Accounts Payable Accounts Receivable P 122,500 219,000 Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues Building Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense Land 60,000 60,000 105,000 1,437,500 450,000 36,200 30,000 30,000 217,000 37,000 120,000 Miscellaneous Expense Mortgage Payable Notes Payable Office Supplies Blanche, Capital, 1/1/2009 Blanche, Withdrawals 24,600 395,000 213,000 17,200 50,500 148,600 Representation Expense 164.000

Accounts Payable Accounts Receivable P 122,500 219,000 Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues Building Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense Land 60,000 60,000 105,000 1,437,500 450,000 36,200 30,000 30,000 217,000 37,000 120,000 Miscellaneous Expense Mortgage Payable Notes Payable Office Supplies Blanche, Capital, 1/1/2009 Blanche, Withdrawals 24,600 395,000 213,000 17,200 50,500 148,600 Representation Expense 164.000

Name: Accounts PayableP 122,500Accounts Receivable219,000Accumulated Deprec
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Description: Accounts PayableP 122,500Accounts Receivable219,000Accumulated Depreciation-BuildingAccumulated Depreciation-EquipmentAdvertising Expense60,00060,000105,000Art Revenues1,437,500BuildingCash450,00036,200Depreciation Expense-BuildingDepreciation Expen

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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Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows: Debit $ 93,300 26,200 9,600 120,700 490,000 Cash Accounts Receivable Inventory of Supplies Land Plant and Equipment Accumulated Depreciation Vouchers Payable Bonds Payable, 5% Net Position: Invested in Capital Assets, Net of Related Debt Unrestricted Total $739,800 Credit $ 80,400 15,500 518,000 12,300 113,600 $739,800 Additional Information for 20X1: 1. Charges to customers for water and gas were $420,500, collections were $432.100. 2. A loan of $25,900 for two years was received from the general fund. 3. The water and gas lines were extended to a new development at a cost of $76,200. The contractor was paid. 4. Supplies were acquired from central stores (internal service fund) for $13,700. Operating expenses were $330,000, and interest expense was $25,900. Payment was made for the interest and the payable to central stores, and $325,400 of the vouchers were pald. 5. Adjusting…
Interest Expense- Question #3 What is Warren Clinic's net operating income? Hint: In order to determine this you will have first have had to successfully calculated 'Net Operating Revenue' and 'Total Expenses.' Depreciation Expense. General/Administration Expenses- Operating Revenue $75,000 $60,000 Investment Income $15,000 Patient Service Revenue $425,000 Net Operating Revenues $20,000 $XXX (-) fr. for Bad debts biaal Net Patient Service Revenue 44,000 $381,000 Other Revenue - (+) Other Revenue 13,000 'Patient Service Revenue $13,000 Subtotal Net Operating Revenue 394,000 Provision for Bad Debts. $425,000 $44,000 Expenses Purchased Clinic Services. Salaries and benefits $180,000 $80,000 Salaries and Benefits - Total Expenses + Puchased dinical Services 80,000 $180,000 SXXX + General and adminismave expenses 40.000 $75,000 + Depreciation Expense + Intrest Expense TTS,000 Choice: ($35,000) Choice: ($16,000) Choice: $27,000 Choice: $75,000 Total Expense Net operating latel $410,000…
Question Content Area Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $33,234 Accounts receivable 67,995 Accrued liabilities 6,510 Cash 22,738 Intangible assets 35,347 Inventory 83,390 Long-term investments 101,069 Long-term liabilities 79,156 Notes payable (short-term) 27,161 Property, plant, and equipment 689,074 Prepaid expenses 2,037 Temporary investments 30,842 Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)? a.3.1 b.0.8 c.1.8 d.15.4
Belvidere Pharmaceuticals F -Town Division Trial Balance as of December 31, 2021 A/C Name Trial Balance DR CR Cash 2,850,000 Accounts receivable 8,000,000 Allowance for bad debt 710,100 Other debtors Merchandise Inventory 8,000,000 Store Supplies 1,800,000 Prepaid Insurance 4,200,000 Prepaid rent 3,850,000 Furniture & Equipment 16,000,000 Accumulated deprecation-Furniture and equipment 6,320,000 Motor Car 3,600,000 Accumulated depreciation- Motor Car 2,656,282 Accounts payable 1,650,050 Salary payable Interest payable Unearned Sales revenue 2,800,000 Note Payable, long term 8,000,000 Patty Patterson, Capital 24,500,000 Withdrawals 150,000 Sales revenue 32,688,568 Sales…
