As of June 15, 2023, Meridian Supplies has assets of $215,600 and liabilities of $84,300. How much is the owner's equity for Meridian Supplies as of June 15, 2023?
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As of June 15, 2023, Meridian Supplies has assets of $215,600 and liabilities of $84,300. How much is the owner's equity for Meridian Supplies as of June 15, 2023?
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- Nicole Corporation's year-end 2019 balance sheet lists current assets of $826,000, fixed assets of $604,000Nicole Corporation's year-end 2019 balance sheet lists current assets of $826,000Jones Corp. had a total asset turnover of 4.0 in 2019 and had sales of $10.0 million. If the corresponding statement of financial position or balance sheet reported shareholders’ equity of $1.4 million, what were the total liabilities for Jones Corp.?
- What is the amount of net income during 2023?Presented below is the balance sheet of Pina Corporation for the current year, 2020. PINA CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets $ 486,360 Current liabilities $ 381,360 Investments 641,360 Long-term liabilities 1,001,360 Property, plant, and equipment 1,721,360 Stockholders’ equity 1,771,360 Intangible assets 305,000 $3,154,080 $3,154,080 The following information is presented. 1. The current assets section includes cash $151,360, accounts receivable $171,360 less $11,360 for allowance for doubtful accounts, inventories $181,360, and unearned rent revenue $6,360. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $41,360; investments in common stock, short-term $81,360 and long-term $271,360; and bond sinking fund $247,280. The cost and fair value of investments in common stock are the same.…Presented below is the balance sheet of Novak Corporation for the current year, 2020. NOVAK CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets $ 488,570 Current liabilities $ 383,570 Investments 643,570 Long-term liabilities 1,003,570 Property, plant, and equipment 1,723,570 Stockholders’ equity 1,773,570 Intangible assets 305,000 $3,160,710 $3,160,710 The following information is presented. 1. The current assets section includes cash $153,570, accounts receivable $173,570 less $13,570 for allowance for doubtful accounts, inventories $183,570, and unearned rent revenue $8,570. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $43,570; investments in common stock, short-term $83,570 and long-term $273,570; and bond sinking fund $242,860. The cost and fair value of investments in common stock are the…
- Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total asseta Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 612,000 509,000 2,084,000 206,000 $3,411,000 $412,000 1,019,000 1,980,000 $3,411,000. The captions shown in the summarized statement above include the following: a. Current assets: cash, $153,000; accounts receivable (net). $203,000; inventory, $228,000; and prepaid insurance, $28,000. b. Investments; investment in equity securities, short term, $93,000, and long term, $163,000; and restricted cash, long term, $253,000. c. Property, plant, and equipment buildings, $1,530,000 less accumulated depreciation, $603,000; equipment, $530,000 less accumulated depreciation, $203,000; and land, $830,000. d. Intangible assets net of amortization: patent, $113,000; and copyright, $93,000. e. Current liabilities: accounts payable,…Bridgeport Corporation’s balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,480 Current liabilities $151,480 Land 32,960 Bonds payable 101,480 Buildings 121,480 Common stock 182,960 Equipment 92,960 Retained earnings 46,960 Accum. depr.-buildings (31,480 ) Total $482,880 Accum. depr.-equipment (11,000 ) Patents 41,480 Total $482,880 The following information is available for 2020. 1. Net income was $54,810. 2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. 6. An addition to the building was completed at a cost of $28,480. 7. A long-term investment in stock was…Bridgeport Corporation’s balance sheet at the end of 2019 included the following items. Current assets (Cash $ 82,000) $ 236,480 Current liabilities $ 151,480 Land 32,960 Bonds payable 101,480 Buildings 121,480 Common stock 182,960 Equipment 92,960 Retained earnings 46,960 Accum. depr.-buildings ( 31,480 ) Total $ 482,880 Accum. depr.-equipment ( 11,000 ) Patents 41,480 Total $ 482,880 The following information is available for 2020. 1. Net income was $ 54,810. 2. Equipment (cost $ 21,480 and accumulated depreciation $ 9,480) was sold for $ 11,480. 3. Depreciation expense was $ 5,480 on the building and $ 10,480 on equipment. 4. Patent amortization was $ 2,500. 5. Current assets other than cash increased by $ 29,000. Current liabilities increased by $ 14,480. 6. An addition to the building was completed at a cost of $ 28,480. 7. A long-term investment in…
- Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets $ 608,000 Investments 506,000 Property, plant, and equipment 2,056,000 Intangible assets 204,000 Total assets $ 3,374,000 Current liabilities $ 408,000 Long-term liabilities 1,046,000 Shareholders' equity 1,920,000 Total liabilities and shareholders' equity $ 3,374,000 The captions shown in the summarized statement above include the following: Current assets: cash, $152,000; accounts receivable (net), $202,000; inventory, $227,000; and prepaid insurance, $27,000. Investments: investment in equity securities, short term, $92,000, and long term, $162,000; and restricted cash, long term, $252,000. Property, plant, and equipment: buildings, $1,520,000 less accumulated depreciation, $602,000; equipment, $520,000 less accumulated depreciation, $202,000; and land, $820,000. Intangible assets net of amortization: patent, $112,000; and…Please show your work and explain how you got your answers.Can you please answer the accounting question?