Please answer the question se the information in the following adjusted trial balance for the Wilson Trucking Company.Account TitleCashAccounts receivableOffice suppliesTrucksAccumulated depreciation-TrucksLandAccounts payableInterest payableLong-term notes payableCommon stockRetained earningsDividendsTrucking revenueDepreciation expense-TrucksSalaries expenseOffice supplies expenseInterest expenseDebit$ 9,70016,5002,000162,000Credit$ 33,37275,00013,7003,00058,00017,093140,00019,000104,00021,52548,7765,7208,944$ 369,165Totals$ 369,165(a) Calculate the current ratio for Wilson Trucking.(b) Assuming Spalding (a competitor) has a current ratio of 1.5, which company is better able to pay its sComplete this question by entering your answers in the tabs below.Required ARequired BCalculate the current ratio for Wilson Trucking.Current RatioNumeratorDenominatorCurrent Ratio%3DCurrent assetsCurrent liabilities< Prev5 of 8Next >MacBF4F6F7%2324%46.78 M Questionh Hulu | SearchCHAPTER 3 i(a) Calculate the current ratio for each of the following competinCurrentCurrentLiabilitiesCurrentAssetsRatioEdison%$479,0002$35,909МАXТ105,07086,520Chatter44,55655,487TRỤ85,55793,260Gleeson60,751114,108(b) Which competitor is in the best position to pay its short-term obesO EdisonМАXТO ChatterTRU

Name: Please answer the question se the information in the following adjuste
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Description: Please answer the question se the information in the following adjusted trial balance for the Wilson Trucking Company.Account TitleCashAccounts receivableOffice suppliesTrucksAccumulated depreciation-TrucksLandAccounts payableInterest payableLong-ter

Answer: Current ratio of Wilson trucking is Current assets Cash $ 9,700 Accounts…

Answered: Account Title Cash Accounts receivable…

Business

Accounting

Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Debit Credit $ 9,700 16,500 2,000 162,000 $ 33,372 75,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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(Preparation of a Classified Balance Sheet, Periodic Inventory) Presented below is a list of accounts in alphabetical order. Accounts ReceivableBuildingsAccumulated Depreciation—BuildingsCash (in bank)Accumulated Depreciation—EquipmentCash (on hand)Accumulated Other Comprehensive IncomeCash Surrender Value of Life InsuranceAdvances to EmployeesCommission ExpenseAdvertising ExpenseCommon StockAllowance for Doubtful AccountsInterest ReceivableBond Sinking FundInventory—BeginningBonds PayableInventory—EndingLandPrepaid RentLand for Future Plant SitePurchase Returns and AllowancesLoss from FloodPurchasesNotes Payable (due next year)Retained EarningsPaid-in Capital in Excess of Par—Preferred StockSalaries and Wages Expense (sales)PatentsSalaries and Wages PayablePayroll Taxes PayableSales DiscountsPension LiabilitySales RevenuePetty CashTreasury Stock (at cost)Preferred StockUnearned Subscriptions RevenuePremium on Bonds Payable InstructionsPrepare a classified balance sheet in good form.…
Use the list of concepts given to match the description of the concept to the concept.
The following information were taken from the 2019 balance sheet and income statement for WAY retailer:Net salesOR 1,937.80Cost of goods soldOR 1,151.70Operating expensesOR 447.20InventoryOR 186.10Accounts receivableOR 78.00Other current assetsOR 422.70EquipmentOR 400.00Distribution centersOR 140.00Long-term liabilitiesOR 320.00Calculate (you need to show your calculations; not acceptable to show only a final number):1. Asset turnoverWhat does this number mean? ______________________________________2. Return on AssetWhat does this number mean? ______________________________________3. Net profit marginWhat does this number mean? ______________________________________
Indicate the transaction price for this situation and when revenue will be recognized Groupo sells goods on account to Grifols for $800,000 payment due in 30 days O $1,000,000 recognized upon delivery of goods O s800,000 recoginzed upon delivery of goods O $800.000 recognized in O $800.000 recognized at Point of Sale days
Lancer, Inc. (a U.S.-based company). establishes a subsidiary in Croatia on January 1, 2019. The following account balances for the year ending December 31, 2020, are stated in kuna (K), the local currency: Sales 200,000 100,000 60,000 12,000 K Inventory (bought on 3/1/20) Equipment (bought on 1/1/19) Rent expense Dividends (declared on 10/1/20) Notes receivable (to be collected in 2023) Accumulated depreciation-equipment Salary payable Depreciation expense 22,000 36,000 18,000 5,000 6,000 The following U.S.S per kuna exchange rates are applicable: January 1, 2019 Average for 2019 January 1, 2020 March 1, 2020 s0.19 0.20 0.24 0.25 0.27 October 1, 2020 December 31, 2020 Average for 2020 0.28 0.26 Lancer is preparing account balances to produce consolidated financial statements. a. Assuming that the kuna is the functional currency, what exchange rate would be used to report each of these accounts in U.S. dollar consolidated financial statements? b. Assuming that the U.S. dollar is the…
Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.
CPAinTransit Company has the following balances: Accounts Payable: January 1, 2021 P265,432 ; December 31, 2021 838,923 ; Inventory balance: January 1, 2021 824,687 ; December 31, 2021 453,624 ; Cost of Goods Sold – 2021 1,924,6508. Determine the amount CPAinTransit paid to its suppliers in 2021 * a. 819,019 b. 1,553,587 c. 2,127,078 d. 980,096
Listed below are nine technical accounting terms used in this chapter:Unrecorded revenue Adjusting entries Accrued expensesBook value Matching principle Accumulated depreciationUnearned revenue Materiality Prepaid expensesEach of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not cor-rectly describe any of the terms. a. The net amount at which an asset is carried in the accounting records as distinguished from itsmarket value. b. An accounting concept that may justify departure from other accounting principles for pur-poses of convenience and economy. c. The offsetting of revenue with expenses incurred in generating that revenue.d. Revenue earned during the current accounting period but not yet recorded or billed, whichrequires an adjusting entry at the end of the period.e. Entries made at the end of the period to achieve the goals of accrual accounting…
Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic
Matching Type A. Intangible Assets B. Contra asset C. Allowance for doubtful Accounts D. Current liabilities E. Unearned Revenues F. Accumulated Depreciation G. Permanent Accounts H. Report Form I. Prepaid expenses J. Account Form Required: From the list of terms above, select the one that relates to each of the following statements: 1. The balance in this account is deducted from the cost of the related asset- equipment or buildings-to obtain book value. 2. It expects to settle the liability in its normal operating cycle. 3. A form of the SFP that shows asset accounts first and then liabilities and owner's equity accounts after. 4. Are those accounts that are presented under the assets portion of the SFP but are reductions to the company's assets. 5. This represents the estimated amount that the company may not be able to collect from delinquent customers. 6. A form of the SFP that shows assets on the left side and liabilities and owner's equity on the right side. 7. Their balances…
Kindly provide the following requirements for problem 9-10.
Presented below are selected accounts of Blue Company at December 31, 2025. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion 1. 2. 3. 4. 5. 6. $ 59,800 7. 94,800 The following additional information is available. 261,700 43,100 40,000 39,500 54,800 59,500 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,113,900 40,400 170,720 183,830 55,820 12,420 16,580 80,630 22,540 Inventories are valued at lower-of-cost-or-market using LIFO. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $46,245. The short-term investments have a fair value of $27,640. The notes receivable are due April 30, 2027, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due…