"Each of the following items is shown in the financial statements of Exxon Mobil Corporation: 1. Accounts payable 2. Cash equivalents 3. Crude oil inventory 4. Equipment 5. Exploration expenses 6. Income taxes payable 7. Investments 8.Long-term debt 9. Marketable securities 10. Notes and loans payable 11. Notes receivable 12. Operating expenses 13. Prepaid taxes 14. Sales 15. Selling expenses A. Identify the financial statement (balance sheet or income statement) in which each item would appear. B.Can an item appears on more than one financial statement? C.Is the accounting equation relevant for Exxon Mobil Corporation? "Explain?

"Each of the following items is shown in the financial statements of Exxon Mobil Corporation: 1. Accounts payable 2. Cash equivalents 3. Crude oil inventory 4. Equipment 5. Exploration expenses 6. Income taxes payable 7. Investments 8.Long-term debt 9. Marketable securities 10. Notes and loans payable 11. Notes receivable 12. Operating expenses 13. Prepaid taxes 14. Sales 15. Selling expenses A. Identify the financial statement (balance sheet or income statement) in which each item would appear. B.Can an item appears on more than one financial statement? C.Is the accounting equation relevant for Exxon Mobil Corporation? "Explain?

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 1BE

See similar textbooks

Related questions

Q: Following is the balance sheet of Perez Company for Year 3: PEREZ COMPANY Balance sheet Assets Cash…

A: The question is related to the Ratio Analysis. Ratio is the indicated quotient of two mathematical…

Q: Following is the balance sheet of Thornton Company for Year 3: THORNTON COMPANY Balance sheet Assets…

A: The ratio analysis is used by the management to analyze and evaluate the performance of the business…

Q: Use the information provided for Harding Company to answer the question that follow. Harding Company…

A: Quick ratio = Quick assets / current liabilities where, Quick assets = Current assets - Inventory -…

Q: Long-term debt $1,000 Accumulated depreciation—equipment $6,000 Prepaid insurance 790…

A: Balance sheet: The balance sheet depicts the financial position or health of the company by…

Q: Refer to the following selected financial information from McCormik, LLC. Compute the company's…

A: The current ratio is one of the liquidity ratios that help to assess the efficiency of an…

Q: he following information pertains to Diane Company. Assume that all balance sheet amounts represent…

A: Asset turnover ratio is computed by dividing the net sales by average total Assets.

Q: Use the information provided for Harding Company to answer the question that follow. Harding…

A: The formula for computing the amount of working capital of company is Working Capital = Current…

Q: You are evaluating the balance sheet for Goodman's Bees Corporation. From the balance sheet you find…

A: Following formula is to be used here: Net working capital = (Cash+Account recievable)-(Accrued…

Q: Use the information below for Harding Company to answer the question that follow. Harding Company…

A: Quick assets = Accounts receivable + Cash + Marketable securities or Quick assets = Current Assets -…

Q: Following Is the balance sheet of Baird Company for Year 3: BAIRD COMPANY Balance sheet Assets Cash…

A: ROI = Net Income / Cost of the investment X 100 ROE= Net Income / Shareholders Equity Debt…

Q: Refer to the following selected financial information from Texas Electronics. Compute the company's…

A: The ratio analysis helps to analyze the financial statements of the business. The current ratio is…

Q: Financial statementsEach of the following items is shown in the financial statements of ExxonMobil…

A: Income Statement and Balance Sheet are two most important financial statements which tells about…

Q: Use the information provided for Harding Company to answer the question that follow. Harding…

A: The ratio analysis helps to analyse the financial statements of the business.

