Account Accounts Payable Accounts Receivable Bank Loan Payable Cash Coffee Revenue Common Shares Deferred Revenue Dividends Declared Prepare a Balance Sheet and fill in the totals for the accounting equation below: Assets Liabilities Shareholders' Equity Balance $500 $800 $2,000 $1,000 $3,000 $2,000 $700 $600 Account Equipment Hydro Expense Inventory Long Term Investments Rent Expense Retained Earnings Salaries Expense Salaries Payable Balance $3,000 $600 $900 $2,500 $800 $3,000 $1,500 $500

Account Accounts Payable Accounts Receivable Bank Loan Payable Cash Coffee Revenue Common Shares Deferred Revenue Dividends Declared Prepare a Balance Sheet and fill in the totals for the accounting equation below: Assets Liabilities Shareholders' Equity Balance $500 $800 $2,000 $1,000 $3,000 $2,000 $700 $600 Account Equipment Hydro Expense Inventory Long Term Investments Rent Expense Retained Earnings Salaries Expense Salaries Payable Balance $3,000 $600 $900 $2,500 $800 $3,000 $1,500 $500

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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How do I create and start a balance sheet for this data?
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…
1. The following accounts appeared on the partial Balance Sheet of Brandy Inc.: Accounts Payable Accounts Receivable $ 5,500 2,300 2,820 3,000 8,140 18,560 18,760 100 Bank Loan Cash Common Stock Inventory Long-term debt Machinery What is the total amount of all assets (rounded to the nearest dollar)?
Privett Company Accounts payable Accounts receivable Accrued liabilities Cash $36,632 72,986 6,134 15,305 38,400 71,968 119,728 79,667 31,336 20,560 662,428 2,681 Based on the data for Privett Company, what is the amount of quick assets? Oa. $119,627 Ob. $781,037 Oc. $46,641 Od. $1,601,593 Intangible assets Inventory Long-term investments Long-term liabilities Marketable securities Notes payable (short-term) Property, plant, and equipment Prepaid expenses