A1 Consulting Corporation experienced a fire on December 31, 2025, in which its financial records were partially destroyed. It hasbeen able to salvage some of the records and has ascertained the following balances.December 31, 2025December 31, 2024Cash$40,000$15,000Accounts receivable (net)84,000126,000Inventory200,000180,000Accounts payable50,00010,000Notes payable30,00020,000Common stock, $100 par400,000400,000Retained earnings170,000101,000Additional information:1The inventory turnover is 4.2 times.2.The return on common stockholders' equity is 14%. The company had no additional paid-in-capital.3.The accounts receivable turnover is 10.2 times.4.The return on assets is 12.5%.5.Total assets, Dec. 31, 2024 - $604,750.Compute the following values for 2025:(a) Cost of goods sold $(b) Net credit sales(c) Net income$$6A(d) Total assets$

a) Cost of Goods SoldFirst, we need to compute the average inventory. Add the beginning and ending…

Answered: A1 Consulting Corporation experienced a…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 21E

See similar textbooks

Similar questions

Bonita Corporation experienced a fire on December 31, 2022, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2022 December 31, 2021 Cash $33,500 $ 10,000 Accounts receivable (net) 75,500 130,000 Inventory 194,000 177,000 Accounts payable 51,500 87,000 Notes payable 33,000 58,500 Common stock, $100 par 412,000 412,000 Retained earnings 103,000 100,000 Additional information: 1. The inventory turnover is 2.6 times. 2. The return on common stockholders' equity is 30%. The company had no additional capital accounts. 3. The accounts receivable turnover is 8.7 times. 4. The return on assets is 12.5%. 5. Total assets at December 31, 2021, were $612,000. Compute the following for Bonita Corporation. (a) Cost of goods sold for 2022 $ 482,300 (b) Net credit sales for 2$ 893925 (c) Net income for 2022 2$ 154050 (d) Total assets at December 31, 2022 2$ The answer to (d) is not 1,232,400
Waterway Corporation experienced a fire on December 31, 2022, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2022 $ 27,000 74,500 199,000 47,000 27,500 399,000 118,000 December 31, 2021 $ 14,500 125,000 185,00 91,000 57,000 399,000 107,000
! Required information [The following information applies to the questions displayed below.] The following is a portion of the current asset section of the balance sheets of HIROE Company, at December 31, 2023 and 2022: Accounts receivable, less allowance for uncollectible accounts of $8,000 and $4,600, respectively 12/31/23 $ 150,000 12/31/22 $ 134,100 Required: b. If bad debts expense for 2023 totaled $10,800, what was the amount of accounts receivable written off during the year? (Hint. Use the T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) c. The December 31, 2023, Allowance account balance includes $3,200 for a past due account that is not likely to be collected. This account has not been written off. 1. If it had been written off, will there be any effect of the write off on the working capital at December 31, 2023? 2. If it had been written off, will there be any effect of the write off on net income and ROI for the…
On January 15, 2017, before the December 31,2016 balance sheet was issued, a building with a cost of $20,000 and a book value of $7,000 was totally destroyed. Insurance proceeds will amount to only $5,000. Does this go on the balance sheet for Dec 31,2016 and if so where?
Help me solve this ty
Express Co. purchased equipment on March 1, 2019, for $95.000 on account. The equipment had an estimated useful life of five years with a residual value of $5.000. The equipment is disposed of on February 1. 2022. Express Co. uses the diminishing balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month The company has an August 31 year end Your answer is correct. Record the acquisition of the equipment on March 1, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amountsJ Debit Credit Date Account Titles and Explanation 95000 Mar 1 faiement 500 Accounts Favable Torrserd purchase of equipment on account)
On December 31, 2021, a machine owned by SLP COMPANY was destroyed by a fire. SLP COMPANY incurred removal and clean-up costs of P40,000. The machine had a book value of P450,000 and a fair value of P510,000 at the time of the fire. The machine was insured “new to old” and was replaced by the insurance company with a new one currently selling at P560,000. The loss due to fire to be reported in the 2021 income statement is
On 1 July 2019, it is discovered that the damage to the machine is worse than originallythought. The machine is now considered to be worthless and the recoverable amount ofthe factory as a cash-generating unit is estimated to be $950,000. At 1 July 2019, thecash-generating unit comprises the following assets:$’000Building 500Plant and equipment (including the damaged machine at a carrying amountof $35,000)335Net current assets (at recoverable amount) 2501,085In accordance with HKAS 36 ‘Impairment of Assets’, what will be the carrying amountof Phoenix’s plant and equipment when the impairment loss has been allocated to thecash-generating unit on 1 July 2019?A $262,500B $300,000C $237,288D $280,838
6
The COCO Manufacturing Company has been forced into bankruptcy as of April 30, 2022. The statement of financial position on that date shows: ASSETS:Cash P 2,700Accounts Receivable 39,350Notes Receivable 18,500 Inventories 87,850Prepaid Expenses 950 Land and Buildings 61,250Equipment 48,800 Retained Earnings (30,850)Total ? LIABILITIES AND EQUITY: Accounts Payable P52,500 Notes Payable - PNB 15,000 Notes Payable - Suppliers 51,250 Accrued Wages 1,850 Accrued Taxes 4,650 Mortgage Bonds Payable 90,000 Common Stock - P 100 par 75,000 Total ? Additional Information:▪Accounts Receivable of P 16,110 and Noted Receivable of P 12,500 are expected to be…
The COCO Manufacturing Company has been forced into bankruptcy as of April 30, 2022. The statement of financial position on that date shows: ASSETS:Cash P 2,700Accounts Receivable 39,350Notes Receivable 18,500 Inventories 87,850Prepaid Expenses 950 Land and Buildings 61,250Equipment 48,800 Retained Earnings (30,850)Total ? LIABILITIES AND EQUITY: Accounts Payable P52,500 Notes Payable - PNB 15,000 Notes Payable - Suppliers 51,250 Accrued Wages 1,850 Accrued Taxes 4,650 Mortgage Bonds Payable 90,000 Common Stock - P 100 par 75,000 Total ? Additional Information:▪Accounts Receivable of P 16,110 and Noted Receivable of P 12,500 are expected to be…
Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance ?

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SEE MORE TEXTBOOKS