Aetna was started on January 1, 2023. Following are the account balances at the end of the month: Cash $13, 200 Notes Payable $12,000 Accounts Receivable 5, 300 Rent Expense 1,400 Equipment 61, 200 Wage Expense 500 Service Revenue 49, 400 Land 2, 600 Miscellaneous Expense 600 Insurance Expense 500 Common Stock ??? Retained Earnings, beginning 0 Supplies 1,800 Accounts Payable 3, 700 Dividends 2,000 Determine Total Assets as of January 31, 2023: Select one: a. $ 80, 400 b. $84, 100 с. $68, 400 d. $83,600 e. $82,300 Tr

Aetna was started on January 1, 2023. Following are the account balances at the end of the month: Cash $13, 200 Notes Payable $12,000 Accounts Receivable 5, 300 Rent Expense 1,400 Equipment 61, 200 Wage Expense 500 Service Revenue 49, 400 Land 2, 600 Miscellaneous Expense 600 Insurance Expense 500 Common Stock ??? Retained Earnings, beginning 0 Supplies 1,800 Accounts Payable 3, 700 Dividends 2,000 Determine Total Assets as of January 31, 2023: Select one: a. $ 80, 400 b. $84, 100 с. $68, 400 d. $83,600 e. $82,300 Tr

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 17BEA: Ernst Companys balance sheet shows total liabilities of 32,500,000, total stockholders equity of...

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Ernst Companys balance sheet shows total liabilities of 32,500,000, total stockholders equity of 8,125,000, and total assets of 40,625,000. Required: Note: Round answers to two decimal places. 1. Calculate the debt ratio. 2. Calculate the debt-to-equity ratio.
On January 1, 2021, Displays Incorporated had the following account balances: Debit 41,000 38,000 44,000 77,000 246,000 Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (5%, due next year) Common stock Retained earnings Totals $ Credit $ 56,000 39,000 205,000 146,000 $ 446,000 $ 446,000 From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $349,000. b. Sold inventory on account for $665,000. The cost of the inventory sold was $329,000. c. Received $594,000 from customers on accounts receivable. d. Paid freight on inventory received, $43,000. e. Paid $339,000 to inventory suppliers on accounts payable of $347,000. The difference reflects purchase discounts of $8,000. f. Paid rent for the current year, $61,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $169,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,700 Accounts Receivable 47,400 Allowance for Uncollectible Accounts $ 4,800 Inventory 20,600 Land 52,000 Equipment 18,000 Accumulated Depreciation 2,100 Accounts Payable 29,100 Notes Payable (6%, due April 1, 2022) 56,000 Common Stock 41,000 Retained Earnings 30,700 Totals $ 163,700 $ 163,700 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $153,000. January 15 Firework sales for the first half of the month total $141,000. All of these sales are on account. The…
On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 94,000 Accounts receivable 44,000 Allowance for uncollectible accounts $ 9,400 Inventory 30,400 Building 90,400 Accumulated depreciation 14,000 Land 208,000 Accounts payable 40,000 Notes payable (8%, due in 3 years) 60,000 Common stock 104,000 Retained earnings 239,400 Totals $ 466,800 $ 466,800 The $30,400 beginning balance of inventory consists of 304 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $24,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,700 units of inventory on account for $407,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold…
On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 70,000 Accounts receivable 40,000 Allowance for uncollectible accounts $ 5,000 Inventory 30,000 Building 70,000 Accumulated depreciation 10,000 Land 200,000 Accounts payable 20,000 Notes payable (8%, due in 3 years) 36,000 Common stock 100,000 Retained earnings 239,000 Totals $ 410,000 $ 410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5.…
On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 70,000 Accounts receivable 40,000 Allowance for uncollectible accounts $ 5,000 Inventory 30,000 Building 70,000 Accumulated depreciation 10,000 Land 200,000 Accounts payable 20,000 Notes payable (8%, due in 3 years) 36,000 Common stock 100,000 Retained earnings 239,000 Totals $ 410,000 $ 410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5.…
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit Cash $ 59,000 Accounts Receivable 25,600 Allowance for Uncollectible Accounts $ 2,500 Inventory Notes Receivable (5%, due in 2 years) 36,600 15,600 Land 158,000 Accounts Payable 15,100 223,000 Common Stock Retained Earnings 54,200 Totals $294,800 $294,800 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, $9,800. January 8 Purchase additional inventory on account, $85,900. January 15 Receive cash on accounts receivable, $22,30O. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500. Information for adjusting entries: a. Depreciation on the equipment…
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…
On January 1, 2021, the general ledger of Big Blast Fireworks Includes the following account balances: Accounts Debit Credit Cash $ 23, 300 Accounts Receivable Allowance for Uncollectible Accounts 40, 000 $ 4,500 Inventory 37, 000 72,108 Land Accounts Payable Notes Payable (6%, due in 3 years) 28,900 37,e00 Common Stock 63,000 Retained Earnings 39,e00 Totals $172,480 $172,400 The $37,000 beginning balance of Inventory consists of 370 units, each costing $100. During January 2021. Big Blast Fireworks had the following Inventory transactions: January 3 Purchase 1,680 units for $168,8ee on account ($185 each). January 8 Purchase 1,700 units for $187,0ee on account ($11e each). January 12 Purchase 1,800 units for $207,0ee on account ($115 each). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $788,00e. The cost of the units sold is deternined using a FIF0 perpetual inventory system. January 22 Receive $753,80e from…
The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.
On January 1, 2021, the general ledger of Big Blst Fireworks includes the following account balances: Debit $ 23, 300 Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 48, e00 $ 4, 580 37,e00 72,100 28,900 37,8ee 63,0ne 39,eee Common Stack Retained Earnings Totals $172, 488 $172,480 The $37,000 beginning balance of inventory consists of 370 units, esch costing $100. During Janusry 2021, Big Blest Fireworks had the following inventory transactions: January 3 Purchase 1,688 units for $168,888 on account ($18s each). January 8 Purchase 1,78e units for $187, 800 on account ($118 cach). January 12 Purchase 1,88e units for $287, e00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $ 23,300 Accounts Receivable Allowance for Uncollectible Accounts 40,000 $ 4,500 Inventory Land 37,000 72,100 Accounts Payable Notes Payable (6%, due in 3 years) Common Stock 28,900 37,000 63,000 39, 000 Retained Earnings Totals $172,480 $172,400 The $37,000 beginning balance of Inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following Inventory transactions: January 3 Purchase 1,600 units for $168,000 on account ($105 each). January 8 Purchase 1,700 units for $187,000 on account ($110 each). January 12 Purchase 1,800 units for $207,000 on account ($115 each). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5, 200 units on account for $78e, e00. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $753,800 from…