A business has $210,000 total liabilities. At start-up, the owners invested $500,000 in the business. Unfortunately, the business has suffered a cumulative loss of $200,000 up to the present time. What is the amount of its total assets at the present time? Need Answer please help accounting expert

A business has $210,000 total liabilities. At start-up, the owners invested $500,000 in the business. Unfortunately, the business has suffered a cumulative loss of $200,000 up to the present time. What is the amount of its total assets at the present time? Need Answer please help accounting expert

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4TP: You are considering two possible companies for investment purposes. The following data is available...

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Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corporation. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET Payables $ 35 Inventories $ 50 Less accumulated depreciation 120 Receivables 35 Total current assets Total current liabilities Long-term debt $ 350 Interest expense $25 Property, plant, and equipment 520 Total liabilities Net fixed assets Shareholders' equity $90 Total assets Total liabilities and shareholders' equity INCOME STATEMENT Net sales $700 Cost of goods sold 580 Selling, general, and administrative expenses 38 EBIT Debt due for repayment $ 25 Cash 15 Taxable income Federal plus other taxes $ 15 Depreciation 12 Net income Prepare the balance sheet and income statement by rearranging the above items. Note: Be sure to…
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corporation. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET Payables $ 44 Inventories $ 59 Less accumulated depreciation 129 Receivables 80 Total current assets Total current liabilities Long-term debt $ 395 Interest expense $ 34 Property, plant, and equipment 565 Total liabilities Net fixed assets Shareholders’ equity $ 126 Total assets Total liabilities and shareholders’ equity INCOME STATEMENT Net sales $ 790 Cost of goods sold 625 Selling, general, and administrative expenses 47 EBIT Debt due for repayment $ 34 Cash 24 Taxable income Federal plus other taxes $ 24 Depreciation 21 Net income Prepare the balance sheet…
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET Payables $ 39 Inventories $ 54 Less accumulated depreciation 124 Receivables 55 Total current assets Total current liabilities Long-term debt $ 370 Interest expense $ 29 Property, plant, and equipment 540 Total liabilities Net fixed assets Shareholders’ equity $ 106 Total assets Total liabilities and shareholders’ equity INCOME STATEMENT Net sales $ 740 Cost of goods sold 600 Selling, general, and administrative expenses 42 EBIT Debt due for repayment $ 29 Cash 19 Taxable income Taxes $ 19…
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You are considering two possible companies for investment purposes. The following data is available for each company. Additional Information: Company A: Bad debt estimation percentage using the income statement method is 6%, and the balance sheet method is 10%. The $230,000 in Other Expenses includes all company expenses except Bad Debt Expense. Company B: Bad debt estimation percentage using the income statement method is 6.5%, and the balance sheet method is 8%. The $140,000 in Other Expenses includes all company expenses except Bad Debt Expense. A. Compute the number of days sales in receivables ratio for each company for 2019 and interpret the results (round answers to nearest whole number). B. If Company A changed from the income statement method to the balance sheet method for recognizing bad debt estimation, how would that change net income in 2019? Explain (show calculations). C. If Company B changed from the balance sheet method to the income statement method for recognizing bad debt estimation, how would that change net income in 2019? Explain (show calculations). D. What benefits do each company gain by changing their method of bad debt estimation? E. Which company would you invest in and why? Provide supporting details.
Your company sells equipment for $85. The equipment was listed at $100 on your company's Balance Sheet, so you have to record a Loss of $15 on the Income Statement, which gets reversed as a non-cash expense on the Cash Flow Statement.Why is this Loss considered a non-cash expense?
There was a bit of concern about one of Big Rock's newer entities – Big Rock Paving Company. Management wants you to review the two financial statements below and give your analysis of the company's performance. Big Rock Paving Company Assets Liabilities Current Assets: Current Liabilities: 500,000 Accounts Payable 300,000 Notes Payable Cash 700,000 500,000 Accounts Receivable Inventory 800,000 Total Current Assets 1,300,000 Total Current Liabilities 1,200,000 Fixed Assets: Owners' Equity: Property, Plant & Equipment Less: Accumulated Depreciation Net Fixed Assets 2,200,000 Common Stock ($1 Par) 600,000 Capital Surplus 1,600,000 Retained Earnings 2,900,000 Total Owners' Equity 600,000 100,000 100,000 Total Assets 800,000 Total Liabilities and Owners' 2,900,000 Equity Big Rock Paving Company Income Statement for Year Ending December 31, 2021 Sales 3,400,000 Less: Cost of Goods Sold 2,700,000 700,000 Less: Administrative Expenses Less Depreciation Earnings Before Interest and Taxes Less:…
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The Modesto Company is facing possible liquidation.Using the following information, prepare a statement offinancial affairs in good form.Here’s the company’s most recent balance sheet: Assets Liabilities and equities Cash $12,000 Accounts payable $170,000Accounts Receivable 60,000 Notes payable 90,000Inventory 120,000 Mortgage payable 80,000Investments 45,000Equipment 105,000 Common stock 75,000Land 82,000 Retained earnings 9,000Total assets $424,000 Total Liab. and Eq’s $424,000 The mortgage payable is fully secured by the land. The land can be soldimmediately for $103,000The equipment partially secures the notes payable. The equipment is not ingood shape and at auction will bring only $30,000The market has declined so the investments have lost 40% of their value.It is estimated that 30% of the accounts receivable will have to be written off.The inventory is outdated and will bring only 50% of its book value atauction.Additional income taxes will be $26,000Administrative expenses for…
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