11.Palomo Company reported the following balance sheet at October 31, 2007:
Palomo Company
Balance Sheet
October 31, 2007
Cash$10,000
Accounts receivable13,000
Inventory14,000
$37,000
Equipment20,000
Less: Accumulated depreciation3,00017,000
$54,000
Accounts payable$ 6,000
Wages payable5,000
11,000
Contributed Capital35,000
Retained Earnings8,00043,000
$54,000
Required:
Determine (a) current assets, (b) property, plant, and equipment, (c) total assets, (d) total liabilities, and (e) stockholders' equity.
12.The Molusk Shrimp Company has the following account balances and other information available at April 30, 2007:
Accounts receivable$178,000Operating expenses$192,000
Common stock200,000Cash112,000
Income tax expense75,200Bonds payable (due
4-20-12)20,000
Retained earnings?Accounts payable100,000
Sales revenue900,000Cost of goods sold520,000
Buildings220,000
Required:
Determine the following amounts at April 30, 2007.
a.Total assets
b.Working capital
c.Gross profit
d.Retained earnings
e.Net income
f.Working capital ratio