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.

(Top Tutor) John G365
School: UIUC

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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