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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Presented here are liability items for Sheely Inc. at December 31, 2010. Prepare the liabilities section of Sheelys balance sheet.
|
Accounts payable |
$155,000 |
Employee benefits payable |
$ 7,800 |
|
Bank note payable |
20,000 |
 |  |
|
(due May 1, 2011) |
 |
Interest payable |
40,000 |
|
Bonds payable, due 2014 |
900,000 |
Notes payable, due 2012 |
80,000 |
|
Current portion of |
 |  |  |
|
long-term debt |
240,000 |
Property tax payable |
3,500 |
|
Discount on bonds payable |
45,000 |
Sales taxes payable |
1,400 |
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10.
The 2006 Adidas financial statements contain the following selected data (in millions).
|
Current assets |
$3,925 |
Interest expense |
$197 |
|
Total assets |
8,379 |
Income taxes |
227 |
|
Current liabilities |
2,192 |
Net income |
496 |
|
Total liabilities |
5,543 |
 |  |
|
Cash |
311 |
 |  |
Compute the following values and provide a brief interpretation of each.
(a) Working capital.
(b) Current ratio.
(c) Debt to total assets ratio.
(d) Times interest earned ratio.
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