Q: A recent balance sheet of Sweet Tooth, Inc., included the following items, among others. (Dollar…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: The following items were taken from the financial statements of P. Sunland Company. (All amounts are…

A: Solution:- Preparation of a classified balance sheet in good form as of December 31, 2020 as…

Q: You are given the following information: Cash=$407, inventory= $579, Notes payable=$301, Long-term…

A: Given data; Cash= $407 inventory = $ 579 Notes payable = $ 301 Long term debt = $1680 Account…

Q: Presented below are the captions of Faulk Company’s balance sheet. Indicate where each of the…

A: The Balance Sheet is a statement of financial position which contains all assets, liabilities and…

Q: The simplified balance sheet for the Dutch manufacturer Rensselaer Felt (figures in € thousands) is…

A: It is given that,Long term debts are €209,600 thousand.Short-term debts are €76,600 thousand.There…

Q: Use the information below for Harding Company to answer the question that follow. Harding Company…

A: Current assets are those assets that are expected to be used or sold within one year of time, i.e.…

Q: Golden Corp.'s current year income statement, comparative balance sheets, and additional information…

A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…

Q: The simplified balance sheet for the Dutch manufacturer Rensselaer Felt (figures in € thousands) is…

A: Weighted average cost of capital is the average rate that the company is required to pay to all…

Q: The simplified balance sheet for the Dutch manufacturer Rensselaer Felt (figures in € thousands) is…

A: Calculation of the Ke after capital restructuring is shown below: Formula sheet for the above…

Q: Each of the following items is shown in the financial statements of Exxon Mobil Corporation:1.…

A: a. Identify the financial statement (balance sheet or income statement) in which each item would…

Q: Use the information provided for Harding Company to answer the question that follow. Harding…

A: Working capital is the amount of capital or money that is needed for daily operations of the…

Q: Use the information below for Harding Company to answer the question that follow. Harding Company…

A: Quick asset = Accounts receivable + Cash + Marketable securities

Q: What is the return on total assets for Diane Company? a.6.3% b.1.4% c.3.4% d.9.8%

A: Return on total assets is the ratio that measures company's EBIT relative to its total assets

Q: The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash…

A: Solution: Total assets = Total equities We will compute total assets on dec 31, 2021, same will be…

Q: Refer to the following selected financial information from a company. Compute the company’s…

A: The debt to equity ratio is calculated as total liabilities divided by total shareholder's equity.

Q: Based on the following data for Privett Company, what is the amount of quick assets? Privett…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: The December 31, Year 4, balance sheet for Jordan Corporation is presented here. These are the only…

A: Formula for current ratio;Current ratio=Current AssetsCurrent liabilities

Q: The following information about John Corp. applies to the entity for the year ending 30 June.…

A: Cash flow statement provides details of cash inflows and cash outflows by: Operating activities…

Q: On which of the four major financial statements (balance sheet, income statement, statement of cash…

A: The financial statements represent the financial position of a particular company. These statements…

Q: ormation pertains to Carlton Company. Assume that all balance sheet amounts represent both average…

A: Introduction: A liquidity ratio that attempts to measure a company's ability to pay short-term or…

Q: The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities $96,079…

A: Cash balance = Beginning balance + Borrowing from the bank - Payment for advertising + Sold…

Q: The following information pertains to Bonita Company. Assume that all balance sheet amounts…

A: Given, Inventory = $25,000 Cost of goods sold = $65,000

Q: You are examining a company’s balance sheet and find that it has a total assets of $@0,572, a cash…

A: The working capital is calculated as difference between current assets and current liabilities.

Q: The following information pertains to Diane Company. Assume that all balance sheet amounts represent…

Q: The following information pertains to Tanzi Company. Assume that all balance sheet amounts represent…

A: Formulas: Current ratio = Current assets / Current liabilities

Q: The accounting information collected from the MCM company is detailed in the attached tables.…

A: Ratio analysis is tool used in management accounting to make analysis of financial statements.…

Q: Following is the balance sheet of Rundle Company for Year 3: Assets Cash RUNDLE COMPANY Balance…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Illes Corporation's comparative balance sheet appears below: Beginning Balance Assets: Current…

A: Cash flow statement termed as CFS which is one of the financial statements of the company and it…

Q: Use the information below for Harding Company to answer the question that follow. Harding Company…

A: The working capital is calculated as difference between current assets and current liabilities.

