A business started with cash of $25,000, borrowed $15,000 from a bank, and the owner invested equipment worth $10,000. What is the total amount of assets at the start of the business? a) $40,000 b) $50,000 c) $35,000 d) $45,000
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- Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Expense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is a. 2.42:1. b. 2.67:1. c. 2:1. d. 2.27:1.Park & Company was recently formed with a $6,000 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,000 from a local bank, purchased $1,100 of supplies on account, and also purchased $6,000 of equipment by paying $2,100 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets arePrepare a balance sheet using the following information. The business has $12,000 cash, $2,500 in accounts receivable, $22,000 in inventory, and $46,000 in equipment. They have $6,800 in accounts payable, $2,600 in wages payable, $22,000 in mortgage payable and long-term loans. Assets Current assets Cash $12,000 Accounts receivable. 2,500 Merchandise inventory 22,000 Total current assets 36,500 Plant and equipment Equipment 46,000 Total plant and equipment 46,000 Total assets. $82,500 Liabilities Current Liabilities Accounts payable $ 6,800 Wages payable 2,600 Total current liabilities 9,400 Long-term liabilities Mortgage note payable 22,000 Total long-term liabilities 22,000 Total liabilities 31,400 Owner's Equity Capital 51,100 Total liabilities and owner's…
- Darden Company has cash of $26,000, accounts receivable of $36,000, inventory of $19,000, and equipment of $56,000. Assuming current liabilities of $27,000, this company's working capital is: Multiple Choice $54,000. $9,000. $84,000. $35,000.Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…Use the information below for Harding Company to answer the questions that follow. Harding Company Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 Based on the data for Harding Company, what is the amount of working capital? Group of answer choices $203,000 $168,000 $238,000 $128,000
- Karen’s Diner has provided the following financial information: cashand marketable securities = $250,000, accounts receivable =$1,350,000, inventory = $2,770,000, accrued wages and taxes=$455,000, accounts payable = $911,000, and notes payable =$550,000. Find the net working capital (Round to the nearest dollar amount)Profile Co has the following assets and liabilities: Assets: Cash $100 , account receivable,$150 ; Inventory,$240 ,land $200, plant net of accumulated amortization $300 : liabilities short term bank loan, $60 : accounts payable long term loan mortage loan ,$160 ,profolio co long term assets total wasIn order to prepare the statement of Financial position, you identified the following assets and liabilities of Ms. Santos after she made an investment of 159,000. A. Her store has cash deposited in a bank account amounting to 25,000.B. Her store has a lot of uncollected sales from customers amounting to 75,000.C. The total amount of merchandise left inside the store is 30,000.D. He already paid one year's rent in advance amounting to 12,000.E. The value of all the company's furniture amounted to 100,000F. He bought merchandise from his supplier amounting to 25,000 and the supplier agreed that payment can be made 2 months after year end.G. SSS, PHILHEALTH and PAG-IBIG payables for his one employee totaled 5,000.H. The sari-sari store had outstanding Liabilities to utility companies amounting to 3,000.I. She had a loan from the bank amounting to 50,000 to be paid in 3 years. Please make the statement of Financial position.
- Use the information below for Harding Company to answer the questions that follow. Harding Company Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 5. Based on the data for Harding Company, what is the amount of quick assets? a. $205,000 b. $203,000 c. $131,000 d. $66,000 ANSWER: 6. Based on the data for Harding Company, what is the amount of working capital?…A corporation had $24,000 of cash at the beginning of the year. During the year, it had sales on account of $21,000 and cash receipts of $25,000 during the year. At the end of the year, it had $33,000 of cash. What was the corporation's cash disbursements for the year? O $24,000 O $12,000 O $28,000 O $18,000 O $16,000You are evaluating the balance sheet for Goodman's Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities = $400,000, accounts receivable = $1,200,000. inventory = $2,100,000, accrued wages and taxes = $500,000, accounts payable = $800,000, and notes payable = $600.000. Calculate Goodman Bees' net working capital. (Enter your answer In dollars not In mlllons. Round your nswer to the neorest dollor amount.) Net working capital es 12:18 PM 62°F Mostly cloudy O # C n 10/30/2021 ype here to search DELL