Accounts Receivable 48,000 Accrued Service Income 14,000 Prepaid Expenses 21,000 Advances to Employee 20,000 Office Furniture 15,000 Shop Equipment 25,000 Accounts Payable 33,000 Accrued Interest Expense 15,000 How much is the total current assets?

Accounts Receivable 48,000 Accrued Service Income 14,000 Prepaid Expenses 21,000 Advances to Employee 20,000 Office Furniture 15,000 Shop Equipment 25,000 Accounts Payable 33,000 Accrued Interest Expense 15,000 How much is the total current assets?

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

See similar textbooks

Similar questions

Requlred Informatlon RivMera Townshlp reported the following data for Its governmental activitles for the year ended June 30, 20X9: 2 of 3 Item Amount Cash and cash equivalents $1,000,000 300,000 8,500,000 1,200,000 400,000 4,800,000 Receivables Capital assets Accumulated depreciation Accounts payable 01:56:09 Long-term liabilities Additlonal Information avalable is as follows: All of the long-term debt was used to acquire capital assets. Cash of $475,000 Is restricted for debt service. Based on the preceding Informatlon, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets Invested In capital assets, net of related debt? Multiple Cholce $3.300,000 $2.900,000 $2,825,000 $4.200,000
Sh11
Account$ 51,000Accounts payable$33, 700 Land Notes payable49,000Accounts receivable 71, 2000perating expenses 102,000Building86, 500Prepaid insurance3.100Cash3, 200Service revenue172.000Equipment35, 700Unearned revenue 3,000J. Koizumi, capitalJ. Koizumi, drawings99, 0004, 000(c) Determine the amount overKoizumi Kollections has the following alphabetical list of accounts and balances at July 31. 2017:
A7
React Corporation Comparative Statements of Financial Position December 31, 2025 and 2024 2025 2024 Assets Current Assets Cash & Cash Equivalent 106,789 102,375 Trade & Other Receivables 327,611 277,467 Inventory 331,863 297,654 Prepaid Expenses 101,565 114,813 Total Current Assets 870,828 792,309 Noncurrent Assets Property, Plant & Equipment Intangibles 135,754 166,481 Total Noncurrent Assets 7,500 7,500 TOTAL ASSETS 143,254 173,981 1,014,082 966,290 Liabilities and Shareholders’ Equity Current Liabilities Trade & Other Payables Unearned Revenues 238,000 208,703 Notes Payables - current 107,508 82,456 Total Current Liabilities 45,000 45,000…
hank ary tor The Statement of Financial Position for the Volks Company prepared in 2019 report the following balances: January 1 330,000.00 200,000.00 740,000.00 1,600,000.00 120,000.00. December 31 Cash 750,000.00 Notes Receivable 210,000.00 Accounts Receivable 950,000.00 Inventory Prepaid expenses Investment (at cost) Equipment 1,500,000.00 100,000.00 100,000.00 1,200,000.00 400,000.00 1,000,000.00 580,000.00 750,000.00 30,000.00 750,000.00 Notes payable Accounts payable Interest payable Accrued expenses Bonds payable Share capital, P100 par 600,000.00 40,000.00 500,000.00 50,000.00 1,300,000.00 1,500,000.00 600,000.00 1,000,000.00 1,000,000.00 500,000.00 Share Premium Retained Earnings An analysis of cash receipts and disbursements discloses the following: Receipts: Issue of share capital Trade debtors-notes and accounts Note receivable discounted: 800,000 2,950,000 190,000 Face value, P200,000, proceeds 12% one-year note issued to bank, 300,000 250,000 Issued and discounted on…
X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150.000 180,000 600,000 80.000 300,000 Cash Drawings Operating Expenses Goodwill 90,000 000 080 Service Revenne Owner's capital Unearmed Service Reventie S00,000 720.000 50,000
28
40 Assets Cash P Laus 22,354.00 567,890.00 Accounts Receivable-net Inventories 260,102.00 Land Building 428,267.00 Furniture & Fixtures 34,789.00 Other Assets 3,600.00 1,317,002.00 Equities 243,650.00 178,940.00 P 200,000.00 345,000.00 Accounts Payable Notes Payable Borromeo, Capital Laus, Capital 641,976.00 728,352.00 1,020,916.00 1,317.002.00 On May 1, 2022, the business accounts of Borromeo and Laus appear below. a. b. Accounts receivable of P20,000 in Borromeo's books andP35,000 in Laus' books are uncollectible. Inventories of P5,500 and P6,700 are worthless in Borromeo's and Laus' respective books. Other assets of P2,000 and P3,600 in Borromeo's and Laus' respective books are to be written off C. Using the information given, and assuming Kim offered to join for a 20% interest in the new BLK Partnership, how much cash should he contribute? Borromeo 11,000.00 P 234,536.00 120,035.00 603,000.00 50,345.00 2,000.00 P 1,020,916.00 P
Requirement A
Red Garnet Company Statement of Financial Position As of December 31 Year Year 20X4 20X3 Cash and Cash Equivalents P 470,310 P 519,860 Accounts Receivable, net 660,110 ? Inventory 653,060 555,480 Prepaid Expenses 173,740 228,810 Total Current Assets ? 1,869,320 Property, Plant, and Equipment, net 5,910,530 5,501,660 Intangible Assets 745,200 Total Assets P8,612,950 P8,092,890 Current Liabilities P? P1,123,700 Long-term Liabilities 577,580 541,540 Total Liabilities ? 1,665,240 Red Garnet, Capital 6.762,320 6,427,650 Total Liabilities and Owner's Equity P8,612,950 Red Garnet Company Statement of Comprehensive Income For the years ended December 31 20X4 20X3 P5,385,860 P4,921,850 1,374,790 Sales Revenue Cost of Goods Sold ? Gross Profit ? 3,666,990 Selling and Administrative Expenses Operating Income 3,406,460 3,127,150 ? 539,840 Interest Expense 11,820 23,040 Net Income P_592,790 P? Required: 1. Compute for the missing amounts. 2. Prepare a financial analysis as follows: a. Vertical…
Takaful company has the following information: Earned contributions SR 500 Net claim incurred SR 100 Cash SR 50 Short-term investment SR 150 Average assets SR 1500 Total expenses SR 200 Net income SR 100 Gross contributions SR 600 Net contributions SR 550 What is expense ratio? а. 40% b. 30% С. 36.3% d. 50%