What is the amount of total assets on this accounting question? A company entered into the following transactions:1. Borrowed $5,100 from the bank by signing a promissory note.2. Issued stock to owners for $11,000.3. Purchased $1,100 of supplies, on the account.4. Paid $500 to suppliers as payment on account for the suppliespurchased.What is the amount of total assets?a. $16,100b. $5,700c. $16,700d. $17,200

Step 1:- Define AssetsAssets can be defined as something of value that a company uses in the…

Answered: A company entered into the following…

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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A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from financing activities is a. $0; this is an investing activity. b. $0; this is an operating activity. c. $73,440. d. $68,000. e. $5,440.
In the process of your examination of the financial statements of the Malu-oy Company for the year ended December 31, 20X6, you obtained the following data on its current account. The bank statement on November 30, 20X6 showed a balance of P76,500. Among the bank credits in November was a customer’s note for P25,000 collected for the account of the company which the company recognized in December among its receipts. Included on the bank debits were cost of checkbooks amounting to P300 and a P10,000 check which was charged by the bank in error against Malu-oy Company account. Also in November, you ascertained that there were deposits in transit amounting to P20,000 and outstanding checks totaling P42,500. The bank statement for the month of December showed total credit of P104,000 and total charges of P51,000. The company’s books for December showed total receipts of P183,900, disbursements of P101,800 and a balance of P121,400. Bank debit memos for December were: No. 14334 for service…
1. A check involves three parties. The person directed to receive the money is called the a.endorser. b.payee. c.drawer. d.drawee. 2. The time an asset is expected to last is called its a.fiscal period. b.depreciation. c.useful life. d.net loss value. 3. In reconciling a bank statement, the bank statement balance is $1,000 and the balance per books is $1,205. A bank service charge is $5; a deposit in transit totals $500; and outstanding checks total $300. The journal entry for a bank service charge would include a.debiting Cash and crediting Miscellaneous Expense. b.debiting Miscellaneous Expense and crediting Cash. c.debiting Cash and crediting Owner's Capital. d.debiting Accounts Payable and crediting Cash. 4. The journal entry to close revenue accounts includes a.debiting the revenue accounts and crediting the drawing account. b.debiting the revenue accounts and crediting Cash. c.debiting the revenue accounts and crediting Income Summary. d.debiting Income Summary…
A company received a bank statement with a balance of $6,100. Reconciling items included a bookkeeper error of $300—a $300 check recorded as $800—two outstanding checks totaling $830, a service charge of $20, a deposit in transit of $250, and interest revenue of $21. What is the adjusted bank balance? A. $5,220 B. $5,061 C. $5,520 D. $4,721
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A review of the March 30 bank statement and other data of Sangster Aviation revealed a $16,220 balance at March 31 on the bank statement and $15,940 as the balance in the cash account in the company’s ledger. In addition, the following information was determined: 1.NSF Check from J. Beiber in payment of account .....................$ 180 2.Collection of a customer electronic payment by the bank.................2,200 3.Deposits in transit at March 31 ...................................2,920 4.Outstanding checks at March 31 ..................................1,740 5.A check written by Sangster to Copytronics for a copy machine repair on March 13 was recorded at $1,320 but correctly cleared the bank at $1,230. 6.A check drawn on the account of Halen Electronics for $650 was mistakenly charged against Sangster’s account by the bank. Instructions: As of March 31, prepare: The bank reconciliation for the month of March (omit heading) Related journal entries 1.BANK…
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
Journal entries? A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for S16,000, to be paid in the future. D. Paid S26,500 to suppliers for purchases on account.
A company received a bank statement with a balance of $6,400. Reconciling items included a bookkeeper error of $400 a $400 check recorded as $700—two outstanding checks totaling $800, a service charge of $23, a deposit in transit of $280,and interest revenue of $21. What is the adjusted bank balance? A. $5,480 B. $5,178 C. $5,880 D. $5624
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Among the transactions of Beeler, Inc., were the following:a. Made payments on accounts payable to merchandise suppliers.b. Paid the principal amount of a note payable to First Bank.c. Paid interest charges relating to a note payable to First Bank.d. Issued bonds payable for cash; management plans to use this cash in the near future to expandmanufacturing and warehouse capabilities.e. Paid salaries to employees in the finance department.f. Collected an account receivable from a customer.g. Transferred cash from the general bank account into a money market fund. h. Used the cash received in d, above, to purchase land and a building suitable for a manufactur-ing facility. i. Made a year-end adjusting entry to recognize depreciation expense.j. At year-end, purchased for cash an insurance policy covering the next 12 months.k. Paid the quarterly dividend on preferred stock.l. Paid the semiannual interest on bonds payable.m. Received a quarterly dividend from an investment in the preferred…

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