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Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 428,652
| Category | Prior Year | Current Year |
| Accounts payable | ??? | ??? |
| Accounts receivable | 320,715 | 397,400 |
| Accruals | 40,500 | 33,750 |
| Additional paid in capital | 500,000 | 541,650 |
| Cash | 17,500 | 47,500 |
| Common Stock | 94,000 | 105,000 |
| COGS | 328,500 | 428,652.00 |
| Current portion long-term debt | 33,750 | 35,000 |
| Depreciation expense | 54,000 | 55,781.00 |
| Interest expense | 40,500 | 42,124.00 |
| Inventories | 279,000 | 288,000 |
| Long-term debt | 336,483.00 | 398,962.00 |
| Net fixed assets | 946,535 | 999,000 |
| Notes payable | 148,500 | 162,000 |
| Operating expenses (excl. depr.) | 126,000 | 162,155.00 |
| Retained earnings | 306,000 | 342,000 |
| Sales | 639,000 | 845,404.00 |
| Taxes | 24,750 | 48,319.00 |
What is the entry for the current year's taxes on a common-sized income statement?
Submit
Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))
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#2
| Category | Prior Year | Current Year |
| Accounts payable | ??? | ??? |
| Accounts receivable | 320,715 | 397,400 |
| Accruals | 40,500 | 33,750 |
| Additional paid in capital | 500,000 | 541,650 |
| Cash | 17,500 | 47,500 |
| Common Stock | 94,000 | 105,000 |
| COGS | 328,500 | 428,652.00 |
| Current portion long-term debt | 33,750 | 35,000 |
| Depreciation expense | 54,000 | 55,781.00 |
| Interest expense | 40,500 | 42,124.00 |
| Inventories | 279,000 | 288,000 |
| Long-term debt | 336,483.00 | 398,962.00 |
| Net fixed assets | 946,535 | 999,000 |
| Notes payable | 148,500 | 162,000 |
| Operating expenses (excl. depr.) | 126,000 | 162,155.00 |
| Retained earnings | 306,000 | 342,000 |
| Sales | 639,000 | 845,404.00 |
| Taxes | 24,750 | 48,319.00 |
What is the current year's accounts payable balance?
Submit
Answer format: Number: Round to: 0 decimal places
Expert Solution
| 1 | |
| Taxes for current year | 48319 |
| Divide by Sales for current year | 845404 |
| Current year's taxes on a common-sized income statement | 5.72% |
| 2 | |
| Accounts receivable | 397400 |
| Cash | 47500 |
| Inventories | 288000 |
| Net fixed assets | 999000 |
| Total Assets | 1731900 |
| Accruals | 33750 |
| Current portion long-term debt | 35000 |
| Long-term debt | 398962 |
| Notes payable | 162000 |
| Total Liabilities | 629712 |
| Common Stock | 105000 |
| Additional paid in capital | 541650 |
| Retained earnings | 342000 |
| Total equity | 988650 |
| Total Assets | 1731900 |
| Less: Total Liabilities | 629712 |
| Less: Total equity | 988650 |
| Accounts payable balance | 113538 |
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