Partridge Corporation had the following accounts and balances:9,000 Accounts payable13,000 Salaries payableCashAccounts receivableInventoryEquipment? Total stockholders' equity$21,000$13,000$17,000$30,000$42,000$18,00010,00057,000Using the accounting equation, what would be the balance in the Inventory account?

$21,000Inventory =$21,000Total Assets=Total liabilities+Total stockholders' equityTotal…

Cash Accounts receivable Inventory Equipment $42,000 ing the accounting equation, what would be the balance in the Inventory account? 9,000 Accounts payable 13,000 Salaries payable $21,000 $13,000 $17,000 $30,000 ? Total stockholders' equity $18,000 10,000 57,000 $

Cash Accounts receivable Inventory Equipment $42,000 ing the accounting equation, what would be the balance in the Inventory account? 9,000 Accounts payable 13,000 Salaries payable $21,000 $13,000 $17,000 $30,000 ? Total stockholders' equity $18,000 10,000 57,000 $

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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Excerpts from Smith Company's December 31, 20x2 and 20x1, financial statements are presented below: 20x2 20x1 Accounts receivable $ 51,000 Merchandise inventory $ 70,000 43,000 375,100 65,000 Net sales 360,000 Cost of goods sold 144,000 123,000 Total assets 455,000 420,000 Total shareholders' equity 270,000 240,000 Net income 55,000 43,000 What is Smith's asset turnover for 20x2? (Round your answer to 2 decimal places.) Multiple Choice O O C 0.86. 3.16. 3.32. 2.15.
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what is income statement? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
Cash Accounts Receivable, Net Inventory Property, Plant and Equipment, net Total Assets Accounts Payable Mortgage Payable Common Stock, par $5 Retained Earnings Total Liabilities and Owners' Equity Sales for the year Cost of Goods Sold Net Income for the year 2021 25 65 50 140 280 50 100 90 40 280 4. Calculate the earnings per share. Show work. A. $3.00 B. $4.00 $100 C. $2.00 D. $2.50 50 36 2. Using horizontal analysis, what is the change in inventory? A. 35% increase B. 35% decrease C. 25% increase D. 25% decrease Using the information above, answer the following questions. 1. Using vertical analysis, what percentage is Mortgage Payable for year 2021? Show work. A. 34.23% B. 35.71% C. 40% D. 36.71% 3. Calculate the Accounts Receivable Turnover. Show work A. 1.6 times B. 1.6% C. 1.8 times D. 1.8% 2020 30 60 40 155 285 60 110 90 25 285
Cash Accounts receivable Raw materiala inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Coat of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 71,000 40,000 25,000 0 12,000 4,000 $ 10,000 13,000 112,000 24,000 40,000 40,000 94,000 171,000 $ 328,000 $ 328,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materiala requisition 111 Materials requisition 121 Labor time ticket 521 Labor time ticket 53: Labor time ticket 541 $ 4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,100 indirect materiala $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. Problem 19-3A (Algo) Parts 4 and 5 4. Prepare an income…
Accounts payable Accounts receivable Accrued liabilities $30,000 35,000 7,000 25,000 40,000 72,000 100,000 75,000 36,000 20,000 400,000 2,000 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? O a. 1.7 O b. 2.9 O c. 1.1 O d. 1.0 Cash sumpany Intangible assets Inventory Long-term investments Long-term liabilities Marketable securities Notes payable (short-term) Property, plant, and equipment Prepaid expenses
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Tableau Dashboard Activity 12-1 Use Conservative Versus Aggressive Accounting Estimates Review the Tableau visualization, and then answer the questions that follow. Sales Revenue Cost of Goods Sold Depreciation Exp Bad Debt Exp Warranty Exp Income Statement Net Income $80,000 $0 $50,000 $100,000 $150,000 $200,000 Balance Sheet Cash Accounts Receivable Allowance for Uncol Accts Inventory Equipment Accum Depr Total Assets Accounts Payable Warranty Liab Common Stock Retained Earnings Total Liab and Equities Operating Cash Flows Investing Cash Flows Financing Cash Flows $275,000 Uncollectible Accounts Estimate Ⓒ Before Adjustment 5% of Accounts Receivable 15% of Accounts Receivable Lower of Cost or NRV Estimate Ⓒ Before Adjustment Ⓒ $4,000 NRV Below Cost $12,000 NRV Below Cost Depreciation Estimate Before Adjustment 6 Years 12 Years Warranty Estimate Before Adjustment 4% of Sales Revenue 12% of Sales Revenue Risk Analysis Current Ratio Debt-to-Equity Rat.. 10.3 5.8% Profitability Analysis…