Given this information: 2019 2020 2019 2020 Cash $2,400 $6,100 Accounts payable $7,700 $2,400 Accounts receivable $12,000 $12,800 Wages payable $2,000 $1,400 Inventory $8,200 $6,800 Utilities payable $6,000 $2,000 Prepaid insurance $3,000 $2,000 Note payable $15,000 $35,000 Equipment $26,000 $26,000 Interest payable $900 $2,900 Accumulated ($14,000) ($17,000) Common stock $14,000 $14,000 depreciation Land $18,000 $28,000 Retained earnings $10,000 $7,000 $55,600 $64,700 $55,600 $64,700 How much were operating cash flows if investing cash flows were ($3,000) and financing cash flows were $12,000 during 2020? $3,700 $9,000 ($2,900) ($5,300) None of the above

Given this information: 2019 2020 2019 2020 Cash $2,400 $6,100 Accounts payable $7,700 $2,400 Accounts receivable $12,000 $12,800 Wages payable $2,000 $1,400 Inventory $8,200 $6,800 Utilities payable $6,000 $2,000 Prepaid insurance $3,000 $2,000 Note payable $15,000 $35,000 Equipment $26,000 $26,000 Interest payable $900 $2,900 Accumulated ($14,000) ($17,000) Common stock $14,000 $14,000 depreciation Land $18,000 $28,000 Retained earnings $10,000 $7,000 $55,600 $64,700 $55,600 $64,700 How much were operating cash flows if investing cash flows were ($3,000) and financing cash flows were $12,000 during 2020? $3,700 $9,000 ($2,900) ($5,300) None of the above

