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:

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:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 10RE: In the current year, Harrisburg Corporation collected 100,000 from its customers and paid out 30,000...

See similar textbooks

Similar questions

Swinnerton Clothing Company's balance sheet showed total current assets of $2,250, all of which were required in operations. Its current liabilities consisted of $575 of accounts payable, $300 of 6% short-term notes payable to the bank, and $145 of accrued wages and taxes. What was its net operating working capital?
You are evaluating the balance sheet for Goodman Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities = $360,000, accounts receivable = $2,200,000, inventory = $1,900,000, accrued wages and taxes $690,000, accounts payable $990,000, and notes payable $790,000. Calculate Goodman Bees' net working capital. Note: Enter your answer in dollars not in millions. Net working capital
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
You are evaluating the balance sheet for Goodman's Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities = $800,000, accounts receivable = $1,600,000, inventory = $2,100,000, accrued wages and taxes = $570,000, accounts payable = $870,000, and notes payable = $670,000. Calculate Goodman Bees' net working capital. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.) Net working capital
The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $50,000; Building, $150,000; Note payable bank, $10,000; Savings, $10,000; Long-term debt, $50,000; Accounts payable, $30,000; Taxes payable, $5,000; Accounts receivable, $30,000; Inventory, $10,000; Depreciation Building, $35,000; Depreciation Machinery, $25,000; Land $50,000. Fixed assets for this Corporation are $45,000. $55,000. $95,000. $155,000. $190,000.
The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $50,000; Building, $150,000; Note payable bank, $10,000; Savings, $10,000; Long-term debt, $50,000; Accounts payable, $30,000; Taxes payable, $5,000; Accounts receivable, $30,000; Inventory, $10,000; Depreciation Building, $35,000; Depreciation Machinery, $25,000; Land $50,000. Current assets for this Corporation are $45,000. $55,000. $95,000. $155,000. $190,000.
You are evaluating the balance sheet for Goodman Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities = $400,000, accounts receivable = $1,200,000, inventory = $2,100,000, accrued wages and taxes = $500,000, accounts payable = $800,000, and notes payable = $600,000. Calculate Goodman Bees' net working capital. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.)
During 20X6, LAL Corp. had the following cash flows: (1) received cash of $10,000 billed to a customer in 20X6; (2) earned $120,000 of net income; (3) paid interest of $15,000 on a corporate bond issue; (4) paid dividends of $30,000 to its stockholders; (5) borrowed $150,000 from a local bank; and (6) purchased its own shares of common stock for $50,000. What is LAL's net cash flows from financing activities for 20X6?
Valero’s energy’s balance sheet showed total current assets of $3000 all of which were required in operations. It’s current liabilities consists of $905 of accounts payable $600 of 6% short term notes payable to the bank and $250 of acute wages and taxes. What was its net operating working capital?
Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Ekpense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is O 2:1. O 2.42:1. O 2.27:1. O2.67:1. eTextbook and Media
Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Expense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is a. 2.42:1. b. 2.67:1. c. 2:1. d. 2.27:1.
The financial statement information for the Sunflower Corporation is presented below: Income statement: Sales $200,000 Net income $ 15,000 Balance sheet: Cash 10,000 Accounts payable 30,000 Receivables 50,000 Other current liabilities 20,000 Inventories 150,000 Long- term debt 50,000 Net fixed assets 90,000 Common equity 200,000 Total assets 300,000 Total liabilities and equity 300,000 The company’s management team thinks that its Inventory level is excessive and can be lowered to a point where the current ratio is equal to the industry average of 2.5, without…