11,880,167 100.00% CURRENT LIABILITIES Line of credit $6,612,550 55.66% Accounts payable $1,349,839 11.36% Current maturities of capital leases $43,200 0.36% Unearned service revenue - 0.00% Accrued expenses $178,900 1.51% Total current liabilities $8,184,489 68.89% LONG-TERM CAPITAL LEASES $456,700 3.84% Total liabilities $8,641,189 72.74% STOCKHOLDERS' EQUITY Common stock $200,000 1.68% Additional paid-in capital $423,500 3.56% Retained earnings - beginning balance $1,626,203 13.69% Dividends - 0.00% Current year net income $989,275 8.33% Total stockholders' equity $3,238,978 27.26% TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $11,880,167 100.00% 

          Keystone Computers & Networks, Inc.
Balance Sheet 
As of December 31
Vertical Analysis
Preliminary 12/31/X5
Audited 12/31/X4

CURRENT ASSETS
Dollar Value
% of Total Assets
Dollar Value
% of Total Assets
Cash
$53,964
0.45%
Trade receivables
$8,534,524
71.84%
Allowance for bad debts
($96,000)
-0.81%
Accounts receivables-officers
$57,643
0.49%
Inventory
$1,234,589
10.39%
Prepaid expenses
$156,900
1.32%
Total current assets
$9,941,620
83.68%

PROPERTY, PLANT, AND EQUIPMENT
Equipment & furniture
$1,090,634
9.18%
Leasehold improvements
$98,900
0.83%
Accumulated depreciation
($250,987)
-2.11%
Total property, plant, and equipment
$938,547
7.90%
Software development costs
-
0.00%
Intangible assets, net of amortization
$1,000,000
8.42%

TOTAL ASSETS
$11,880,167
100.00%

CURRENT LIABILITIES
Line of credit
$6,612,550
55.66%
Accounts payable
$1,349,839
11.36%
Current maturities of capital leases
$43,200
0.36%
Unearned service revenue
-
0.00%
Accrued expenses
$178,900
1.51%
Total current liabilities
$8,184,489
68.89%

LONG-TERM CAPITAL LEASES
$456,700
3.84%

Total liabilities
$8,641,189
72.74%

STOCKHOLDERS' EQUITY
Common stock
$200,000
1.68%
Additional paid-in capital
$423,500
3.56%
Retained earnings - beginning balance
$1,626,203
13.69%
Dividends
-
0.00%
Current year net income
$989,275
8.33%
Total stockholders' equity
$3,238,978
27.26%

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$11,880,167
100.00%
Show more…
keystone computers networks inc balance sheet as of december 31 vertical analysis preliminary 1231x5 audited 1231x4 current assets dollar value of total assets dollar value of total assets c 40315

Added by Alexandra P.

Close

Horngren’s Cost Accounting
Horngren’s Cost Accounting
Srikant M. Datar, Madhav V. Rajan 16th Edition
AceChat toggle button
Close icon
Ace pointing down

Please give Ace some feedback

Your feedback will help us improve your experience

Thumb up icon Thumb down icon
Thanks for your feedback!
Profile picture
Keystone Computers & Networks, Inc. Balance Sheet As of December 31 Vertical Analysis Preliminary 12/31/X5 Audited 12/31/X4 CURRENT ASSETS Dollar Value % of Total Assets Dollar Value % of Total Assets Cash $53,964 0.45% Trade receivables $8,534,524 71.84% Allowance for bad debts ($96,000) -0.81% Accounts receivables-officers $57,643 0.49% Inventory $1,234,589 10.39% Prepaid expenses $156,900 1.32% Total current assets $9,941,620 83.68% PROPERTY, PLANT, AND EQUIPMENT Equipment & furniture $1,090,634 9.18% Leasehold improvements $98,900 0.83% Accumulated depreciation ($250,987) -2.11% Total property, plant, and equipment $938,547 7.90% Software development costs - 0.00% Intangible assets, net of amortization $1,000,000 8.42% TOTAL ASSETS $11,880,167 100.00% CURRENT LIABILITIES Line of credit $6,612,550 55.66% Accounts payable $1,349,839 11.36% Current maturities of capital leases $43,200 0.36% Unearned service revenue - 0.00% Accrued expenses $178,900 1.51% Total current liabilities $8,184,489 68.89% LONG-TERM CAPITAL LEASES $456,700 3.84% Total liabilities $8,641,189 72.74% STOCKHOLDERS' EQUITY Common stock $200,000 1.68% Additional paid-in capital $423,500 3.56% Retained earnings - beginning balance $1,626,203 13.69% Dividends - 0.00% Current year net income $989,275 8.33% Total stockholders' equity $3,238,978 27.26% TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $11,880,167 100.00%
Close icon
Play audio
Feedback
Powered by NumerAI
David Collins Kathleen Carty
Jennifer Stoner verified

Akash M and 58 other subject Principles of Accounting educators are ready to help you.

