2. Information:Prepaid insuranceAccrued salariesPetty cashInvestment in trading securitiesTotal current assetsCash2001501,2004,560600Inventory, at sales value (cost = S1,500)2,100Unearned rent40Allowance for bad debts150Office suppliesAccounts receivable110800Required:Prepare the current asset section of the balance sheet.to

Current assets include the assets , which can be converted into cash within one year. examples-…

2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets 200 150 1,200 4,560 Cash 600 Inventory, at sales value (cost = $1,500) 2,100 Unearned rent 40 Allowance for bad debts 150 Office supplies Accounts receivable 110 800 Required: Prepare the current asset section of the balance sheet.

2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets 200 150 1,200 4,560 Cash 600 Inventory, at sales value (cost = $1,500) 2,100 Unearned rent 40 Allowance for bad debts 150 Office supplies Accounts receivable 110 800 Required: Prepare the current asset section of the balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

As loan analyst for Carla Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $124,000 $335,000 Receivables 214,000 305,000 Inventories 589,000 523,000 Total current assets 927,000 1,163,000 Other assets 482,000 582,000 Total assets $1,409,000 $1,745,000 Liabilities and Stockholders’ Equity Current liabilities $301,000 $368,000 Long-term liabilities 409,000 482,000 Capital stock and retained earnings 699,000 895,000 Total liabilities and stockholders’ equity $1,409,000 $1,745,000 Annual sales $946,000 $1,559,000 Rate of gross profit on sales 30 % 40 % Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be…
CHART OF ACCOUNTS Kirchhoff Industries General Ledger Assets 110 Cash 111 Petty Cash 120 Accounts Receivable 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense…
Please see attached docs. CHART OF ACCOUNTSASSETS110 Cash111 Petty Cash121 Accounts Receivable122 Allowance for Doubtful Accounts126 Interest Receivable127 Notes Receivable131 Merchandise Inventory141 Office Supplies142 Store Supplies151 Prepaid Insurance191 Land192 Store Equipment193 Accumulated Depreciation-Store Equipment194 Office Equipment195 Accumulated Depreciation-Office EquipmentLIABILITIES210 Accounts Payable221 Salaries Payable231 Sales Tax Payable232 Interest Payable241 Notes Payable251 Bonds Payable252 Discount on Bonds Payable253 Premium on Bonds PayableEQUITY311 Common Stock312 Paid-In Capital in Excess of Par-Common Stock315 Treasury Stock321 Preferred Stock322 Paid-In Capital in Excess of Par-Preferred Stock331 Paid-In Capital from Sale of Treasury Stock340 Retained Earnings351 Cash Dividends352 Stock DividendsREVENUE410 Sales610 Interest Revenue611 Gain on Redemption of BondsEXPENSES510 Cost of Merchandise Sold515 Credit Card Expense516 Cash Short and Over521 Sales…
A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is required in the company's accounts? a.debit Cash; credit Accounts Receivable b.debit Accounts Payable; credit Cash c.debit Accounts Receivable; credit Cash d.debit Cash; credit Accounts Payable
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
Q: What are the journal entries for the following transactions related to Uncollectable accounts? On January 31st, accounts receivable amount to Rs=10,000. On this date, the credit manager reviews the accounts receivable and estimates that approximately Rs=850 of these accounts will prove to be uncollectable. Assume that the customer (Ali enterprise) is gone out of business and Rs=300 account receivable from the customer is now worthless. Assume for example, that a past-due account receivable in the amount of Rs=150 from XYZ was written off on March 16, 2020. All of a sudden, XYZ pays the account in full. Record the journal entry.
some ca are Cutting Edge Co. is engaged in a small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non-cash transactions are recorded by making memo entries. The following are abstracted from the company's records: Accounts receivable, increase Notes receivable, decrease Accounts payable, decrease CHAPTER 11-PROBLEM 9: P1,480,000 800,000 600,000 AUDITING PRACTICE (2022 Ed.)/CTEspenilla 377
A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is required in the company's accounts? a. debit Accounts Payable; credit Cash b. debit Accounts Receivable; credit Cash c. debit Cash; credit Accounts Payable d. debit Cash; credit Accounts Receivable
Question 5: One of your team members is struggling with preparation of balance sheet and he needs your assistance in completing it. He has come up with following missing information. You are required to complete this Balance sheet. Assets Liabilities & Equity $ 100,000 Current Liabilities Cash Receivables Long Tem Debt Inventory Total Debt Plant Common Equity $ 600,000 Total Assets Total Claims Additional Information: Current Ratio is 2.5 ; Average Collection Period is 54 days; Total Debt to Total Assets 40 percent; Total Asset Tumoveris 2; Inventory Tumover 5.
1. MERCHANDISE INVENTORY ENDING 60000 INCOME SUMMARY 60000 2. BAD DEBTS EXPENSE 100 ALLOWANCE FOR BAD DEBTS 100 3. DEPRECIATION EXPENSES 6000 ACCUMULATED DEPRECIATION 6000 4. STORE SUPPLIES EXPENSE 400 STORE SUPPLIES INVENTORY 400 5. INTEREST RECEIVABLE 252 INTEREST INCOME 252 6. SALARIES EXPENSES 10000 SALARIES PAYABLE 10000 7. CASH 84 INTEREST RECEIVABLE 84 PLEASE CHECK IF MY ADJUSTING…
C O O O Using a perpetual inventory system, how should a company record the sale of inventory costing $540 for $1,100 on account? Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable. Sales Revenue Accounts Payable Inventory Inventory Gain. Sales Revenue O Accounts Receivable. Sales Revenues. Gain O None of these answer choices are correct. ! 1 F1 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Q A 2 N I F2 W #3 3 80 F3 E X $ 4 S D a F4 R C 1,100 LL 1,100 сторо 540 5 J *540 1,100 F 540 560 F5 T V ^ 6 540 1,100 1,100 540 1,100 MacBook Air G 540 560 F6 Y & 7 B J F7 H * 00 U 8 DII FB J N ( 9 1 F9 K M ) Save All Answers O O F10 <