Balances of assets and liabilities accounts of FDNACCT at year end are as follows:CashP 84,000Accounts Receivable48,000Accrued Service Income13,000Prepaid Expenses18,000Advances to Employee17,000Office Furniture15,000Shop Equipment25,000Accounts Payable33,000Accrued Interest Expense15,000How much is the total current assets?

Solution: Total current assets = Cash + Accounts receivables + Accrued service income + Prepaid…

Answered: Balances of assets and liabilities…

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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Similar questions

The following items are reported on a company's balance sheet: Cash $112,300 Marketable securities 131,400 Accounts receivable (net) 45,200 Inventory 170,000 Accounts payable 270,000. Determine the current ratio ?
This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
Use the following balance sheet data to compute the net operating working capital. Cash Accounts Receivable Inventory Current Assets Net fixed assets Total assets $60 160 200 $420 $700 $1,120 Account payable Accruals Notes payable Current liabilities Long-term debt Common equity Retained earnings Total liabilities and equity $180 110 200 $490 250 160 220 $1,120
This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
The following information has been extracted from the financial statements and notes of Spring Ltd. 2020 2019 Cash and Cash Equivalents 60,600 59,700 Account Receivable(net) 130,800 128,900 Account Payable 54,700 52,900 Revenue 780,000 750,000 Cost of Goods Sold 450,500 445,500 Profit 65,500 58,500 Inventory 234,700 215,300 Total assets 580,000 590,000 Current Liabilities 250,900 265,700 Total liabilities 300,000 330,000 Short-term investments 67,400 75,900 Based on the above information calculate the following ratios: 1) Return on assets for 2020. 2) Profit Margin ratio for 2020. 3) Debt to assets ratio for 2020. 4) Acid-test ratio for 2020. 5) Inventory Turnover ratio for 2020.
Perform a vertical analysis for the balance sheet entry "Accounts Receivable" given below. (Round to the nearest tenth) Assets Current Assets Cash $ 23,000 Accounts Receivables 16,000 Merchandise Inventory 50,000 Supplies 2,500 Total Current Assets 91,500 Property, Plant, and Equipment Machinery and Equipment 23,000 Total Assets $114,500
From the following information, calculate current ratio. Trade receivables (debtors) 1, 00,000 Bills payable 20,000 Prepaid Expenses 10,000 Sundry Creditors 40,000 Cash and cash equivalents 30,000 Debentures 2,00,000 Short term investments 20,000 Inventories 40,000 Machinery 7,000 Expenses Payable asap
Consider the following financial data for Larry’s Computer Stores: Statement of Financial Position as of December 31, 2012 Cash & equivalents $ 94,500 Accounts payable $ 122,500 Receivables 202,500 Short-term bank note 162,500 Inventories 364,000 Accrued wages and taxes 110,500 Total current assets $ 661,000 Total short-term liab. $ 395,500 Long-term debt 418,000 Net fixed assets 468,500 Common equity 316,000 Total assets $ 1,129,500 Total liabilities & equity $ 1,129,500 Statement of Earnings for the Year Ended December 31, 2012 Sales revenue $ 450,000 Cost of merchandise sold 250,000 Gross profit $ 200,000 Operating expenses 97,500 Earnings before interest and taxes (EBIT) $ 102,500 Interest expense 46,500 Earnings before taxes (EBT) $ 56,000 Federal and state income taxes (45 percent) 25,200 Net earnings $ 30,800…
This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
Total Assets value a Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000
Balance Sheet as of December 31, 2021 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2021 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends 552 Addition to retained earnings 2$ 828
S

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