Answered Essay: Consider Fisher & Company's annual financial data as follows. Fill in the blanks by calculating the appropriate accounting entries in

Consider Fisher & Companys annual financial data as follows. Fill in the blanks by calculating the appropriate accounting entries in the balance or the income statement. Assume a 365 days per year Click the icon to view Fisher & Companys financial data (a) Find Fishers accounts receivable The Fishers accounts receivable amount is Smiion. (Round to two decimal places.) (b) Calculate the amount of current assets The amount of current assets is Smillion. (Round to two decimal places.) (c) Determine the amount of current liabilities The amount of current liabilities is S (d) Determine the amount of total assets The amount of total assets is $ million. (Round to two decimal places.) (e) Calculate the amount of the long-term debt The amount of the long-term debt is Round to two decimal places.) (f) Calculate the profit margin. The profit margin is %. (Round to two decimal places.) (g) Calculate the Return on Common Equity More Info Fisher & Companys annual financial data (unit: millions of dollars except ratio figures) 「1 million. (Round to two decimal places) Cash and marketable securities Fixed assets Sales Net income Inventory Current ratio $100 $280 S1.200 $358 $180 3.2 Average collection period 45 days Average common equity $500 PrintDone

Consider Fisher & Company’s annual financial data as follows. Fill in the blanks by calculating the appropriate accounting entries in the balance or the income statement. Assume a 365 days per year. (a) Find Fisher’s accounts receivable. The Fisher’s accounts receivable amount is $ million. (Round to two decimal places.) (b) Calculate the amount of current assets. The amount of current assets is $ million. (Round to two decimal places.) (c) Determine the amount of current liabilities. The amount of current liabilities is $ million. (Round to two decimal places.) (d) Determine the amount of total assets. The amount of total assets is $ million. (Round to two decimal places.) (e) Calculate the amount of the long-term debt. The amount of the long-term debt is $ million. (Round to two decimal places.) (f) Calculate the profit margin. The profit margin is %. (Round to two decimal places.) (g) Calculate the Return on Common Equity.

Expert Answer

 

  • a) Average collection period = Accounts Receivable/ Annual Sales/365

    = Accounts Receivable / $1,200/365

    = 45 days

    Accounts Receivable = 45(1200 / 365) = $147.95

    b) Current assets = Cash and marketable securities + Accounts Receivable+ Inventory

    = $100 + 148 + $180 = $428

    c) Current ratio = Current assets / Current liabilities = $428 / Current liabilities = 3.2

    Current liabilities = $428/3.2 = $134

    d) Total assets = Currrent assets + Fixed assets = $428 + $280

    = $708

    e) Total assets = Currrent assets + Fixed assets = $428 + $280 = $708

    Total assets = Common equity + Current liabilities + Long-term debt

    $708 = $500 + $134 + Long-term liabilities

    Long-term liabilities = $74

    f) Profit-margin = Net income / Net sales = $358 / $1,200 = 0.298 or 30%

  • g) Return on common equity = Net Income / Common equity = 358/500=71.6% or 72%
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