Ask a new question
*

Labs

-

Want to see this concept in action?

NEW

Explore this concept interactively to see how it behaves as you change inputs.

View Labs
*

Recommended Videos

-
the-comparative-statements-of-sandhill-co-are-presented-here-sandhill-co-income-statements-for-the-years-ended-december-31-2022-2021-net-sales-2252400-2100000-cost-of-goods-sold-1247000-1227-06342

The comparative statements of Sandhill Co. are presented here. SANDHILL CO. Income Statements For the Years Ended December 31 2022 2021 Net sales $2,252,400 $2,100,000 Cost of goods sold $1,247,000 $1,227,320 Gross profit $1,005,400 $872,680 Selling and administrative expenses $610,000 $584,380 Income from operations $395,400 $288,300 Other expenses and losses Interest expense $26,840 $24,400 Income before income taxes $368,560 $263,900 Income tax expense $110,568 $79,170 Net income $257,992 $184,730 SANDHILL CO. Balance Sheets December 31 Assets 2022 2021 Current assets Cash $73,322 $78,324 Debt investments (short-term) $90,280 $61,000 Accounts receivable $143,716 $125,416 Inventory $153,720 $140,910 Total current assets $461,038 $405,650 Plant assets (net) $791,780 $634,766 Total assets $1,252,818 $1,040,416 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $195,200 $177,388 Income taxes payable $53,070 $51,240 Total current liabilities $248,270 $228,628 Bonds payable $268,400 $244,000 Total liabilities $516,670 $472,628 Stockholders’ equity Common stock ($5 par) $353,800 $366,000 Retained earnings $382,348 $201,788 Total stockholders’ equity $736,148 $567,788 Total liabilities and stockholders’ equity $1,252,818 $1,040,416 All sales were on account. Net cash provided by operating activities for 2022 was $268,400. Capital expenditures were $165,920, and cash dividends were $77,432. Compute the following ratios for 2022. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.) (a) Earnings per share: $ (b) Return on common stockholders’ equity: % (c) Return on assets: % (d) Current ratio: :1 (e) Accounts receivable turnover: times (f) Average collection period: days (g) Inventory turnover: times (h) Days in inventory: days (i) Times interest earned: times (j) Asset turnover: times (k) Debt to assets ratio: % (l) Free cash flow: $

Akash M.
what-would-the-income-statement-statement-of-owners-equity-classified-balance-sheet-closing-emtries-and-post-closing-trial-balance-all-look-like-the-december-312021adjusted-trial-balance-of-11518

The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2021) follows. Number Account Title 101 Cash 106 Accounts receivable 126 Computer Supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation-Office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 301 S.Rey.Capital 302 S.Rey, Withdrawals 403 Computer services revenue 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer 901 Income Summary Totals Debit: $52,574 4,968 620 1,485 725 8,100 Credit: $405 23,600 1,475 2,100 440 2,500 67,000 7,900 43,164 405 1,475 3,575 495 2,175 4,125 2,643 754 220 1,245 Total: $117,084 $117,084 Required: 1. Prepare an income statement for the three months ended December 31, 2021. 2. Prepare a statement of owner's equity for the three months ended December 31, 2021. (Hint: The S.Rey.Capital account balance was $0 on October 1, and owner investments were $67,000 this period.) 3. Prepare a classified balance sheet as of December 31, 2021. 4. Record the closing entries as of December 31, 2021. 5. Prepare a post-closing trial balance as of December 31, 2021.

Supreeta N.
given-is-the-income-statement-for-the-year-ended-december-31-20xx-statement-of-retained-earnings-for-the-year-ended-december-31-20xx-and-comparative-balance-sheets-for-20xw-and-20xx-of-maris-59693

Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX, and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation: Maris Corporation Income Statement Year Ended December 31, 20XX Sales: $3,500,000 Cost of goods sold: $2,025,000 Gross profits: $1,475,000 Selling and administrative expense: $510,000 Amortization expense: $310,000 Operating income: $655,000 Interest expense: $40,000 Earnings before taxes: $615,000 Taxes: $410,000 Earnings after taxes: $205,000 Preferred stock dividends: $30,000 Earnings available to common shareholders: $175,000 Shares outstanding: 87,500 Earnings per share: $2.00 Statement of Retained Earnings For the Year Ended December 31, 20XX Retained earnings, balance, January 1, 20XX: $840,000 Add: Earnings available to common shareholders, 20XX: $175,000 Deduct: Cash dividends declared and paid in 20XX: $80,000 Retained earnings, balance, December 31, 20XX: $935,000 Comparative Balance Sheets For 20XX and 20XW December 31, 20XX December 31, 20XW Assets Current assets: Cash: $120,000 Accounts receivable (net): $510,000 Inventory: $610,000 Prepaid expenses: $26,000 Total current assets: $1,266,000 Investments (long-term securities): $80,000 Plant and equipment: $2,200,000 Less: Accumulated amortization: $1,071,000 Net plant and equipment: $1,129,000 Total assets: $2,475,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable: $279,000 Notes payable: $500,000 Accrued expenses: $31,000 Total current liabilities: $810,000 Long-term liabilities: Bonds payable, 20XY: $140,000 Total liabilities: $950,000 Shareholders' equity: Preferred stock: $90,000 Common stock: $500,000 Retained earnings: $935,000 Total shareholders' equity: $1,525,000 Total liabilities and shareholders' equity: $2,475,000 Compute the book value per common share for 20XW and 20XX for the Maris Corporation. (Round the final answers to 2 decimal places.) Book value 20XW: $ 20XX: $

Adi S.
*

Recommended Textbooks

-
Horngren’s Cost Accounting

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition
achievement 1,777 solutions
Cost Accounting A Managerial Emphasis

Cost Accounting A Managerial Emphasis

Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan 14th Edition
achievement 1,646 solutions
Principles of Accounting Volume 1: Financial Accounting

Principles of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon Cooper 1st Edition
achievement 1,242 solutions
*

Transcript

-
00:01 We need to evaluate the requested ratios for sand hill company for the year 2022.
00:08 First one is eps which is said to be earning per share.
00:14 So, it is evaluated as net income which is of the value 257 ,992 divided by number of common shares outstanding.
00:24 So, it is 353 ,800.
00:38 So, equating it we get the value to be 0 .73 dollars.
00:46 Secondly, evaluating roe which is said to be the return on common stockholders equity.
00:53 So, for that we will firstly evaluate average common stockholders equity.
01:15 It is evaluated as common stock of 2022 which is 3 ,53 ,800 dollars wherein we add retained earnings of 2022 which is 3 ,82 ,348 to which we add common stock of 2021 which is 3 ,66 ,000 dollars wherein we add retained earnings of 2021 which is 2 ,17 ,88 dollars.
01:49 It is then divided by 2.
01:51 So, equating it we get the value to be 5 ,75 ,484.
01:58 Then roe will be evaluated as net income which is 257 ,992 divided by average common stockholders equity which is 5 ,75 ,484.
02:20 So, we get the value to be 0 .45 or 45%.
02:28 Then evaluating roe which is return on assets.
02:34 So, it is evaluated as net income of the value 257 ,992 divided by total assets of 2022.
02:45 So, it is of the value 12 ,52 ,818 dollars.
02:52 So, we get the value to be 0 .21 or 21%.
02:59 Next evaluating current ratio as total current assets which is 4 ,61 ,038 dollars divided by total current liabilities which is of the value 2 ,48 ,270.
03:24 So, the value then is 1 .85.
03:30 Then evaluating accounts receivable turnover.
03:33 So, for that firstly evaluating average accounts receivable.
03:44 It is evaluated as accounts receivable for the year 2022 of the value 1 ,43 ,716 dollars to which we had accounts receivable for 2021 which is of the value 1 ,25 ,416 divided by 2.
04:06 So, we get 1 ,34 ,566.
04:12 Then accounts receivable turnover is evaluated as net sales 22 ,52 ,400 dollars divided by average accounts receivable which is 1 ,34 ,566 dollars...
Need help? Use Ace
Ace is your personal tutor. It breaks down any question with clear steps so you can learn.
Start Using Ace
Ace is your personal tutor for learning
Step-by-step explanations
Instant summaries
Summarize YouTube videos
Understand textbook images or PDFs
Study tools like quizzes and flashcards
Listen to your notes as a podcast
Continue solving this problem
Create a free account to:
  • View full step-by-step solution
  • Ask follow-up questions with Ace AI
  • Save progress and study later
Continue Free
Join the community

18,000,000+

Students on Numerade

Trusted by students at 8,000+ universities

Numerade

Get step-by-step video solution
from top educators

Continue with Clever
or



By creating an account, you agree to the Terms of Service and Privacy Policy
Already have an account? Log In

A free answer
just for you

Watch the video solution with this free unlock.

Numerade

Log in to watch this video
...and 100,000,000 more!


EMAIL

PASSWORD

OR
Continue with Clever