CHAPTER 1 ACCOUNTING THE LANGUE OF SU s 45 Shown below in random order is a st of halance sheet items for Rad River Farms at September 3o, 1997: Land...... Barns and sheds Notes payable... Accounts receivable Citrus trees Accounts payable Property taxes payablo a. Prepare a balance sheet by using these items and computing the amount for Hollis Roberts, capital. Use a sequence of assets similar to that illustrated on page 1 (After "Barns and sheds" you may list the remaining assets in any order.) Includ a proper heading for your balance sheet. b. Assume that on September 30, immediately after this balance sheet was prepared, a tornado completely destroyed one of the barns. This barn had a cost of $23,800, and was not insured against this type of disaster. Explain what changes would be required in your September 30 balance sheet to reflect the loss of this barn. $550,000 78,300 Irrigation system 530,000 22,365 76,650 77,095 9,135 Fonces & gates $33.570 20,125 16,710 120,780 42,970 ........ ....... Cash Livestock Farm machinery. Hollis Roberts, capital Wages payable *... ..... ..... ....... 1,820 .... ........

CHAPTER 1 ACCOUNTING THE LANGUE OF SU s 45 Shown below in random order is a st of halance sheet items for Rad River Farms at September 3o, 1997: Land...... Barns and sheds Notes payable... Accounts receivable Citrus trees Accounts payable Property taxes payablo a. Prepare a balance sheet by using these items and computing the amount for Hollis Roberts, capital. Use a sequence of assets similar to that illustrated on page 1 (After "Barns and sheds" you may list the remaining assets in any order.) Includ a proper heading for your balance sheet. b. Assume that on September 30, immediately after this balance sheet was prepared, a tornado completely destroyed one of the barns. This barn had a cost of $23,800, and was not insured against this type of disaster. Explain what changes would be required in your September 30 balance sheet to reflect the loss of this barn. $550,000 78,300 Irrigation system 530,000 22,365 76,650 77,095 9,135 Fonces & gates $33.570 20,125 16,710 120,780 42,970 ........ ....... Cash Livestock Farm machinery. Hollis Roberts, capital Wages payable *... ..... ..... ....... 1,820 .... ........

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show following assets and liabilities as of December 31 fo and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Equity, December 31, Year 1 Add: Owner's investment Add: Net income Year 1 $ 47,584 25,829 4,074 125,071 48,942 Less: Dividends 0 0 67,905 0 Year 2 $ 8,053 20, 250 2,984 133, 224 2. Compute net income for Year 2 by comparing total equ these two years and using the following information: Durir owner invested $32,000 additional cash in the business in common stock, and the company paid a $24,000 cash div 57,942 163,152 40,713 33,679 103,865 0
Instructions: complete Pages 1 - 2 prior to class Listed below are balance sheet accounts. Identify what balance sheet section the account belongs in: Current Assets Current Liabilities Long Term Investments Property Plant and Equipment Intangibles Long-term liabilities Stockholders' Equity Account Amount Balance Sheet Section Accounts Payable 5,000 Accounts Receivable 5,000 Accum. Depreciation Bonds Payable 20,000 50,000 Cash 20,000 25,000 Common Stock Copyrights Discount on Bonds Payable 30,000 2,500 Inventory 1,000 Investments (long term) 25,000 Machinery 100,000 Marketable Securities 15,000 75,000 PIC in Excess of Par CS Prepaid Insurance Retained Earnings 3,000 23,500 Unearned Fees 1,000 Wages Payable 2,000 Calculate: Current Assets Long Term Investments Property Plant and Equipment Intangibles Total Assets Current Liabilities Long-term liabilities Total Liabilities
2. What is the gain on sale of machinery on December 20?
J-Mark Superstores provides the following selected financial data. Cash and cash equivalents Short-term investments Accounts receivable Inventory Property, plant and equipment Long-term investments Total asset 2024 $ 852,540 45,050 1,120,545 2023 $ 750,235 39,194 1,030,901 2,812,020 2,615,179 4,212,686 3,749,291 96,555 82,072 9,139,396 8,266,871 Total liabilities 4,204,122 3,968,098 Total stockholders' equity 4,935,274 4,298,773 Net sales 15,579,865 13,710,281 Operating income 5,452,953 4,661,496 Interest expense 157,655 148,804 Investment income 5,947 4,851 Calculate the return on investments ratio for 2024. Note: Round your answer to 1 decimal place. Answer is complete but not entirely correct. Return on investments ratio 4.2 × %
NEED ANSWER ASAP Q: USING THE BALANCE SHEET PROVIDED, WHAT IS THE AVERAGE OWNER'S EQUITY? EXPLAIN
Solve it with calculation and explanation of the question
Subject - account Please help me. Thankyou.
Balance sheet preparation Use the appropriate items from the following list to prepare in good form Mellark's Baked Goods balance sheet at the end of the year. Complete the fragment of the balance sheet below ($000): (Select the correct account from the drop-d Mellark's Baked Goods Balance Sheet as of December 31, 2021 Assets Current assets: Total current assets $ $ Data table Accounts payable Accounts receivable Accruals Accumulated depreciation Buildings Cash Common stock (at par) Cost of goods sold Depreciation expense Equipment Furniture and fixtures General expense Inventories Land Long-term debts Machinery Marketable securities Notes payable Paid-in capital in excess of par Preferred stock Retained earnings Sales revenue Vehicles $219 447 51 260 225 217 92 2,503 50 148 166 320 380 95 421 416 76 479 360 96 218 3,567 26 - X
the information in the photo wants me to find out the working capital and current ratio
Denger