20252024Debit BalancesCash$69,500$51,100Accounts Receivable155,000129,800Inventory75,20061,300Debt Investments (available-for-sale)55.20085,800Equipment70,00048,100Buildings145,200145,20039,70025,100LandTotals$609,800$546,400Credit BalancesAllowance for Doubtful Accounts$10,000$8,000Accumulated Depreciation-Equipment20,80013,900Accumulated Depreciation-Buildings36,70027,800Accounts Payable66,60060,200Income Taxes Payable12,00010,100Long-Term Notes Payable62,00070,000Common Stock310,000260,000Retained Earnings91,70096,400Totals$609,800$546,400Additional data:Equipment that cost $10,000 and was 60% depreciated was sold in 2025.Cash dividends were declared and paid during the year.1.2.3.Common stock was issued in exchange for land.that cost $35,300 were sold during the year.ΠSUPPC

To prepare the necessary financial statements and understand the changes between 2024 and 2025,…

Answered: 2025 2024 Debit Balances Cash $69,500…

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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Problem 10-4 (AICPA Adapted) Os December 31, 2020, Kale Company had the following balances in the accounts maintained st First Besk Checking account #201 out 201 Checking Time deponit 1,750,000 (200,000) 250,000 Money market placement 1,000,000 90-day treasury bill du February 28, 201 180-day treasury bill, due March 15, 2001 500,000 900.000 The entity classified investments with original maturities of three months or less as cash equivalents On December 31, 2020, what amount should be reported an cash and cash equivalents? 3,400,000 & 2,000,000 2,400,000 d. 3,200,000
Jaez Corporation is in the process of going through a reorganization. As of December 31, 2020, the company's accountant has determined the following information although the company is still several months away from emerging from the bankruptcy proceeding. ts Book Value Fair Value Assets Cash $ 23,000 45,000 140,000 220,000 154,000 $ 23,000 47,000 210,000 260,000 157,000 eBook Inventory Land Buildings Equipment Print ferences Allowed Claims Expected Sett lement Liabilities as of the date of the order for relief Accounts payable Accrued expenses Income taxes payable Note payable (due 2023, secured by land) Note payable (due 2025) Liabilities since the date of the order for relief Accounts payable Note payable (due 2022) Stockholders' equity Common stock Deficit $ 123,000 $ 20,000 30,000 22,000 100,000 170,000 4,000 18,000 100,e00 80,000 $ 60,000 110,000 200,000 (233,000) Prepare the balance sheet for Jaez Corporation. (Neative amounts should be indicated bv a minus sian.) nc Graw lill…
Notes 2022 2021 ASSETS Cash on hand 1,404,561 2,529,876 Statutory deposits with Central Banks 7,508,221 7,045,773 Due from banks 9,178,784 12,425,341 Treasury Bills 8,400,605 4,934,664 Advances 4 56,829,415 55,515,628 Investment securities 5 19,953,780 19,259,501 Investment interest receivable 203,693 205,204 Investment in associated companies 6 62,603 55,961 Premises and equipment 7 3,255,758 3,218,670 Right-of-use assets 8 (a) 398,405 477,858 Intangible assets 9 1,143,560 1,171,222 Pension assets 10 (a) 1,200,717 1,415,216 Deferred tax assets 11 (a) 316,556 246,214 Taxation recoverable 49,290 72,817 Other assets 12 1,071,755 594,950 TOTAL ASSETS 110,977,703 109,168,895 LIABILITIES AND EQUITY LIABILITIES Due to banks 445,410 155,985 Customers’ current, savings and deposit accounts 13 87,586,189 86,609,634 Other fund raising instruments 14 4,461,931 4,618,554 Debt securities in issue 15 1,674,719 1,865,895 Lease liabilities 8 (b) 420,088 482,867 Pension liability 10 (a) 40 25,356…
