15 ) -- 50,000Cash on hand and in banksAccounts receivable -Merchandise inventory -- 350,000-1,500,000Office supplies and materials---30,000Prepaid rent - warehouse ad store outlet - 120,000Office equipment -----180,000Delivery vehicle ----- 680,000Accounts payable ---320,000Short-term notes payable-- 80,000Accrued expenses-Taxes payable -Bank loan ---Common stock--1,000,000-970,000Retained earningsSales --Cost of sales---5,000,000- 3,000,000--500,000Selling expenses -Administrative expenses- 250,000-- 20,000Depreciation --Using the above account balances, answer the questions below:How much is the total current assets?- - 30,000- 10,000-500,000

Assets that can be easily converted into cash within one year period of time are called Current…

Cash on hand and in banks- Accounts receivable -- Merchandise inventory - - 50,000 - 350,000 -1,500,000 --30,000 Office supplies and materials Prepaid rent - warehouse ad store outlet - 120,000 Office equipment --- ---180,000 -- 680,000 Delivery vehicle- Accounts payable - Short-term notes payable - Accrued expenses Taxes payable - --320,000 80,000 - 30,000 - 10,000 500.000 Bank loan

Cash on hand and in banks- Accounts receivable -- Merchandise inventory - - 50,000 - 350,000 -1,500,000 --30,000 Office supplies and materials Prepaid rent - warehouse ad store outlet - 120,000 Office equipment --- ---180,000 -- 680,000 Delivery vehicle- Accounts payable - Short-term notes payable - Accrued expenses Taxes payable - --320,000 80,000 - 30,000 - 10,000 500.000 Bank loan

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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