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

Journal entries a. $30,000 cash was borrowed on a five-year 10% note payable, dated 5/1/2021. b. $13,000 cash was paid for land. c. Earned $118,000 in service revenues for 2020. $53,000 on account and the remainder in cash. d. Purchased Inventory with $15,000 cash. e. Sold $12,000 of inventory for $17,000 cash. f. Issued 4,000 additional shares of $0.50 par value common stock for cash at $1 per share on 1/2/2021. g. Incurred $114,000 in miscellaneous operating expenses for 2021, $20,000 on credit and the rest paid in cash. h. Collected $34,000 owned on account. i. Purchased $17,000 supplies on account. j. Paid $26,000 accounts payable. k. A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000. The accumulated depreciation on the equipment amounted to $1,000 l. Bid on a $2,000 one-year service contract. If accepted, work is to begin on 2/1/2022. m. $103,000 was paid for employee wages. This included wages owed from 2021. n. Declared and paid…
please help me answer Required 1 and 2 with solution
2019 2020 2019 2020 Cash $2,800 $4,700 Accounts payable $4,800 $5,900 Accounts receivable $2,500 $2,900 Utilities payable $2,000 $2,300 Inventory $5,600 $8,100 Salaries payable $200 $1,900 Prepaid insurance $1,500 $2,000 Notes payable $29,000 $29,000 Equipment $45,000 $45,000 Interest payable $1,900 $2,600 Accum. depreciation ($15,500) ($16,200) Common stock $12,000 $13,000 Land $16,000 $15,000 Retained earnings $8,000 $6,800 $57,900 $61,500 $57,900 $61,500 What was the company's inventory turnover ratio in 2020 if inventory purchases were $90,000? 10.8 O 12.8 13.1 13.5 None of the above
man.1
Universal Travel Incorporated borrowed $518,000 on November 1, 2024, and signed a twelve-month note bearing interest at 6% Prinopal and interest are payabl amount of interest payable that should be reported by Universal Travel Incorporated on December 31, 20257 Mutiple Choice 50 $31000 $5.00 $040
HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following transactions which took place in 2021. Sold various products for $180,000 on account. The products cost $85,000. Sales a. tax in your area is 8%. Your company uses a periodic inventory system. Your sales in part "a" included an offer for cash rebates of 2% of the $180,000 total sales price if the customer answers a short five-question internet survey. b. с. On November 1, 2021, your company collected $12,000 of rent on your extra office. The rent covers the six-month period from November 1, 2021 through April 30, 2022. Recorded $62,000 of wages earned by employees including $9,000 of d. withholding taxes, $4,000 of FICA taxes, and $2,800 of health insurance benefits. There were no other deductions from the employees' paychecks. e. Recorded EMPLOYER taxes on the wages in "a." Unemployment is a total of 3% of the gross earnings. f. On December 1, 2021, your company received notice that you were being…
Given this information: 2019 2020 2019 2020 Cash $3,000 $4,20O Accounts payable $8,500 $5,100 Accounts receivable $15,000 $14,000 Utilities payable $7,000 $4,000 Inventory $6,000 $7,000 Salaries payable $1,400 $800 Prepaid rent $4,000 $1,000 Notes payable $32,000 $34,000 Equipment $22,000 $26,000 Interest payable $1,200 $1,350 Accumulated depreciation ($4,000) ($5,200) Common stock $20,000 $20,000 Land $28,000 $21,000 Retained earnings $3,900 $2,750 $74,000 $68,000 $74,000 $68,000 How much cash was collected during 2020 if total sales were $160,000? $159,000 $161,200 $158,800 $161,000 None of the above
2019 2020 2019 2020 Cash $2,200 $1,000 Accounts payable $3,100 $2,800 Accounts receivable $4,600 $8,200 Utilities payable $1,100 $1,800 Inventory $3,100 $7,200 Wages payable $500 $1,600 Prepaid insurance $800 $1,600 Notes payable $14,000 $16,000 Equipment $36,000 $36,000 Interest payable $2,000 $3,200 Accum. depreciation ($14,000) ($15,200) Common stock $9,000 $9,000 Land $7,600 $10,200 Retained earnings $10,600 $14,600 $40,300 $49,000 $40,300 $49,000 How much were fınancing cash flows during 2020 if net income was $87,000? $2,000 $89,000 ($81,000) O ($83,000) None of the above
Notes 2022 2021 ASSETS Cash on hand 1,404,561 2,529,876 Statutory deposits with Central Banks 7,508,221 7,045,773 Due from banks 9,178,784 12,425,341 Treasury Bills 8,400,605 4,934,664 Advances 4 56,829,415 55,515,628 Investment securities 5 19,953,780 19,259,501 Investment interest receivable 203,693 205,204 Investment in associated companies 6 62,603 55,961 Premises and equipment 7 3,255,758 3,218,670 Right-of-use assets 8 (a) 398,405 477,858 Intangible assets 9 1,143,560 1,171,222 Pension assets 10 (a) 1,200,717 1,415,216 Deferred tax assets 11 (a) 316,556 246,214 Taxation recoverable 49,290 72,817 Other assets 12 1,071,755 594,950 TOTAL ASSETS 110,977,703 109,168,895 LIABILITIES AND EQUITY LIABILITIES Due to banks 445,410 155,985 Customers’ current, savings and deposit accounts 13 87,586,189 86,609,634 Other fund raising instruments 14 4,461,931 4,618,554 Debt securities in issue 15 1,674,719 1,865,895 Lease liabilities 8 (b) 420,088 482,867 Pension liability 10 (a) 40 25,356…
Balance 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
please answer do not image format
2019 2020 2019 2020 Cash $2,200 $1,000 Accounts payable $3,100 $2,800 Accounts receivable $4,600 $8,200 Utilities payable $1,100 $1,800 Inventory $3,100 $7,200 Wages payable $500 $1,600 Prepaid insurance $800 $1,600 Notes payable $14,000 $16,000 Equipment $36,000 $36,000 Interest payable $2,000 $3,200 Accum. depreciation ($14,000) ($15,200) Common stock $9,000 $9,000 Land $7,600 $10,200 Retained earnings $10,600 $14,600 $40,300 $49,000 $40,300 $49,000 How much was cost of goods sold in 2020 if $51,000 was paid to suppliers? $50,700 $46,600 O $55,100 $46,900 None of the above