# Grantham Week 7 Mullens Hardware Balance Sheet for New Years Eve Paper .Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The com

Grantham Week 7 Mullens Hardware Balance Sheet for New Years Eve Paper .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. 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.
Mullen’s Hardware Balance Sheet
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Total assets: \$131,000
Total liabilities: \$29,000
Total liabilities and owner’s equity: \$131,000
Mullen’s Hardware Balance Sheet
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Total assets: \$131,000
Total liabilities: \$12,000
Total liabilities and owner’s equity: \$131,000
Mullen’s Hardware Balance Sheet
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Total assets: \$95,000
Total liabilities: \$12,000
Total liabilities and owner’s equity: \$102,000
Mullen’s Hardware Balance Sheet
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Total assets: \$131,000
Total liabilities: \$17,000
Total liabilities and owner’s equity: \$17,000
10 points
QUESTION 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.
Mullen’s Hardware Balance Sheet
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Cash: 7.5%
Accounts receivable: 27.2%
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Merchandise inventory: 65.3%
Total assets: 100%
Accounts payable: 43.2%
Wages payable: 17.0%
Total liabilities: 29.9%
Mullen’s capital: 70.1%
Total liabilities and owner’s equity: 100%
Mullen’s Hardware Balance Sheet
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Cash: 7.5%
Accounts receivable: 27.2%
Merchandise inventory: 65.3%
Total assets: 100%
Accounts payable: 12.9%
Wages payable: 56.8%
Total liabilities: 29.9%
Mullen’s capital: 70.1%
Total liabilities and owner’s equity: 100%
Mullen’s Hardware Balance Sheet
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Cash: 7.5%
Accounts receivable: 27.2%
Merchandise inventory: 65.3%
Total assets: 100%
Accounts payable: 12.9%
Wages payable: 17.0%
Total liabilities: 29.9%
Mullen’s capital: 70.1%
Total liabilities and owner’s equity: 100%
Mullen’s Hardware Balance Sheet
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Cash: 7.5%
Accounts receivable: 27.2%
Merchandise inventory: 65.3%
Total assets: 100%
Accounts payable: 43.2%
Wages payable: 56.8%
Total liabilities: 100%
Mullen’s capital: 70.1%
Total liabilities and owner’s equity: 100%
10 points
QUESTION 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.
Jake’s Janitorial Service Balance Sheet
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Cash: 8.4%
Accounts receivable: 20.1%
Merchandise inventory: 37.2%
Equipment: 34.3%
Total assets: 100%
Accounts payable: 12.3%
Wages payable: 15.1%
Mortgage note payable: 32.2%
Total liabilities: 44.4%
Jake’s capital: 55.6%
Total liabilities and owner’s equity: 100%
Jake’s Janitorial Service Balance Sheet
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Cash: 8.4%
Accounts receivable: 20.1%
Merchandise inventory: 37.2%
Equipment: 34.3%
Total assets: 100%
Accounts payable: 5.4%
Wages payable: 6.7%
Mortgage note payable: 72.6%
Total liabilities: 44.4%
Jake’s capital: 55.6%
Total liabilities and owner’s equity: 100%
Jake’s Janitorial Service Balance Sheet
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Cash: 8.4%
Accounts receivable: 20.1%
Merchandise inventory: 37.2%
Equipment: 34.3%
Total assets: 100%
Accounts payable: 12.3%
Wages payable: 15.1%
Mortgage note payable: 72.6%
Total liabilities: 100%
Jake’s capital: 55.6%
Total liabilities and owner’s equity: 100%
Jake’s Janitorial Service Balance Sheet
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Cash: 8.4%
Accounts receivable: 20.1%
Merchandise inventory: 37.2%
Equipment: 34.3%
Total assets: 100%
Accounts payable: 5.4%
Wages payable: 6.7%
Mortgage note payable: 32.2%
Total liabilities: 44.4%
Jake’s capital: 55.6%
Total liabilities and owner’s equity: 100%
10 points
QUESTION 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.
gross profit: \$152,000; net income: \$82,000
gross profit: \$72,100; net income: \$29,000
gross profit: \$82,000; net income: \$152,000
gross profit: \$152,000; net income: \$29,000
10 points
QUESTION 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.
net sales: \$4,207,000; cost of goods sold: \$1,416,000
net sales: \$4,138,200; cost of goods sold: \$1,416,000
net sales: \$4,138,200; cost of goods sold: \$135,900
net sales: \$4,138,200; cost of goods sold: \$2,716,300
10 points
QUESTION 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.
cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales:
21.7%
cost of goods sold percent of net sales: 21.7%, operating expenses percent of net sales:
39.7%
cost of goods sold percent of net sales: 18.0%, operating expenses percent of net sales:
39.7%
cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales:
18.0%
10 points
QUESTION 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.
beginning inventory percent of net sales: 180.6%, gross sales percent of net sales: 18.0%
beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 180.6%
beginning inventory percent of net sales: 65.3%, gross sales percent of net sales: 18.0%
beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 65.3%
10 points
QUESTION 8
Solve the problem. Round to the nearest tenth.
Find the percent increase (or decrease) in net sales from last year to this year for the income statement.
10.6% decrease
10.6% increase
10.3% increase
10.3% decrease
10 points
QUESTION 9
Solve the problem. Round to the nearest tenth.
Find the percent increase (or decrease) in cost of goods sold from last year to this year for the income
statement.
50.8% increase
7.4% decrease
50.8% decrease
7.4% increase
10 points
QUESTION 10
Solve the problem.
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.
Jake’s Janitorial Service Balance Sheet
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Total assets: \$221,000
Total liabilities: \$110,000
Total liabilities and owner’s equity: \$89,000
Jake’s Janitorial Service Balance Sheet
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Total assets: \$221,000
Total liabilities: \$132,000
Total liabilities and owner’s equity: \$89,000
Jake’s Janitorial Service Balance Sheet
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Total assets: \$221,000
Total liabilities: \$132,000
Total liabilities and owner’s equity: \$221,000
Jake’s Janitorial Service Balance Sheet
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Total assets: \$124,000
Total liabilities: \$132,000
Total liabilities and owner’s equity: \$89,000