A company has the following liabilities: Accounts payable = $75,000 ⚫ Accrued wages = $25,000 ⚫ Short-term notes payable = $45,000 Accrued taxes = $20,000 Calculate the total current liabilities.
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- ABC Company provided the following account balance on December 31, 2020:Accounts payable and accruals 700,000Bonds payable 3,500,000Stock dividends payable, issuance in 2021 250,000Provisions 700,000Further analysis of ABC Company’s accounts revealed the following: Accounts payable and accruals included the following: Bank overdraft – BPI account, ₱40,000; ABC Company does not have any other account in BPI. Accrued expenses for utilities, ₱90,000. Bonds payable included the following: 6% term – bonds, maturity date January 1, 2021. 8% serial bonds, ₱2,000,000 of which 250,000 matures every December 31. 10%, term – bonds, maturity date January 1, 2026, recorded at face amount of ₱1,000,000; the bondswere issued on December 31, 2020 at a discount of ₱120,000 giving it a yield rate of 12% and wasrecorded as expense. PRELIM – ACT17 | M. MANAYAO,CPA 3 Provisions included the following: ₱500,000 representing the estimated cost to clean up a small lake due to contamination caused by…Provide what is required of the problem correctly.Valero Energy's balance sheet showed total current assets of $3,000, all of which were required in operations (i.e., no excess cash). Its current liabilities consisted of $935 of accounts payable, $600 of 6% short-term notes payable to the bank, and $250 of accrued wages and taxes. What was its net operating working capital (NOWC)? Your answer should be between 1672 and 2027, rounded to even dollars (although decimal places are okay), with no special characters. 1.215
- What is the correct option? ? General Accounting questionSuppose a company invests in a $50,000 United States Treasury bill at 3.35% interest for 28 days. The bank through which the bill is purchased charges a service fee of $15. What is the cost of the Treasury bill? (whole number)Assume the average management cost per account per year is $200 and the average fees earned per account per year is $170. The average annual size of account is $1800. What is the average implicit interest rate (round to two decimals)? Select one: a. 4.86% b. 1.67% c. 15% d. -1.67%
- What is the average investment in receivables of this financial accounting question?If a bank has gross charge-offs of $25 for the current year, recoveries of $40, and provision for loan losses of $30, how much will the reserve for loan losses change? a. $45 b. $+15 c. none of the above. d. $-15Presented below are a number of balance sheet items for Tamarisk, Inc. for the current year, 2020. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 128,190 Accumulated Depreciation-Equipment 180,781 Inventory 303,190 Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated Depreciation-Buildings Buildings 15,170 363,190 483,190 448,890 268,190 493,190 ? 100,820 1,603,190 $ 292,170 242,990 48,190 101,552 483,190 203,190 153,190 91,110 1,473,190 124,190 270,370 1,643,190 Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated…
- If a company has average accounts receivable:60000The following information is taken from the records of Kim Yi Young Company for 2020. Post-tax profit 11,200,000 Amortization of premium of debt securities at amortized cost 600,000 Purchase of equipment 6,000,000 Depreciation expense 940,000 Decrease in accounts receivable 800,000 Decrease in accounts payable 2,800,000 Issuance of long-term note payable for cash 4,200,000 Increase in inventories 3,500,000 Gain on sale of land 920,000 Increase in prepaid assets 290,000 Decrease in income tax payable 1,280,000 Payment of cash dividends 1,800,000 Increase in wages payable 68,000 Patent amortization expense 650,000 How much is the net cash flow from operating activities during 2020? A. P6,748,000 B. P5,548,000 C. P5,468,000 D. P4,268,000Skysong Corporation had the following 2025 Income statement. Revenues $103,000 Expenses Net income In 2025, Skysong had the following activity in selected accounts. Accounts Receivable 21,000 Revenues 103,000 Write-offs Collections 1/1/25 66,000 $37,000 12/31/25 29.100 Allowance for Doubtful Accounts 1/1/25 Write-offs 900 Bad debt expense 12/31/25 (a) 900 94,000 1,300 1,700 2,100 Prepare Skysong's cash flows from operating activities section of the statement of cash flows using the din SKYSONG CORPORATION Statement of Cash Flows-Direct Method (Partial)
