Baldwin’s turnover rate for this year is 6.29%. This rate is projected to remain the same next year and no further downsizing will occur from automating. Baldwin plans to spend an additional $500 beyond the extra amount above the $1000 recruiting base it spent this year. The goal of this additional investment is to improve the quality of applicants. What would the total recruiting cost be for Baldwin next year?
October 24, 2019Jon Sports’ inventory account increased from $25,000 on December 31, 2003 to $30,000 on December 31, 2004. Which one of the following items would be included in the operating section of its 2004 indirect method statement of cash flows?
October 24, 2019
The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation. |
Account Title |
Debits |
Credits |
Cash |
51,000 |
|
|
|
Accounts receivable |
45,000 |
|
|
|
Inventories |
86,000 |
|
|
|
Prepaid rent |
27,000 |
|
|
|
Marketable securities (short term) |
21,000 |
|
|
|
Machinery |
200,000 |
|
|
|
Accumulated depreciation—machinery |
|
|
22,000 |
|
Patent (net of amortization) |
90,000 |
|
|
|
Accounts payable |
|
|
13,500 |
|
Wages payable |
|
|
9,500 |
|
Taxes payable |
|
|
43,000 |
|
Bonds payable (due in 10 years) |
|
|
250,000 |
|
Common stock |
|
|
140,000 |
|
Retained earnings |
|
|
42,000 |
|
|
|
|
|
|
Totals |
520,000 |
|
520,000 |
|
|
|
|
|
|
|
Required: |
Prepare a classified balance sheet for Jackson Corporation at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.) |
Cone Corporation is in the process of preparing its December 31, 2016, balance sheet. There are some questions as to the proper classification of the following items: |
a. |
$67,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2020. |
b. |
Prepaid rent of $41,000, covering the period January 1, 2017, through December 31, 2018. |
c. |
Note payable of $234,000. The note is payable in annual installments of $37,000 each, with the first installment payable on March 1, 2017. |
d. |
Accrued interest payable of $29,000 related to the note payable. |
e. |
Investment in marketable securities of other corporations, $114,000. Cone intends to sell one-half of the securities in 2017. |
Required: |
Prepare a partial classified balance sheet to show how each of the above items should be reported. |
|
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2016 balance sheet reported the following: cash, $1,360,000; prepaid expenses, $420,000; noncurrent assets, $3,000,000; and shareholders’ equity, $3,100,000. The current ratio at the end of the year was 2.8 and the debt to equity ratio was 2.0. |
Required: |
Determine the following 2016 amounts and ratios: (Round your “The acid-test ratio” answer to 1 decimal place.) |
The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation. |
|
Account Title |
Debits |
Credits |
Cash |
|
103,000 |
|
|
|
|
Short-term investments |
|
218,000 |
|
|
|
|
Accounts receivable |
|
159,000 |
|
|
|
|
Long-term investments |
|
53,000 |
|
|
|
|
Inventories |
|
233,000 |
|
|
|
|
Loans to employees |
|
58,000 |
|
|
|
|
Prepaid expenses (for 2017) |
|
34,000 |
|
|
|
|
Land |
|
298,000 |
|
|
|
|
Building |
|
1,730,000 |
|
|
|
|
Machinery and equipment |
|
655,000 |
|
|
|
|
Patent |
|
170,000 |
|
|
|
|
Franchise |
|
58,000 |
|
|
|
|
Note receivable |
|
340,000 |
|
|
|
|
Interest receivable |
|
30,000 |
|
|
|
|
Accumulated depreciation—building |
|
|
|
|
638,000 |
|
Accumulated depreciation—equipment |
|
|
|
|
228,000 |
|
Accounts payable |
|
|
|
|
207,000 |
|
Dividends payable (payable on 1/16/17) |
|
|
|
|
28,000 |
|
Interest payable |
|
|
|
|
34,000 |
|
Taxes payable |
|
|
|
|
58,000 |
|
Deferred revenue |
|
|
|
|
78,000 |
|
Notes payable |
|
|
|
|
336,000 |
|
Allowance for uncollectible accounts |
|
|
|
|
26,000 |
|
Common stock |
|
|
|
|
2,072,000 |
|
Retained earnings |
|
|
|
|
434,000 |
|
|
|
|
|
|
|
|
Totals |
|
4,139,000 |
|
|
4,139,000 |
|
|
|
|
|
|
|
|
|
1. |
The common stock represents 1.5 million shares of no par stock authorized, 680,000 shares issued and outstanding. |
2. |
The loans to employees are due on June 30, 2017. |
3. |
The note receivable is due in installments of $68,000, payable on each September 30. Interest is payable annually. |
4. |
Short-term investments consist of marketable equity securities that the company plans to sell in 2017 and $68,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2017. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year. |
5. |
Deferred revenue represents customer payments for extended service contracts. Seventy five percent of these contracts expire in 2017, the remainder in 2018. |
6. |
Notes payable consists of two notes, one for $118,000 due on January 15, 2018, and another for $218,000 due on June 30, 2019. |
|
|
Prepare a classified balance sheet for Vosburgh at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.) |