ABC Company's accounting records reported the following account balances as of December 31, 2026: Supplies ... Interest revenue Patent ... Income tax expense Retained earnings Equipment .. Accounts payable Salaries expense ▪▪▪▪▪▪▪▪▪ Sales revenue Cash Land Notes payable Inventory Common stock Accounts receivable Dividends .……. Salaries payable ▪▪▪▪ II .... .. II Cost of goods sold Utilities expense Trademark Rent revenue $11,000 $46,000 $58,000 $22,000 $86,000 (at Jan. 1, 2026) $37,000 $29,000 $31,000 $88,000 $21,000 $54,000 $70,000 $49,000 $97,000 $33,000 $16,000 ? $53,000 $25,000 $75,000 $26,000 Calculate the total current assets reported in ABC Company's December 31, 2026 balance sheet.

ABC Company's accounting records reported the following account balances as of December 31, 2026: Supplies ... Interest revenue Patent ... Income tax expense Retained earnings Equipment .. Accounts payable Salaries expense ▪▪▪▪▪▪▪▪▪ Sales revenue Cash Land Notes payable Inventory Common stock Accounts receivable Dividends .……. Salaries payable ▪▪▪▪ II .... .. II Cost of goods sold Utilities expense Trademark Rent revenue $11,000 $46,000 $58,000 $22,000 $86,000 (at Jan. 1, 2026) $37,000 $29,000 $31,000 $88,000 $21,000 $54,000 $70,000 $49,000 $97,000 $33,000 $16,000 ? $53,000 $25,000 $75,000 $26,000 Calculate the total current assets reported in ABC Company's December 31, 2026 balance sheet.

Name: ABC Company's accounting records reported the followingaccount balanc
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: ABC Company's accounting records reported the followingaccount balances as of December 31, 2026:Supplies ...Interest revenuePatent ...Income tax expenseRetained earningsEquipment ..Accounts payableSalaries expenseSales revenueCashLandNotes payable▪▪