A junior accountant at Salah Traders has prepared the post - adjustment trial balance below. He requires your assistance in preparing the financial statements for the entity. Post adjustment Trial Balance for Salah Traders for the year ended 31 October 2023. Required: Prepare the Statement for Financial Position for Salah Traders as at the 31 October 2023.
Cash $38,100; Short-term investments $4,100; Accounts receivable $48,500; Supplies $6,100; Long-term notes receivable $2,100; Equipment $96,500; Factory Building $181,000; Intangible assets $6,100; Accounts payable $29,900; Accrued liabilities payable $3,950; Short-term notes payable $14,200; Long-term notes payable $92,500; Common stock $181,000; Retained earnings $60,950. Prepare Total Assets Section
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
Revenues - Manufacturing Expenses - Marketing Expenses - Depreciation =EBIT - Taxes (20%) =Unlevered net income +Depreciation - Additions to Net Working Capital - Capital Expenditures =Free Cash Flow Year 0 A. $2.29 million OB. $2.50 million OC. $2.08 million OD. $2.91 million -7 Years 1 to 10 4.4 -0.6 - 0.25 -0.8 2.75 -0.55 C 2.2 +0.8 -0.2 Panjandrum Industries, a manufacturer of industrial piping, is evaluating whether it should expand into the sale of plastic fittings for home garden sprinkler systems. It has made the above estimates of free cash flows resulting from such a decision (all quantities in millions of dollars). There are some concerns that estimates of manufacturing expenses may be low, due to the rising cost of raw materials. What is the break-even point for manufacturing expenses, if all other estimates are correct and the cost of capital is 10%? 2.8 Time Remaining: 00:46:03 Next
V Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable Accounts receivable Accrued liabilities Cash $34,989 66,770 6,185 17,598 39,822 89,571 98,246 70,130 Intangible assets Inventory Long-term investments Long-term liabilities Notes payable (short-term) Property, plant, and equipment Prepaid expenses Temporary investments Based on the data for Harding Company, what is the amount of working capital? Oa. $608,269 Ob. $149,965 Oc. $212,546 Od. $959,971 21,407 609,357 1,088 37,519
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 155,100 74,800 87,000 2,400 171,800 88,000 72,800 1,200 Accounts receivable Inventory Prepaid rent Long-term assets: Land 440,000 732,00ө (406, ө00) $1,085,300 440, ө0ө 630,000 252,000) $1,151,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 91,000 6,900 6,400 $ 77,800 13,800 4, 200 115,000 230,000 Common stock 660,000 206,000 $1,085,300 660,000 166,000 $1,151,800 Retained earnings Total liabilities and stockholders' equity Additional Information for 2021: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000. %24 %24 %24
answered Accounts Dr Marked out of Cash OMR 50,000 2.00 Accounts receivable 20,000 P Flag question Supplies 10,000 Prepaid expenses 12,000 Buildings-at cost 160,000 10,000 Accumulated depreciation - Buildings 30,000 Notes payable (due in 2 months) 30,000 Accounts payable 12,000 Interest payable 10,000 Unearned service revenue 120,000 Shared- Capital 100,000 Service revenues 40,000 Salaries Expenses 10,000 Depreciation Expenses 30,000 Utilities Expenses 10,000 Dividends / drawings 342,000 342,000 Total If this information was used to prepare a statement of financial position, Total Liabilities should be: Cull lis islO
Sapphire Gems and Minerals Co Ltd - Garnet Division Trial Balance as of December 31, 2022 DR 3,005,000 4,445,000 Cash Accounts receivable Allowance for bad debt Other debtors Merchandise Inventory Store Supplies Prepaid Insurance Prepaid rent Furniture & Equipment Accumulated deprecation-Furniture and equipment Motor Truck Accumulated depreciation- Motor Truck Accounts payable Salary payable Interest payable Unearned Sales revenue Note Payable, long term Capital Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense Insurance Expense Utilities Expense Rent Expense Depreciation Expense - Furniture and Equipment Depreciation Expense - Motor truck Store Supplies Expense Gain/loss on Disposal of Fixed Asset Bad-Debt Expense Interest Expense 8,800,000 1,200,000 5,985,000 1,484,000 12,000,500 2,660,000 55,750 705,500 750,500 7,450,000 8,900,000 705,500 1,554,000 CR 300,000 4,760,200 1,962,697 430,900 1,255,550 5,190,000 15,801,403 30,000,000…