None Gordon Company was recently formed witha $5,000 investment in the company byshareholders. The company then borrowed$2,000 from a bank, purchased $1,000 ofsupplies on account, and also purchased$5,000 of equipment by paying $2,000 incash and signing a note for the balance.Based on these transactions, the company'stotal assets are:A. $7,000B. $9,000C. $11,000D. $12,000

Step 1: Define AssetsAssets in finance are goods, property, investments, and other economic…

Answered: Gordon Company was recently formed with…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 14M

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Gordon Company was recently formed with a $7,000 investment in the company by shareholders. The company then borrowed $4,000 from a bank, purchased $3,000 of supplies on account, and also purchased $7,000 of equipment by paying $4,000 in cash and signing a note for the balance. Based on these transactions, the company's total assets are___. A. $7,000 B. $9,000 C. $11,000 D. $17,000
A company was recently formed with $50,000 cash contributed to the company by stockholders for commonstock. The company then borrowed $20,000 from a bankand bought $10,000 of supplies on account. The companyalso purchased $50,000 of equipment by paying $20,000in cash and issuing a note for the remainder. What is theamount of total assets to be reported on the balance sheet?a. $110,000b. $100,000c. $90,000d. None of the above
Angela Corporation has the following selected assets and liabilities: Given the said data, determine the company’s net working capital. (check the photo) Choose the letter of correct answer a. P35,000.00b. P39,000.00c. P33,000.00d. P72,000.00e. P52,000.00
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Park & Company was recently formed with a $6,000 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,000 from a local bank, purchased $1,100 of supplies on account, and also purchased $6,000 of equipment by paying $2,100 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are
Use the information below for Harding Company to answer the questions that follow. Harding Company Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 5. Based on the data for Harding Company, what is the amount of quick assets? a. $205,000 b. $203,000 c. $131,000 d. $66,000 ANSWER: 6. Based on the data for Harding Company, what is the amount of working capital?…
Kraco Corporation reported net income of $450,000, including the effects of depreciation expense of $60,000, and amortization expense on a patent of $10,000. Also, cash of $50,000 was borrowed on a 5-year note payable. Based on this data, total cash inflow from operating activities using the indirect method was: O a. $520,000 O b. $470,000 OC. $440,000 O d. $570,000
Sterling had assets and liabilities as follows: Cash $25,000Accounts Receivable $40,000Inventory $62,500Building (net of accum. deprec.) $90,000Goodwill $65,000Accounts Payable $55,500Accrued Expenses $12,500Bond Payable (Due in 15 yrs) $90,000 Calculate working capital, and current and quick ratios
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Abakada Incorporated acquired all the assets and liabilities of Egaha Company on January 1, 2018. The consideration are as follows: Cash Equipment Cash contingency Stock contingency Bank loan, at face value The cash payments are distributed to the following payees: Former owners of Egaha Company Lawyers for legal services Actuarial for valuation of Egaha's net assets Bank, transaction costs for the bank loan 2,000,000 500,000 30,000 50,000 1,000,000 Business Combination Page 4 of 5 1,800,000 80,000 50,000 70,000 Answer the following independent questions: 19. If the fair value of net assets of Egaha amounted to Php3,000,000, how much is the goodwill (bargain purchase gain) on business combination? 20. If bargain purchase gain on the acquisition amounted to Php40,000, how much could be the fair value of net assets acquired?
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