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

BALANCE SHEET INCOME STATEMENT ($ in millions) ($ in millions) ASSETS Cash & Marketable Securities LIABILITIES Revenue Cost Of Goods Sold 28,681. 10 Accounts Payable Salaries Payable 449.90 1,611.20 20,768.80 Accounts Receivable 954.80 225.20 Gross Profit 7.912.30 Inventories 3,645.20 Other Current Liabilities 1,118.80 Operating Expenses: Selling, General & Admin. Depreciation Operating income Other Current Assets Total Current Assets 116.60 5,166.50 Total Current Liabilities 2,955.20 5,980.80 Other Liabilities 693.40 307.30 1,688.90 1,129.70 2,348.40 (575.60) Machinery & Equipment Land 1,624.20 Total Liabilities 3,648.60 Buildings Depreciation Property, Plant & Equip. - Net Other Long Term Assets Total Long-Term Assets Interest SHAREHOLDER'S EQUITY Other Expense (Income) (13.10) 4,591.40 120.90 828.50 5.401.70 1,637.30 618.10 1,019.20 Common Stock Income Before Taxes Retained Earnings Total Shareholder's Equity Income Taxes 4,712.30 6,230.20 Net Income Total Assets 9,878.80 Total…
1. The following balances have been extracted from the books of ABC Co.Ltd on 31 March 2022. From them draw up (i) a detailed statement of profit or loss for internal use, for the year ending 31 March 2022, also (ii) a statement of profit or loss for publication for the year to that date. Purchases Revenue Returns inwards Returns outwards Discounts allowed Discounts received Inventory 1 April 2021 Wages and salaries: Sales and distribution Wages and salaries: Administrative Motor expenses: Sales and distribution Motor expenses: Administrative General distribution expenses General administrative expenses Rent and business rates (see Note (c)) Directors' remuneration Retained profits 1 April 2021 Advertising Bad debts Hire of plant and machinery (see Note (b)) Motor vehicles at cost: Sales and distribution Motor vehicles at cost: Administrative Loan-note interest payable Income from shares in group Preference dividend paid Ordinary dividend paid Notes: entities Amount in £ (a) Inventory…
Diaz Fresh discloses the following annual data. For Year Ended December 31 2020 2021 Sales revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $160,000 $240,000 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 120,000 Its cost of goods sold is based on inventories valued at cost. Assume for each year that all of the beginning inven- tory is sold by year end. Additional information regarding its inventories follows. Inventory LIFO Cost Market January 1, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,000 $16,000 December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 18,000 December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000 20,000 Required a. Prepare the entries to apply the lower-of-cost-or-market rule at December 31, 2020, and 2021. Use an allow- ance account to reduce…
- = ABC Company's selected accounts as of November 30, 2022, follow: Selling expenses Furniture Sales returns and allowances Salary payable Common stock Sales revenue Accounts payable $ $ $ $ $ 1. 2. 18,900 Inventory 36,900 Cash 2,600 Note payable $ 1,100 Accumulated depreciatio $ $ 27,800 Cost of goods sold 114,300 Sales discounts $ $ $ $ 13,600 General expenses $ $ 42,000 36,200 21,800 22,800 54,000 1,800 9,000 Requirements Prepare the multi-step income statement, statement of retained earnings, and balance sheet for its first year of operations. Prepare closing entries for the first year of operations.
Question 13 The extract disclosed below relates to JohNicho Limited for the year ended December 31, 2021 JohNicho Limited Statement of Comprehensive Income for the year ended 31st December: Net Sales Cost of goods sold SG&A Other costs Operating Income (EBIT) Interest Extraordinary income EBT Taxes Net Income Non-current assets Property, Plant & Equipment Motor vehicles Furniture Total non-current assets Current assets Trade Receivables Other Current Assets Inventories Total Current Assets Total assets Current liabilities Accounts payable Other current liabilities Total Current Liabilities JohLex Limited Statement of Financial Position as at 31st December: 2020 GHC Long-term Debt Debenture Total non-current liabilities 10 Shareholders' equity Total Liabilities and Equity GHC 6,386 18,472 6,759 8,461 25,265 19,811 20,753 Required to calculate: (a) Inventory turnover period (in days) (b) Receivable collection period (in days) (c) Payable collection period (in days) (d) Working capital…
Pro Forma Financial Statement Information for Ideko 2014 - 2019 Year 1. Raw Material 2. Depreciation 3. Wages Payable 4. Interest Expense 5. Finished Goods 6. Other Accounts Payable 7. Accounts Receivable 8. Cash Balance 10. Interest Tax $22,170 $30,510 $35,195 $26,420 $21,260 2014 1,973 5,500 1,294 75 4,192 3,360 18,493 6,164 3,736 2015 1,534 5,450 1,433 6,800 4,967 4,099 14,525 7,262 2,796 2016 1,775 5,405 1,695 6,800 5,838 4,953 16,970 8,485 3,364 2017 2,039 6,865 1,941 6,800 6,815 5,938 19,689 9,845 3,748 The amount of net working capital for Ideko in 2017 is closest to: 2018 2,329 7,678 2,211 7,820 7,911 6,900 22,709 11,355 4,513 2019 2,646 7,710 2,570 8,160 9,138 7,878 26,059 13,030 5,678
Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accounts payable Salaries payable Income tax payable Total current liabilities (a1) a. $8,600 Current ratio 12,900 b. Quick ratio 145,000 5,200 $171,700 $53,300 3,600 1,000 $57,900 2024 $30,100 10,300 :1 105,000 $152,300 :1 6,900 $40,400 5,000 1,000 $46,400 $27,100 7,700 100,000 During 2024, credit sales and cost of goods sold were $138,040 and $82,500, respectively. The 2023 and 2022 credit sales were $151,200 and $151,840, respectively, and the cost of goods sold for the same periods were $79,950 and $82,325, respectively. The accounts receivable and inventory balances at the end of 2021 were $6,900 and $85,000, respectively. 5,600 $140,400 Using the above data, calculate the following ratios: (Round receivables turnover ratio and average collection period to 1 decimal place, e.g. 15.2, days to sell inventory to 0 decimal places, e.g. 152 and all other answers to 2 decimal…
74. Mall Company reported the following balances at the end of each year: 2019 2018 2,900,000 Inventory Accounts payable The entity paid suppliers P4,900,000 during the year ended December 31, 2019. 2,600,000 750,000 500,000 What amount should be reported for the cost of goods sold in 2019? a. 5,450,000 b. 4,950,000 c. 4,850,000 d. 4,350,000
Changes in various accounts and gains and losses on the sale of assets during the year for Argon Companyare given below:Item AmountAccounts receivable ............................... $90,000 decreaseAccrued interest receivable ................... $4,000 increaseInventory ................................................ $120,000 increasePrepaid expenses .................................. $3,000 decreaseAccounts payable ................................... $65,000 decreaseAccrued liabilities ................................... $8,000 increaseDeferred income taxes payable ............. $12,000 increaseSale of equipment .................................. $7,000 gainSale of long-term investments ............... $10,000 lossRequired:Prepare an answer sheet using the following column headings:Item Amount Add DeductFor each item, place an X in the Add or Deduct column to indicate whether the dollar amount should beadded to or deducted from net income under the indirect method when computing the…
Answer questions 22-30 using the following information: Foreign Sales. General Administrative Expenses. Inventory... Legal Réserves.. Marketing, Sales & Delivery Exp. Notes Payable. Prepaid Éxpenses(ST). Provision for Loss on Inventories. Sales Discounts. Sales Returns. Software.. Statutory Reserves. Subsidiaries.. Uneamed Revenue. Accounts Payable. Accounts Receivable.. ..8.000 .13.000 ..200 10.000 .18.000 Allowance for Doubtful Accounts...2.000 20.000 30.000 .8.000 .100.000 124.000 40.000 ..16.000 36.000 200 .24.000 TL .1.800 .3.000 ..2.000 .4.000 ..6.000 .1.000 .1.000 10.000 .10.000 ..2.200 .1.200 .28.000 .20.000 Accumulated Amortization. Accumulated Depreciation. Additional Paid-in Capital. Associates... Bank Loans(LT). Bank Loans(ST). Building.. Capital. Cash Cost of Goods Sold. Domestic Sales. Financing Expenses.. 22. The Turkish Lira value of the net realizable value of the accounts receivable is a. 13.000 TL b2.000 TL c. 15.000 TL d. 11.000 TL 23. The Turkish Lira value of…
Question 1 The following are financial statements of Crane Company. Crane CompanyIncome StatementFor the Year Ended December 31, 2022 Net sales $2,192,500 Cost of goods sold 1,010,500 Selling and administrative expenses 900,500 Interest expense 78,000 Income tax expense 62,500 Net income $ 141,000 Crane CompanyBalance SheetDecember 31, 2022 Assets Current assets Cash $ 55,100 Debt investments 89,000 Accounts receivable (net) 168,400 Inventory 236,500 Total current assets 549,000 Plant assets (net) 572,500 Total assets $ 1,121,500 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 152,000 Income taxes payable 31,000 Total current liabilities 183,000 Bonds payable 220,740 Total liabilities 403,740 Stockholders’ equity Common stock 345,000 Retained earnings 372,760…
1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000