A business has $250,000 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?
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- 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?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? No WRONG ANSWERBruceton Farms Equipment Company had goodwill valued at $80 million on its balance sheet at year-end.A review of the goodwill by the company’s CFO indicated that the goodwill was impaired and was now only worth $50 million.What is the financial statement effect of the goodwill impairment? (Enter the amount of the change, using negative numbers when appropriate.) Assets change by million Liabilities change by million Equity changes by million Net income changes by million
- Bruceton Farms Equipment Company had goodwill valued at $80 million on its balance sheet at year-end. A review of the goodwill by the company's CFO indicated that the goodwill was impaired and was now only worth $50 million. What is the financial statement effect of the goodwill impairment? (Enter the amount of the change, using negative numbers when appropriate.) Assets change by 0 million Liabilities change by $ 0 million Equity changes by $4 0 million Net income changes by $ 0 millionThe NOT A CHANCE Company had a bad financial condition caused by deficiency of liquid asset. On June 30, 2020, the following information was available: The assets amounted to P520,000 (includes cash - 20,000; accounts receivable – 50,000; Inventory - 230,000, equipment P 200,000, and patent for the balance). The liabilities to be liquidated amounted to 550,000 (salaries – 20,000; taxes payable 65,000; accounts payable 100,000 and notes payable 365,000) During the six-month period ending December 31, 2020, the trustee sold all inventories for P180,000 cash, collected only 80% of the accounts receivable with balance written off; and paid off accounts payable and all liabilities with priorities, as well as P 5,000 for estate administration expense. 15.How much is the ending cash balance on December 31, 2020? A. 20,000 35,000 С. 50,000 60,000 В. D.Financial Difficulty: The “Going-Concern” Problem. Pitts Company has experienced significant financial difficulty. Current liabilities exceed current assets by $1 million, cash has decreased to $10,000, the interest on the long-term debt has not been paid, and a customer has brought a lawsuit against Pitts for $500,000 on a product liability claim. Significantquestions concerning the going-concern status of the company exist. The lawsuit and information about the going-concern status have been appropriately described in footnote 3 to the financial statements.Required:a. Draft AOW’s report, assuming that the auditors decide that an unmodified opinion instead of a disclaimer of opinion is appropriate in the circumstances.b. Draft AOW’s report, assuming that the auditors decide the uncertainties are so serious that they do not wish to express an opinion on Pitts’ financial statements
- What is the return on assets?A fire has destroyed a large percentage of the financial records of the Inferno Company. You have the task of piecing together information in order to release afinancial report. You have found the return on equity to be 14.3 percent. Sales were $1,735,000, the total debt ratio was 0.35, and total debt was $648,000. What is the Return on Assets?Answer in step by step with explanation. Don't use Ai and chatgpt.
- What is the financial result of this accounting question?For the year just ended, Alpha Construction Services, Inc. started the year with net fixed assets of $625,000. The firm has Net Working Capital of $56,680. The company has a Total Debt Ratio of .45. The company took $125,000 in depreciation expense during the year. If the firm did not acquire any new assets nor dispose of any old fixed assets during the year, what amount in net fixed assets will the firm report at year-end?What is the return on assets? General accounting