Particulars 31st Mar' 19 Amt (Rs) 31st Mar' 20 Amt (Rs) Land and Building 3600000 3600000 Cash 400000 320,000 Sundry Debtors 640000 800,000 Temporary Investments 400000 640,000 Stock 3680000 4320000 Prepaid Expenses 560000 24000 Plant and Machinery 1920000 3096000 Total Assets 11200000 12800000 Current Liabilities 1280000 1600000 Loans 3200000 3200000 Capital 4000000 4000000 Retained Earnings 936000 1624000 Statement of Profit for the Current Year 1st Apr to 31st Mar' 20 : Amt (Rs) Sales 8000000 Less: Cost of Goods Sold -5600000 Less: Interest -320000 Net Profit 2080000 Less: Taxes @ 50% -1040000 Profit after Tax 1040000 Profit Distributed 440000 Calculate Current Ratio Debtors Turnover Ratio Stock Turnover Ratio Return on Total Assets
Q4
What is Declan's Designs' 2020 Cash Flows from Investing Activities? Question 26 options: Decrease of $22,000 Decrease of $16,000 Increase of $16,000 Increase of $22,000
Dec 31' Dec 31' Period Ending 2019 2020 Current Assets Cash And Cash Equivalents 3,803,377.00 3,310'509.00 Short Term Investments 10.000 100,000 Net Receivables 2,595,746.00 2,812,421.00 Inventory 551'244.00 646'295.00 Prepayments 252'852.00 207'662.00 Total Current Assets 7,213'289.00 7,318'652.00 Current Liabilities Accounts Payable 1'038'953.00 999'675.00 Short/Current Long Term Debt 1'563'378.00 1'519'483.00 Accruala 1'664'679.00 1'546'993.00 Total Current Liabilities 4'267'010.00 4'066'151.00 What is the Current Ratio for 2020 Select one: O a. 1.3:1 O b. 2.5:1 O c. 1.5:1 O d. 1.8:1
Balance Sheet for Bearcat Hathaway, 2022 2021 2022 Cash Accounts. Receivable $5,268,485 $10,268,485 Inventory $529,062 $696,685 Current Assets $8,371,777 $13,279,842 Less $2,574,230 $2,314,672 Gross Fixed Assets $16,251,665 $20,567,330 Accum.Depreciation Total Assets $7,460,897 $10,117,819 Accounts Payable Notes. Payable Current Liabilities Calculate the net working capital in 2022. Long Termi Debt Total Liabilities, None of these options are correct $10,572,740 $5,664,675 $8,854,338 $3,946,273 Total $17,162,545 $23,729,353 Liabilities and Equity Capital Surplus Retained. Earnings 2021 2022 $1,673,992 $2,438,271 Common Net Fixed Assets $8,790,768 $10,449,511 Stock ($0.50 $1,300,000 $1,600,000 par) $1,033,110 $1,987,233 $2,707,102 $4,425,504 $9,242,830 $11,468,302 $11,949,932 $15,893,806 $1,148,120 $1,800,969 $2,764,493 $4,434,578 $17,162,545 $23,729,353
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TB Problem 21-167 (Algo) The Murdock Corporation reported the following balance sheet data for 2021 and 2020: 2021 2020 Cash $ 96,245 $ 33,155 Available-for-sale debt securities (not cash equivalents) 24,000 102,000 Accounts receivable 97,000 83,550 Inventory 182,000 160,300 Prepaid insurance 3,030 3,700 Land, buildings, and equipment 1,284,000 1,142,000 Accumulated depreciation (627,000 ) (589,000 ) Total assets $ 1,059,275 $ 935,705 Accounts payable $ 91,640 $ 165,670 Salaries payable 26,800 33,000 Notes payable (current) 40,300 92,000 Bonds payable 217,000 0 Common stock 300,000 300,000 Retained earnings 383,535 345,035 Total liabilities and shareholders' equity $ 1,059,275 $ 935,705 Additional information for 2021: (1) Sold available-for-sale debt securities costing…

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