DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a vertical analysis. Use Ch. 13, "Financial Analysis: The Big Picture," as guidance. Accounts Receivable Inventory Total Assets Dec. 31, 2022 460,000 780,000 3,164,000 Example: NOTE: When entering your numbers, use whole numbers in the equation, and 1 decimal point for the answer, as seen in the example below. The text box will highlight red if incorrect after clicking the Submit button (bottom right corner). Accounts Receivable 2022 Dec. 31, 2021 | 400,000 650,000 2,800,000 30000 ÷ 500000 = = = 6.0 % % 4
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- Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "i" and the dollar amount in the column or columns. For decreases, place a"- and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total essets, total abilities, and total equity For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from Snancing activities. Transaction 1. Owner invest $300 cash in business in exchange for vock 2 Rives $700 cash for services provided 3 Pays $500 cash for employee wages & Buys $100 of equipment on cred 5 Purchases $200 af supplies on credit &…Adjusted Trial Balance As of 12/31/20xx Accounts Account Balances Cash $20,521 28,000 4,000 Accounts Receivable Allowance for Uncollectible Accounts 35,000 Prepaid Rent Equipment Accumulated Depreciation Accounts Payable 40,114 10,000 10.521 |10,000 30,000 Deferred Revenue Common Stock Retained Carnings 10,000 Dividends 3,000 Service Revenue 65.114 1.000 4.000 4.000 4.000 Sales Discounts Rent Expense Interest Expense Income Tax Expense Question:Based on the Partial Trial Balance and AdditionalConsider the following transactions associated with accounts receivable and the allowance for uncollectible accounts. Required: For each transaction, indicate whether it would increase, decrease, or have no effect by leaving the cell blank, on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders' Equity, remains in balance after each transaction.) Stockholders' Credit Sales Transaction Cycle Assets Liabilities Revenues Expenses Equity rovide services on account Increase ease Increase 2. Estimate uncollectible accounts Decrease Decrease Increase 3. Write off accounts as uncollectible 4. Collect on account previously written off
- Build a T-account for each part of the expanded accounting equation. (1) Drag the debit "DR" and credit "CR" labels to the appropriate sides of the T-account. (2) Drag the normal balance label to the correct side of the T- account. (3) Label which side of the t-account increases "+" and decreases "" that account. view drag.and drop keyboard instructions Debit Normal Credit Balance Land Common Stock Dividends Depreciation Expense- Equipmerit Unearnied Revenue Service RevenueIdentify how each of the following separate transactions through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. Transaction 1. Owner invests $750 cash in business in exchange for stock 2. Receives $550 cash for services provided 3. Pays $350 cash for employee wages 4. Buys $480 of equipment on credit 5. Purchases $580 of supplies…1. For Total current assets (on the Balance Sheet), use an Excel function to calculate the value. 2. For Total fixed assets (on the Balance Sheet), use operation signs to calculate the value. 3. As the CFA for Filler Construction, you notice the given Balance Sheet is suspiciously missing accounts that have an opposite normal balance of otheraccounts in their same category. a. What are these types of accounts called? b. add the following accounts where they should be listed: Allowance forDoubtful Accounts of $50, Accumulated Depreciation of $3450, and Treasury Stock of $450. Note: ensure these values are properly visually denoted ashaving the opposite normal balance. 4. Now you see that it is mising required formatting for a U.S. public company's external financial statement! Add in the required underlines where neededand change the number formatting to meet requirement.5. What is a first "check" to determine if this Balance Sheet is balanced? 6. What are two financial ratios that can…
- Select the letter of the item below that best matches the definitions that follow. a. Balance Sheet Standard report. b. To date c. Summary Balance Sheet report d. QuickZoom e. Transactions by Account report f. % of Column g. Memorizing a report h. Divided by 1000 1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets. 2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar. 3. ________ The start of the reporting period. 4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date. 5. ________ A process by which modified reports are saved for later use. 6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands. 7. ________ The end…Consider the following accounts: aClick the icon to view the accounts.) Identify the financial statement (or statements) that each account would appear on. Use I for Income Statement, OE for Statement of Owner's Equity, B for Balance Sheet, and C for Statement of Cash Flows. (If an input field is not used in the table leave the input field empty; do not select a label.) Financial statement(s) account appears on Accounts Payable а. b. Cash c. Owner, Capital d. Accounts Receivable e. Rent Expense f. Service Revenue g. Office Supplies h. Owner, Withdrawals i. Land j. Salaries ExpenseCarter Paint Company has plants in four provinces. Sales last year were $100 million, and the balance sheet at year-end is similar in percent of sales to that of previous years (and this will continue in the future). All assets and current liabilities will vary directly with sales. Assume the firm is already using capital assets at full capacity. Cash Accounts receivable. Inventory Current assets Capital assets Assets Total assets $9 15 10 34 34 $68 Balance Sheet (in $ millions) Liabilities and Shareholders' Equity Accounts payable Accrued vages Accrued taxes Current liabilities. Long-term debt Common stock Retained earnings Total liabilities and shareholders' equity $9 8 7 24 10 15 19 $68 The firm has an aftertax profit margin of 8 percent and a dividend payout ratio of 40 percent. a. If sales grow by 20 percent next year, determine how many dollars of new funds are needed to finance the expansion. (Do not round intermediate calculations. Enter the answer in millions. Round the final…
- Suppose that you are doing a financial statement analysis. Assume you took a financial statement and divided every entry amount in the statement by the amount of total assets. The resulting statement is commonly called a? current ratio common base year income statement common size balance sheet common size income statement common base year balance sheet .DO NOT GIVE PLAGRIZED ANSWERNetflix, Inc. , is the world’s leading Internet subscription service for movies and TV shows. Thefollowing are several of the accounts included in a recent balance sheet:1. Accrued Liabilities2. Prepaid Rent3. Cash4. Common Stock5. Note Payable (long-term)6. Equipment7. Retained Earnings8. Accounts PayableRequired:1. Indicate how each account normally should be categorized on a classified balance sheet. UseCA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrentliability, and SE for stockholders’ equity.2. Indicate whether the account normally has a debit or credit balance.Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total cq- A1 P1 uity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating ac- tivities, cash flows from investing activities, and cash flows from financing activities. 2 3 4 5 6 7 8 9 10 Transaction Owner invests $800 cash in business in exchange for stock Purchases $100 of supplies on credit Buys equipment for $400 cash Provides services for $900 cash Pays $400 cash for rent…