O’Keefe Industries Balance Sheet Accounting Help
1.Balance sheet completion using ratios Complete the 2003 balance sheet for O’Keefe Industries using the information that follows it.
O’Keefe Industries Balance Sheet December 31, 2003:
|Assets||Liabilities and Stockholders’ Equity|
|Marketable securities||25,000||Notes payable||–|
|Inventories||–||Total current liabilities||–|
|Total current assets||–||Long-term debt||–|
|Net fixed assets||–||Stockholders’ equity||$60,000|
|Total assets||$||Total liabilities and||–|
The following financial data for 2003 are also available:
(1) Sales totaled $1,800,000.
(2) The gross profit margin was 25%.
(3) Inventory turnover was 6.0. was 1.20.
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(4) There are 360 days in the year.
(5) The average collection period was 40 days.
(6) The current ratio was 1.60.
(7) The total asset turnover ratio
(8) The debt ratio was 60%.
2.Lacoma Company produces computer software that Kozuch, Inc., sells. Lacoma receives a royalty of 15 percent of sales. Kozuch pays royalties to Lacoma semiannually— on May 1 for sales made in July through December of the previous year and on November 1 for sales made in January through June of the current year. Royalty expense for Kozuch and royalty income for Lacoma in the amount of $12,000 were accrued on December 31, 2013. Cash in the amounts of $12,000 and $20,000 was paid and received on May 1 and November 1, 2014, respectively. Software sales during the July to December 2014 period totaled $300,000.
a)Calculate the amount of royalty expense for Kozuch and royalty income for Lacoma during 2014.
b)Record the adjusting entry that each company made on December 31, 2014.
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