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

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what is income statement? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
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…
The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
1a. Journalize the entries to record the 201 transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 1b. Journalize the entries to record the 20Y2 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round all amounts to the nearest dollar.
4. Accounts receivable turnover fill in the blank 4 5. Number of days' sales in receivables fill in the blank 5 6. Inventory turnover fill in the blank 6 7. Number of days' sales in inventory fill in the blank 7 8. Ratio of fixed assets to long-term liabilities fill in the blank 8 9. Ratio of liabilities to stockholders' equity fill in the blank 9 10. Times interest earned fill in the blank 10 11. Asset turnover fill in the blank 11 12. Return on total assets fill in the blank 12 % 13. Return on stockholders' equity fill in the blank 13 % 14. Return on common stockholders' equity fill in the blank 14 % 15. Earnings per share on common stock $fill in the blank 15 16. Price-earnings ratio fill in the blank 16 17. Dividends per share of common stock $fill in the blank 17 18. Dividend yield fill in the blank 18 %
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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 <
QUESTION Caviler Company determines that it cannot collect a total of $500 from a customer. Using the allowance method, the journal entry to write off the amount would be: ANSWER Date Date Date Date Accounts Accounts Receivable Allowance for Bad Debts Accounts Bad Debts Expense Accounts Receivable Accounts Accounts Receivable Bad Debts Expense Accounts Debit Credit 500 500 Debit Credit 500 Debit Credit 500 500 500 Debit Credit 11:35 PM