Maurice Tutor

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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 07 Aug 2017 My Price 12.00

Matt’s Hardware Company’

Classified Balance Sheet

p6. The information that follows is from Matt’s Hardware Company’s April 30, 2014, post-closing trial balance.

 

 

Account name Cash Debit 31,000 Credit Short-Term Investments 33,000 Notes Receivable 10,000 Accounts Receivable 276,000 Merchandise Inventory 145,000 Prepaid Rent 1,600 Prepaid Insurance 4,800 Sales Supplies 1,280 Office Supplies 440 Deposit for Future Advertising 3,680 Building, Not in Use 49,600 Land 22,400 Delivery Equipment Accumulated Depreciation—Delivery Equipment Trademark Accounts Payable 41,200 4,000 28,400 114,600 Salaries Payable 5,200 Interest Payable 840 Income Taxes Payable 4,750 Long-Term Notes Payable 80,000 Common Stock 129,000 Retained Earnings 261,210 Totals 624,000 624,000  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets $ 366,000 $ 310,000 Total assets 2,320,000 1,740,000 Current liabilities 180,000 120,000 Long-term liabilities 800,000 580,000 Stockholders’ equity 1,340,000 1,040,000 Net sales 4,600,000 3,480,000 Net income 300,000 204,000 ;

 

ReqUIReD

1.    Prepare a classified balance sheet for Matt’s Hardware.

2.    Business appliCation ▶ Compute Matt’s Hardware’s current ratio and debt to equity ratio. (Round to one decimal place.)

3.    Business appliCation ▶ As a user of the classified balance sheet, why would you want to know the current ratio or the debt to equity ratio?

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Aug 2017 12:08 AM My Price 12.00

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