Alabama A&M AppsAnywhere XContent* CengageNOWv2 | Online teachin x+A v2.cengagenow.com/iln/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseApps M GmailYouTube Maps a NewsE Reading listStockton CompanyAdjusted Trial BalanceDecember 31Cash6,138Accounts Receivable2,228Prepaid Expenses793Equipment15,261Accumulated Depreciation5,388Accounts Payable1,599Notes Payable5,961Common Stock1,000Retained Earnings7,993>Dividends728Fees Earned7,503Wages Expense2,855Rent Expense763Utilities Expense441Depreciation Expense173Miscellaneous Expense64Totals29,44429,444Determine the total assetsCengageNOWV2.h.tmlShow all2:16 PMP Type here to search99+a6/19/2021近 Alabama A&M AppsAnywhere XContent* CengageNOWv2 | Online teachin x+A v2.cengagenow.com/iln/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseE Apps M GmailYouTube A Maps a NewsE Reading listPrepaiu Expenses795Equipment15,261Accumulated Depreciation5,388Accounts Payable1,599Notes Payable5,961Common Stock1,000Retained Earnings7,993Dividends728Fees Earned7,503Wages Expense2,855Rent Expense763Utilities Expense>Depreciation Expense441173Miscellaneous Expense64Totals29,44429,444Determine the total assets.Oa. $8,993Ob. $29,444Oc. $19,032Od. $24,420CengageNOWv2.htmlShow all2:16 PMP Type here to search99+a6/19/2021近

The answer for the multiple choice question and relevant working are presented hereunder : The…

Equipment 15,261 Accumulated Depreciation 5,388 Accounts Payable 1,599 Notes Payable 5,961 Common Stock 1,000 Retained Earnings 7,993 Dividends 728 Fees Earned 7,503 Wages Expense 2,855 Rent Expense 763 Utilities Expense 441 Depreciation Expense 173 Miscellaneous Expense 64 Totals 29,444 29,444 Determine the total assets. Oa. $8,993 Ob. $29,444 Oc. $19.032 Od. $24,420

Equipment 15,261 Accumulated Depreciation 5,388 Accounts Payable 1,599 Notes Payable 5,961 Common Stock 1,000 Retained Earnings 7,993 Dividends 728 Fees Earned 7,503 Wages Expense 2,855 Rent Expense 763 Utilities Expense 441 Depreciation Expense 173 Miscellaneous Expense 64 Totals 29,444 29,444 Determine the total assets. Oa. $8,993 Ob. $29,444 Oc. $19.032 Od. $24,420

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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Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number is to be input is on the journal entries worksheet. Please note: not every yellow cell requires input (it could be left blank if appropriate). After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages. DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excel functions (such as making a cell equal another from the journal entry page, summing numbers together, or using the plus or minus symbols to help you…
Cash $59,000 $23,500 Accounts receivable 43,000 25,500 Inventory 50,000 29,500 Prepaid expenses 18,500 34,000 Long-term investments 0 42,000 Equipment 97,500 45,500 Accumulated depreciation—equipment (45,000) (27,500) Total assets $223,000 $172,500 Liabilities and Stockholder's Equity Accounts payable $42,000 $19,500 Bonds payable 48,500 70,000 Common stock 65,000 35,500 Retained earnings 67,500 47,500 Total liabilities and stockholders' equity $223,000 $172,500 Additional information: 1. Net income for the year ending December 31, 2022 was $47,500. 2. Cash dividends of $27,500 were declared and paid during the year. 3. Long-term investments that had a cost of $42,000 were sold for $26,500.…
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…
The following information is from Lacy's Inc. $ millions Prior Fiscal Year Current Fiscal Year Net Year-End Assets Revenue Income $21,330 14,403 $18,955 $1,070 a. Compute the asset turnover ratio for the current fiscal year. b. Compute the return on assets ratio for the current fiscal year. Numerator a. Asset Turnover Ratio $ Check b. Return on Assets Ratio $ Numerator Denominator / $ Denominator / $ || Result Result
Subject-Acounting
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.
Balance Sheet December 31 Assets Cash Inventory Equipment Accounts receivable Less: Accumulated depreciation $ 21,000 520,000 142,500 $ 624,000 78,000 546,000 Total assets $ 1,229,500 Liabilities and Equity Liabilities Accounts payable Loan payable Taxes payable (due March 15) $ 355,000 11,000 88,000 454,000 Equity Common stock Retained earnings $ 474,500 301,000 775,500 Total liabilities and equity $ 1,229,500 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $30 per unit and resold for $58 per unit. The inventory level of 4,750 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 6,500 units; February, 9,000 units; March, 11,000 units; and April, 10,000 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows: January, $233,100; February, $722,857; March, $519,245. c. Cash…
Aa.1
q. 13 A company has $628 in inventory, $1,921 in net fixed assets, $300 in accounts receivable, $141 in cash, and $354 in accounts payable. What are the company’s total current assets? $769 $1,069 $2,990 $1,123 $1,423
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