Q: Presented below are a number of balance sheet accounts of Deep Blue Something, Inc. a. Debt…

A: Balance Sheet: Balance Sheet is one of the financial statements which summarize the assets, the…

Q: Use the information below for Harding Company to answer the question that follow. Harding Company…

A: Working capital = Total current assets - Total current liabilities Working capital is the amount…

Q: . Preparing the Financial Statements Listed below are items reported on the financial statements of…

A: Ending Retain earnings = Total assets - Total Liabilities - Common Stock = $102,200 - 40,250 -…

Q: I have been asked to prepare an income statement, how do I know what to include? Question: The…

A: Income statement means the statement which shows the profit and loss of the company in an accounting…

Q: Please use the following information (pertaining to Dance Company) to answer the next two questions.…

A: Return on assets is a financial ratio that calculate the income earned with respect to the assets…

Question

"Each of the following items is shown in the financial statements of Exxon Mobil Corporation:

1. Accounts payable

2. Cash equivalents

3. Crude oil inventory

4. Equipment

5. Exploration expenses

6. Income taxes payable

7. Investments

8.Long-term debt

9. Marketable securities

10. Notes and loans payable

11. Notes receivable

12. Operating expenses

13. Prepaid taxes

14. Sales

15. Selling expenses

A. Identify the financial statement (balance sheet or income statement) in which each item would appear.

B.Can an item appears on more than one financial statement?

C.Is the accounting equation relevant for Exxon Mobil Corporation? "Explain?

