Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $30,000 $29,200 Inventory 75,800 76,500 Accounts payable 28,000 26,300 Dividends payable 21,000 23,000
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- #6 O Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500 Additional paid in capital 200,000 216,660 Cash ??? ??? Common Stock @ par value 37,600 42,000 COGS 131,400 178,670.0 Depreciation expense 21,600 22,842.00 Interest expense 16,200 16,309.00 Inventories 111,600 115,200 Long-term debt 135,000 139,952.0 Net fixed assets 376,220.00 399,600 Notes payable 59,400 64,800 Operating expenses (excl. 50,400 60,519.00 depr.) Retained earnings 122,400 136,800 Sales 255,600 337,653.0 Тахes 9,900 18,772.00 What is the current year's entry for long-term debt on a common-sized balance sheet? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924)) unanswered not submitted Attempts Remaining: InfinityCash €18,800 Accounts Receivable 35,800 Allowance for Doubtful ACcounts €638 Inventory, December 31 84,850 Prepaid Insurance 6,860 Equipment 91,000 Accumulated Depreciation-Equipment 36,650 Notes Payable 29,280 Share Capital-Ordinary 80,329 Retained Earnings 9,970 Sales Revenue 635,513 Cost of Goods Sold 419,500 Salaries and Wages Expense 124,210 Advertising Expense 6,730 Office Expense 4,630 €792,380 €792,380Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $30,000 $29,200 Inventory 75,800 76,500 Accounts payable 28,000 26,300 Dividends payable 21,000 23,000 Adjust net income of $102,600 for changes in operating assets and Net cash provided by operating activities?
- Exercise 7-22 (Algo) Accounts receivable turnover LO A1 The following information is from the annual financial statements of Raheem Company. Year 2 $ 142,000 40,900 Net sales Accounts receivable, net (year-end) Year 3 $ 211,000 43,100 Year 1 $ 197,000 37,600 (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover of 7.5, is Raheem performing better or worse at collecting receivableN 50% 4G TM 6:41 BALANCE SHEET... PREPARE BALANCE SHEET FOR THE FOLLOWING TRANSACTIONS CASH 49,500 ACCOUNTS RECEIVABLE 125,000 SUPPLIES 1,500 PREPAID INSURANCE 12,000 EQUIPMENT 70,000 BUILDING 420,000 LAND 111,500 ACCOUNTS PAYABLE 80,000 NOTES PAYABLE 170,000 COMMON STOCK 410,000 RETAINED EARNINGS 65,000 DIVIDENDS 20,000 SERVICE REVENUE 174,000 INTEREST REVENUE 1,000 52,000 17,000 SALARIES EXPENSE ADVERTISING EXPENSE INSURANCE EXPENSE 5,000 UTILITIES EXPENSE 13,750 INTEREST EXPENSE 2,750 2. Don Pedro's Accounting Firm has the following account balances: Cash, P5,000; Accounts Receivable, P2,000; Prepaid Rent P1,500; Supplies, P850; Equipment, P6,000; Trucks, P15,000; Accounts Payable, P2,500; Common Stock, P20,000; Retained Earnings P7,850. Business transactions during August are presented as follows: 1. Company received cash from clients for services, P4,500 2. Don Pedro paid to creditors P500, 3. Paid office rent for the month of December, P750, 4. Company billed client for…Complete: Round to Nearest Current Assets Amount Hundredth Percent Cash $ 12,000 % Accounts receivable 9,000 % Prepaid rent Merchandise inventory 5,000 $ 28.000 Total current assets 100 %
- 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 expensesBalance Sheet for Bearcat Hathaway, 2022 2021 2022 Cash Accounts. Receivable $5,268,485 $10,268,485 Inventory $529,062 $696,685 Current Assets $8,371,777 $13,279,842 Less $2,574,230 $2,314,672 Gross Fixed Assets $16,251,665 $20,567,330 Accum.Depreciation Total Assets $7,460,897 $10,117,819 Accounts Payable Notes. Payable Current Liabilities Calculate the net working capital in 2022. Long Termi Debt Total Liabilities, None of these options are correct $10,572,740 $5,664,675 $8,854,338 $3,946,273 Total $17,162,545 $23,729,353 Liabilities and Equity Capital Surplus Retained. Earnings 2021 2022 $1,673,992 $2,438,271 Common Net Fixed Assets $8,790,768 $10,449,511 Stock ($0.50 $1,300,000 $1,600,000 par) $1,033,110 $1,987,233 $2,707,102 $4,425,504 $9,242,830 $11,468,302 $11,949,932 $15,893,806 $1,148,120 $1,800,969 $2,764,493 $4,434,578 $17,162,545 $23,729,353%24 %24 Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $735,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total $3,310,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful ACcounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
- O :4 " O O 25 The following information have been taken from the Muscat Company: $3,060Not payable Sales 139 Revenue Total 600 Accounts 500 operating Receivable expenses 1,800 Preferred 18 stock dividends Cost of goods sold Tax rate 40% Interest 126 expense Number of 1,000 shares of Accounts 240 payable common issues What is the earnings per share? Select one: $0.30 $0.53 IIacccounting The following items are reported on a company’s balance sheet: Cash $120,000 Marketable securities 40,000 Accounts receivable (net) 50,000 Inventory 90,000 Accounts payable 150,000 Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place. a. Current ratio fill in the blank 1 b. Quick ratio fill in the blank 2Question 18 Riggy Company provided you with the unadjusted selected accounts on December 31, 200E. P 850,000 50.000 P S00.000 Sales Less: Sales renurns Net Sales P 74,000 12,000 P 62,000 Accounts Receivable Less: Allow, for bad debts Net Realazable value Beginning inventory Ending inventory P45,000 60,000 Freight in Freight out 12,000 20,000 If bad debts are estimated to be 2% of Sales, how much would be debited to bad debts? P4,000 P 17,000 P 16,000 P5,000
