I am looking for help with this general accounting question using proper accounting standards. Bing Enterprises was recently formed with a $9,000investment in the company by shareholders. Thecompany then borrowed $6,000 from a bank,purchased $2,500 of supplies on account, and alsopurchased $8,000 of equipment by paying $5,000 incash and signing a note for the balance. Based onthese transactions, the company's total assets are:A. $13,000B. $17,500C. $20,500D. $23,000

Definition of Assets:Assets are resources owned by a business that provide future economic benefits.…

Answered: Bing Enterprises was recently formed…

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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Campbell Company has current assets of $10 million of which $3,000,000 are accounts receivable. Its current liabilities total $7 million of which $2,000,000 are accounts payable and $500,000 are wages payable. Campbell's net credit is: a. $2,500,000. O b. $1,000,000. Oc. $500,000. d. $3,000,000
Lloyd Inc. has sales of $200,000, a net income of$15,000, and the following balance sheet: Cash $ 10,000 Accounts payable $ 30,000Receivables 50,000 Notes payable to bank 20,000Inventories 150,000 Total current liabilities $ 50,000Total current assets $ 210,000 Long-term debt 50,000Net fixed assets 90,000 Common equity 200,000Total assets $ 300,000 Total liabilities and equity $300,000The new owner thinks that inventories are excessive and can be lowered to the pointwhere the current ratio is equal to the industry average, 2.53, without affecting sales or netincome. If inventories are sold and not replaced (thus reducing the current ratio to 2.53), ifthe funds generated are used to reduce common equity (stock can be repurchased at bookvalue), and if no other changes occur,…
NNR Inc.'s balance sheet showed total current assets of $1,875,000 plus $4,225,000 of net fixed assets. All of these assets were required in operations. The firm's current liabilities consisted of $475,000 of accounts payable, $375,000 of 6% short-term notes payable to the bank, and $150,000 of accrued wages and taxes. Its remaining capital consisted of long-term debt and common equity. What was NNR's total operating capital?
NNR Inc.'s balance sheet showed total current assets of $1,875,000 plus $4,225,000 of net fixed assets. All of these assets were required in operations. The firm's current liabilities consisted of $475,000 of accounts payable, $375,000 of 6% short-term notes payable to the bank, and $150,000 of accrued wages and taxes. Its remaining capital consisted of long-term debt and common equity. What was NNR's total operating capital?
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O
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What is Grey wood Corporation's long term debt on these financial accounting question?
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