Prepare a balance sheet for Mullen's Hardware for December 31 of last year, business and finance homework help

Feb 15th, 2017
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Question description

Choose the one alternative that best completes the statement or answers the question. Solve the problem.

1. Prepare a balance sheet for Mullen's Hardware for December 31 of last year. The company assets are cash $15,000, accounts receivable $21,000, and merchandise inventory $95,000. The liabilities are accounts payable $12,000 and wages payable $17,000. The owner's capital is $102,000.

2. Solve the problem. Express answers as a percent rounded to the nearest tenth.

Complete a vertical analysis on the balance sheet for Mullen's Hardware for December 31 of last year. The company assets are cash $11,000, accounts receivable $40,000, and merchandise inventory $96,000. The liabilities are accounts payable $19,000 and wages payable $25,000. The owner's capital is $103,000.

3. Solve the problem. Express answers as a percent rounded to the nearest tenth.

Complete a vertical analysis  on the balance sheet for Jake's Janitorial Service for December 31 of last year. The company assets are cash $20,000, accounts receivable $48,000, merchandise inventory $89,000, and equipment $82,000. The liabilities are accounts payable $13,000, wages payable $16,000, and mortgage note payable $77,000. The owner's capital is $133,000.

4.Solve the problem.

For the month ending June 30, TriCounty Nursery has net sales of $251,000, cost of goods sold of $99,000, and operating expenses of $70,000. Find the gross profit and net income.

5.Solve the problem.

For the month ending December 31, MidState Machinery had gross sales of $4,207,000, returns of $68,800, cost of beginning inventory $502,000, cost of purchases $1,484,000, cost of ending inventory $570,000, total operating expenses $135,900. Find the net sales and cost of goods sold.

6. Solve the problem. Express answers as a percent rounded to the nearest tenth.

The Garden Shop had a cost of goods sold of $108,000, operating expenses of $49,000, and net sales of $272,000. Find the cost of goods sold percent of net sales and operating expenses percent of net sales.

7. Solve the problem. Express answers as a percent rounded to the nearest tenth.

Speedy Cleaning Service had a cost of beginning inventory of $40,000, net sales of $222,000, and gross sales of $401,000. Find the beginning inventory percent of net sales and gross sales percent of net sales

Solve the problem.

8. Prepare a balance sheet for Jake's Janitorial Service for December 31 of last year. The company assets are cash $16,000, accounts receivable $58,000, merchandise inventory $50,000, and equipment $97,000. The liabilities are accounts payable $23,000, wages payable $22,000, and mortgage note payable $87,000. The owner's capital is $89,000.


Tutor Answer

(Top Tutor) John G365
School: UIUC
PREMIUM TUTOR

find the attached paper and let me know if you need any clarification of additional help

Accounting solutions
1. Question 1
Balance sheet for Mullen’s Hardware as at December 31st
Assets($)
Cash
Accounts
receivable
Inventory
Total Assets
Liabilities($)
Accounts
payable
Wages payable
Total liabilities
Capital stock
Total liabilities
and capital
stock

15,000
21,000
95,000
$131,000
12,000
17,000
$29,000
$102,000
$131,000

2. Question 2
Comparative balance sheet for Mullen’s Hardware for December 31st 2016
Amount
Percent
Assets ($)
Cash
Accounts
receivable
Inventory
Total Assets
Liabilities ($)
Accounts payable
Wages payable
Total liabilities
Capital stock
Total liabilities
and capital stock

11,000
40,000

7.5%
27.2%

96,000
$147,000

65.3%
100%

19,000
25,000
$44,000
...

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