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Author Question: Consider the balance sheet of Wilkes Industries as shown below. Wilkes has $1,200,000 in common ... (Read 30 times)

agstelzer01

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on: Aug 7, 2023
Consider the balance sheet of Wilkes Industries as shown below. Wilkes has $1,200,000 in common equity. As a result, which of the following can we state regarding Wilkes?

 

Cash

$ 150,000

​

Accounts payable

$ 100,000

Inventory

200,000

​

Accruals

100,000

Accounts receivable

250,000

​

Total current liabilities

200,000

Total current assets

600,000

​

Debt

200,000

Net fixed assets

1,000,000

​

Common shares

300,000

​

​

​

Retained earnings

900,000

Total assets

$1,600,000

​

Total liab. and equity

$1,600,000

​

​

​


◦

25% of Wilkes’ shareholders’ equity comes from accumulated profitable earnings of prior years’ operations.


◦

75% of Wilkes’ shareholders’ equity comes from issuing more shares.


◦

19.75% of Wilkes’ shareholders’ equity comes from issuing more shares.


◦

75% of Wilkes’ shareholders’ equity comes from accumulated profitable earnings of prior years’ operations..

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Marked as best answer by agstelzer01 on Aug 7, 2023

senorfranco

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Reply #1 on: Aug 7, 2023
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agstelzer01

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Reply 2 on: Aug 7, 2023
:D TYSM

JaynaD87

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Reply 3 on: Yesterday
Wow, this really help

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