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Financial statementsEach of the following items is shown in the financial statements of ExxonMobil Corporation: 1. Accounts payable2. Cash equivalents3. Crude oil inventory4. Equipment5. Exploration expenses 6. Income taxes payable7. Investments8. Long-term debt9. Marketable securities 10. Notes and loans payable11. Notes receivable12. Operating expenses13. Prepaid taxes14. Sales15. Selling expenses A. Identify the financial statement (balance sheet or incomestatement) in which each item would appear.B. Can an item appear on more than one financial statement?C. Is the accounting equation relevant for Exxon MobilCorporation? Explain.
We are given the following information for Pettit Corporation. Sales (credit) Cash Inventory Current liabilities. Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $4,344,000 229,000 873,000 773,000 a. Accounts receivable b. Marketable securities c. Capital assets d. Long-term debt $ $ Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items: ta ta ta 1.45 times 2.80 times $ $ 50 % 8 times
Compute the debt ratio from the data shown below: Balance Sheet (Millions of $) Assets Cash and securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Notes payable Accruals Total current liabilities Long-term bonds Total debt Common stock Retained earnings Total common equity Total liabilities and equity Income Statement (Millions of $) Net sales Operating costs except depreciation Depreciation Earnings bef interest and taxes (EBIT) 2007 $1,290 9,890 13,760 $24,940 $18,060 $43.000 $8,170 6,020 4.730 $18,920 $8,815 $27.735 $5,805 2.460 $15.265 $43,000 2007 $51.600 48,246 903 $2,451 K
Illies Corporation's comparative balance sheet appears below: Beginning Balance Assets: Current assets Cash and cash equivalents. Accounts receivable. Inventory. Total current assets Property, plant, and equipment. Less accumulated depreciation. Net property, plant, and equipment. Total assets. Liabilities and Stockholders' Equity Current liabilities: Accounts payable. Accrued wages and salaries payable.. Accrued income taxes payable. Notes payable. Total current liabilities. Long-term debt. Deferred income taxes. Total liabilities Stockholders' equity: Common stock. Retained earnings. Ending Balance Select one: $ 40,000 19,000 O a. $7,000 O b. $40,000 O c. $29,000 O d. $33,000 67,000 126,000 123,000 358,000 339,000 156,000 132,000 202.000 $328,000 $ 33,000 21,000 69,000 $ 18,000 35,000 23,000 207.000 $330,000 23,000 103,000 22,000 102,000 Total stockholders' equity 126,000 124.000 Total liabilities and stockholders' equity.... $328,000 $330.000 $ 19,000 37,000 19,000 19,000 22,000…
The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The balance sheet revealed the following: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio $ 880,000 $ 3,200,000 1. Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities 2.50 1.50 1.5 Required: Determine the following balance sheet items:
Presented below are the captions of Faulk Company’s balance sheet. Indicate where each of the following items would be classified. Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable 4. Accounts payable. 5. Buildings. 6. Equity investments (to be sold within one year). 7. Current maturity of long-term debt. 8. Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13. Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid insurance. 19. Bonds payable. 20. Income taxes payable.
Attached below is the Balance Sheet of GoodWorld Incorporated Company. Calculate the WACC for the company by using the capital Structure value from the balance sheet. Use the format below to answer your question. Capital Structure 1.Common Stock 2.Preferred Stock 3.Loans / LT debt /Bond 4.Retained Earnings Total ASSETS Current Assets Cash and Cash Equivalents Accounts Receivable Inventory Prepaid Expenses Investment Total Current Assets Amount in Balance Sheet Calculate the WACC: Balance Sheet of GoodWorld Incorporated Company Good World Incorporated Balance Sheet 31-Dec-22 Property & Equipment Land Buildings Equipment Less: Accumulated Depreciation Other Assets Intangible Assets Less: Accumulated Amortization Total Assets $'000 200,000 30,000 20,000 10,000 20,000 280,000 120,000 450,000 100,000 -30,000 40,000 -10,000 Cost 950,000 12% 10% 14% 12% Proposition LIABILITIES & SHAREHOLDERS EQUITY Current Liabilities Accounts Payable Notes Payables Accrued Expenses Deferred Revenue Total…
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current assets: Cash Marketable securities Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Current liabilities: Accounts and notes payable (short-term) Accrued liabilities Total current liabilities 1. Working capital 2. Current ratio 3. Quick ratio Current Year Current Year $347,700 402,600 164,700 603,900 311,100 $1,830,000 $353,800 256,200 $610,000 Previous Year $254,400 286,200 95,400 420,300 268,700 $1,325,000 Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. $371,000 159,000 $530,000 Previous Year
Describe” the Ch9 - return on assets ratio. Explain the factors used in the formula, how the ratio assists the investor in evaluating a company’s performance, and whether it assesses liquidity, solvency, or profitability. Using the numbers in the recent Balance Sheet (Statements of Financial Position) and Income Statement (Statement of Operations) of a U.S. public corporation (state page numbers from the Form 10-K Annual Report), show your calculation and “analyze” the return on assets ratio for a public corporation and its competitor. Describe if the company is doing well in comparison to its competitor’s ratio results.
Select the Income Statements and Balance Sheets of Aramco Saudi from the calculate the following financial ratios: a. Long-term debt ratios b. Total debt ratio c. Times interest earned d. Cash coverage ration e. current ratio f. Quick ratio g. Operating profit margin h. Inventory Turnover i. Days in inventory j. Average collection period k. Return on equity I. Return on assets m. Payout rations
Use the information in the table below to calculate the following ratios for Windswept Woodworks for year 1 and year 2. Windswept Woodworks, Incorporated Input Data (millions of dollars) Accounts payable Accounts receivable Accumulated depreciation Cash & equivalents. Common stock Cost of goods sold Depreciation expense Common stock dividends paid. Interest expense Inventory Addition to retained earnings. Long-term debt. Notes payable Gross plant & equipment Retained earnings. Sales Other current liabilities Tax rate Year 2 interest coverage ratio Year 1 interest coverage ratio Year 2 ACP Year 1 ACP c. Current ratio Year 2 current ratio Year 1 current ratio d. Quick ratio Year 2 622 1,466 6,932 410 Year 2 quick ratio Year 1 quick ratio 1,370 1,590 days days ? ? 230 1,200 602 998 320 10,620 3,248 3,108 Market price per share-year end Number of shares outstanding (For all requirements, round your answers to 2 decimal places.) Required: a. Interest coverage ratio (Assume that year 1 EBIT…
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current assets: Cash Marketable securities Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Current liabilities: Accounts and notes payable (short-term) Accrued liabilities Total current liabilities Current Year 1. Working capital 2. Current ratio 3. Quick ratio $347,700 402,600 164,700 603,900 311,100 $1,830,000 Current Year $353,800 256,200 $610,000 Previous Year $254,400 286,200 95,400 420,300 268,700 $1,325,000 Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. $371,000 159,000 $530,000 Previous Year