Calculate the total assets Cameron Corporation reported the followinginformation at December 31, 2023:Accounts payable $350,000Dividends paid$120,000Cash$150,000$580,000$750,000$800,000ExpensesInventoriesRevenueCalculate Cameron Corporation's total assets.

Explanation of Total Assets: Total assets represent the sum of everything a company owns that is…

Answered: Cameron Corporation reported the…

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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The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) $ 6,300 33,000 73,000 Inventory Property, plant, and equipment (net) 185,000 Accounts payable 52,000 Salaries payable Paid-in capital 24,000 165,000 The only asset not listed is short-term investments. The only liabilities not listed are $43,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments 3. Retained earnings
6. As of December 31, 2020, V Corporation reported the following items in its balance sheet: Php 240,000 520,000 350,000 Cash Receivables Inventory Property and Plant Equipment Accounts Payable Short-term notes payable Long-term debt Weighted Average of outstanding shares in 2020 3,000,000 850,000 400,000 500,000 1,000,000 250,000 V Corporation contracted with a third-part appraiser to determine how much replacement cost of its assets. Based on the report of the appraiser, The property and plant have replacement cost of 125% of its reported value. On the other hand, the equipment only commands replacement costs of 70% of its value. According to the appraiser. The equipment was designed using an old technology thus lower replacement cost, other assets and liabilities are valued fairly. How much is the non-current asset reflected in the books of V Corporation as of Dec 31,2020? a) Php4,960,000 b) Php3,850,000 c) Php2,860,000 d) Php2,150,000 7. How much is the book value per share of V…
San Antonio Corporation’s current assets and current liabilities section of the statement of financial position as of December 31, 20x1 appear as follows: Current assets Cash Accounts receivable P5,340,000 P2,400,000 Less: Allowance for doubtful accounts 420,000 4,920,000 Inventories 10,260,000 Prepaid expenses 540,000 Total current assets P18,120,000 Current liabilities Accounts payable P3,660,000 Notes payable 4,020,000 Total current liabilities P7,680,000 The following errors in the corporation’s accounting have been discovered: January 20x2 cash disbursements entered as of December 20x1 included payment of accounts payable amounting to P2,340,000, on which a cash discount of 2%…
The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows. Allessandro Scarlatti CompanyBalance Sheet (Partial)December 31, 2020 Cash $ 40,000 Accounts payable $ 61,000 Accounts receivable $89,000 Notes payable 67,000 Less: Allowance for doubtful accounts 7,000 82,000 $128,000 Inventory 171,000 Prepaid expenses 9,000 $302,000 The following errors in the corporation’s accounting have been discovered: 1. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of $39,000, on which a cash discount of 2% was taken. 2. The inventory included $27,000 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,000 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30.…
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…
The following information was extracted from the records of SydMel Ltd for the year ended30 June 2021.SydMel LtdStatement of Financial Position (Extract)As at 30 June 2021AssetsAccounts receivables $26,000Allowance for doubtful debts 2,500 $23,500Equipment 150,000Accumulated depreciation – Equipment (20% per year) 30,000 120,000LiabilitiesInterest Payable 2,000 2,000Provision for employee benefits 5,000 5,000Additional information• The allowed deductible tax depreciation rate for Equipment is 25%.• None of the employee benefits has been paid. It is not deductible for tax purposes untilit is actually paid.• The tax rate is 30%.Requireda. Prepare a deferred tax worksheet to identify the temporary differences arising inrespect of the assets and liabilities in the statement of financial position, and tocalculate the balance of the deferred tax liability and deferred tax asset accounts at30 June 2021. Assume the opening balances of the deferred tax accounts were $3,000for Deferred Tax…
BBB Company had the following assets at December 31, 2022: Cash (of which P25,000 is earmarked for the acquisition of equipment) - P490,000 Trading Securities (including P200,000 investment in FVTOCI) - P380, 000 Accounts Receivable, net (including P500,000 due from an officer on December 31, 2024) - P1, 250,000 Non-Trade Notes Receivable (due in equal semi-annual installments of P50, 000 every March 1 and September 1) - P300,000 Merchandise Inventory - P900, 000 Prepaid Expenses - P80,000 Plant and Equipment, net - P3,750,000 How much is the Total Current Assets at December 31, 2022? How much is the Total Non - Current Assets at December 31, 2022?
Prepare/Answer what is required of the problem.
An entity reported the following current assets on December 31, 2020: Cash in bank 4,000,000 Accounts receivable 7,000,000 Notes receivable 2,500,000 Notes receivable discounted (400,000) Inventory 4,500,000 Financial asset – FVPL 1,000,000 Financial asset – FVOCI 1,500,000 Prepaid expenses 200,000 Deferred tax asset 2,500,000 Equipment classified as “held for sale” 2,000,000 Total 24,800,000 Customers’ accounts 5,000,000 Allowance for doubtful accounts (500,000) Sale price of unsold goods out on consignment at 125% of cost and excluded from ending inventory 2,500,000 Net accounts receivable 7,000,000 What amount should be reported as total current assets on December 31, 2020?
32. Refer to Bellingham Incorporated's December 31, 2019 Balanoe Sheet shown below. Bellingham Incorporated Balance Sheet as of December a1, 2019 Assets Current Assets Cash Llabilities Current Uabitles S130,000 80,000 Accounts Payable Notes Payable S0,000 110,000 $200,000 Inventory Accounts Recelvables 40,000 Total Current Liabilitles Total Current Assets $250,000 Non-current Llabilities Debt 150,000 Owner's Equity Non-current Assets Plant and Equipment (Net) Patents (Net) 350,000 50,000 220,000 80,000 Common Stock Retained Earnings Total Assets $650.000 Total Liahilities and Owner's Equity 5650,000 Bellingham began 2019 with $240,000 in owner's equity. During the year they issued $30,000 in new common stock and paid $10,000 in dividends. If their net income for 2019 was $40,000, what was their retained earnings balance on December 31, 20187 O $30,000 $50,000 O S60,000 O $70,000
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M Company Balance Sheets (partial) 2022 2021 Current assets Cash and cash equivalents $3,044 $1,887 Accounts receivable, net 3,100 3,040 Inventories 2,687 3,022 Other current assets 1.894 1,526 Total current assets $10,725 $9.475 Current liabilities $ 4,988 $5,893 (a) Calculate the current ratio and working capital for 3M for 2021 and 2022. (Round current ratio to 2 decimal places, eg 125:1) Current ratio 2021 2.15 :1 2022 1.60 :1 Working capital 2021 %24 5737 million 2022 %24 3582 million
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 6,400 Accounts receivable (net) 34,000 Inventory 74,000 Property, plant, and equipment (net) 190,000 Accounts payable 53,000 Salaries payable 14,000 Paid-in capital 170,000 The only asset not listed is short-term investments. The only liabilities not listed are $44,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.8:1. Required:Determine the following at December 31, 2021: Total Current Asset? Short Term Investment? Retained Earnings?

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Cameron Corporation reported the following information at December 31, 2023: Accounts payable $350,000 Dividends paid $120,000 Cash $150,000 $580,000 $750,000 $800,000 Expenses Inventories Revenue Calculate Cameron Corporation's total assets.