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

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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On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $24,300 Accounts Receivable 42,500 Allowance for Uncollectible Accounts $2,700 Inventory 42,000 Land 79,600 Accounts Payable 29,200 Notes Payable (8%, due in 3 years) 42,000 Common Stock 68,000 Retained Earnings 46,500 Totals $188,400 $188,400 The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1,150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defects. January 19 Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO…
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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…
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Sagar
A company reported the following information: Accounts receivable, December 31, 2023: $122,000 Accounts receivable, December 31, 2022: $113,000 Sales (all on credit) for 2023: $850,000 Accounts receivable, December 31, 2023 $122,000 Accounts receivable, December 31, 2022 113,000 Sales (all on credit) for 2023 850,000 How much cash was collected from customers during 2023?
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