Cash $38,100; Short-term investments $4,100; Accounts receivable $48,500; Supplies $6,100; Long-term notes receivable $2,100; Equipment $96,500; Factory Building $181,000; Intangible assets $6, 100; Accounts payable $29,900; Accrued liabilities payable $3,950; Short-term notes payable $14,200; Long-term notes payable $92,500; Common stock $181,000; Retained earnings $60,950. Prepare Total Assets Section

Cash $38,100; Short-term investments $4,100; Accounts receivable $48,500; Supplies $6,100; Long-term notes receivable $2,100; Equipment $96,500; Factory Building $181,000; Intangible assets $6, 100; Accounts payable $29,900; Accrued liabilities payable $3,950; Short-term notes payable $14,200; Long-term notes payable $92,500; Common stock $181,000; Retained earnings $60,950. Prepare Total Assets Section

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Construct a balance sheet using the following information: Gross fixed assets $75,000 Cash…

A: Balance sheet is one of the financial statement being prepared in business. This shows all assets,…

Q: The balance sheet shows the following accounts and amounts: Cash $26,000; Short-term Debt $42,000;…

A: BALANCE SHEETThe balance sheet is one of the important financial statements of the company. Balance…

Q: City A has the following financial data. What is the Net Asset Per Capita? Cash: $ 4,650; Cash…

A: Net asset per capital means total net assets with respect to population

Q: Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1,…

A: If you find this answer good please rate it helpful. If any query then raise it.Thank You!…

Q: Privett Company Accounts payable $30,999 Accounts receivable 74,633 Accrued liabilities 6,192 Cash…

A: Assets that can be quickly turned into cash are referred to as quick assets. They are company's most…

Q: Assets Cash. Accounts receivable, net $ 31,800 $ 35,625 $ 37,800 89,500 62,500 50,200 Merchandise…

A: Step 1Computation of the current ratio for each of the three years Part 1A Current Ratio :…

Q: The current asset section of the Year 2 and Year 1 fiscal year end balance sheets of The Kroger Co.…

A: It is the stock held for sale to customers. The inventory comprises of raw materials, work in…

Q: The balance sheet shows the following accounts and amounts: Cash $13,000; Short-term Debt $21,000;…

A: Lets understand the basics.Statement of financial position gets divided into mainly three sections…

Q: Assets Liabilities Cash 55,000 Demand deposits 207,000 Fed Funds…

A: Interest Rate Sensitive Liabilities: The interest rate-sensitive liabilities are those liabilities…

Q: Assets Cash and cash equivalents Inventories Receivables (net) Taxes receivable (net) Due from…

A: Warrenton Library DistrictGovernmental Funds Balance Sheet or Statement of Net PositionAs of…

Q: Kela corporation reports net income of 570,000 that includes depreciation expense of 77,000 also…

A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…

Q: ($ in 000s) Cash and cash equivalents $247,286 Short-term investments 362,700 Accounts receivable…

A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…

Q: What are the three components of a credit policy? Does the company’s current credit policy satisfy…

A: Answer: 1. Terms of sale: Terms of sale describe how a company sells its goods, for example, 2/10…

Q: Augusta Company reported that Its bonds with a face value of $62,000 and a carrylng value of $56,000…

A: Cash flow only includes cash activities and and a loss on retirement of bonds is a noncash activity.…

Question

Cash $38,100;
Short-term investments $4,100;
Accounts receivable $48,500;
Supplies $6,100;
Long-term notes receivable $2,100;
Equipment $96,500;
Factory Building $181,000;
Intangible assets $6,100;
Accounts payable $29,900;
Accrued liabilities payable $3,950;
Short-term notes payable $14,200;
Long-term notes payable $92,500;
Common stock $181,000;
Retained earnings $60,950.
Prepare Total Assets Section

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 : Notes to Account

VIEW

Step 2 : Extract of Financial Statement

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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 Based on the above data, what is the quick ratio, rounded to one decimal point? O 1.0
Use the following table: Case X Case Y Case Z Cash $ 940 $ 1,470 $ 1,940 Short-term investments 0 0 780 Receivables 0 1,690 1,360 Inventory 3,400 1,560 6,520 Prepaid expenses 2,600 1,020 1,460 Total current assets $ 6,940 $ 5,740 $ 12,060 Current liabilities $ 3,600 $ 1,800 $ 5,750 Required:Calculate the quick ratio in each of the above cases and select the case which is in the best position to meet short-term obligations most easily. (Round your answers to 2 decimal places.)
The Coffman Company has provided the following account balances: Cash $380,000 Short-term investments $40,000 Accounts receivable $60,000 Inventory $480,000 Long-term notes receivable $20,000 Equipment $960,000 Factory Building $1,800,000 Intangible assets $60,000 Accounts payable $300,000 Accrued liabilities payable $40,000 Short-term notes payable $95,000 Income taxes payable $55,000 Long-term notes payable $920,000 Stockholders’ equity $2,400,000What is Coffman's current ratio? Group of answer choices a)2.00 b)2.17 c)2.71 d)1.96 e)None of the above
Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Based on the following data for Checkmate Company, prepare a Statement of Retained Earnings and demonstrate that the accounting equation remains in balance after the retained earnings account has been updated. (Assume that the…
Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 Based on the above data, what is the amount of working capital? Group of answer choices
Cash receipts totaled $875,000 for property taxes and $292,500 from other revenue. Note: Enter debits before credits. Transaction General Journal Debit Credit 04 .
Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Retained earnings, January 1 $3,704,000 $3,264,000 Net income $ 600,000 $ 550,000 Dividends: On preferred stock (10,000) (10,000) On common stock (100,000) (100,000) Increase in retained earnings $ 490,000 $ 440,000 Retained earnings, December 31 $4,194,000 $3,704,000 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales $ 10,850,000 $10,000,000 Cost of goods sold (6,000,000) (5,450,000) $ 4,850,000 $ (2,170,000) Gross profit $ 4,550,000 Selling expenses $ (2,000,000) Administrative expenses (1,627,500) (1,500,000) Total operating expenses $(3,797,500) $ (3,500,000) Operating income $ 1,052,500 $ 1,050,000 Other revenue and expense:…
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 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? Oa. 1.0 Ob. 1.1 Ос. 17 Od. 2.9 MacBook Air
A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from financing activities is:
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 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.1.7 b.1.0 c.1.1 d.2.9
Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Expense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is a. 2.42:1. b. 2.67:1. c. 2:1. d. 2.27:1.