Happy Selling's had the following accounts atyear end: Cash-250,000, Accounts Payable-70,000, Prepaid Expense-15,000. Compute forthe company's current assets.
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- My business has a Stores and Distribution expense of $1,542,425, 80% was paid in Cash ($1,233,940), the rest was charged to Accured Liablilites ($308,485). How do I journalize this activity for the end of the fiscal year?Amjad Trading LLC:Gross Sales are RO 82,000, Sales Returns RO 2,000, Cost of goods sold is RO 30,000, Total Operating expenses are RO 30,000. Bank interest received RO 500. The value of total revenue under simple step income statement is:Brock Company's financial information is as follows. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Assets Line Item Description Amount Cash and short-term investments $38,295 Accounts receivable (net) 31,903 Inventory 28,357 Property, plant, and equipment 286,566 Total assets $385,121 Liabilities and Stockholders’ Equity Line Item Description Amount Current liabilities $60,915 Long-term liabilities 88,993 Common stock, $10 par 69,670 Retained earnings 165,543 Total liabilities and stockholders’ equity $385,121 Income Statement Line Item Description Amount Sales $91,601 Cost of goods sold (41,220) Gross profit $50,381 Operating expenses (28,458) Net income $21,923 Number of shares of common stock 6,967 Market price of common stock $33 What is the current ratio? Round your answer to two decimal places.
- Presented below are accounts of Cutie Company Additional: During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000. Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash. Prepare the supporting notes.Answer with formulasYork Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of…
- Art Supplies, Inc. had the following asset account balances: Cash, $60,000; Short-term Investments, $120,000; Accounts Receivable, $70,000; and Inventory, $205,000. Current liabilities amounted to $325,000. What is Art Supplies' quick ratio?Blythe Industries reports the following account balances: inventory of $417,600, equipment of $2,028,300, accounts payable of $224,700, cash of $51,900, and accounts receivable of $313,900. What is the amount of the current assets? a. $46,700 b. $783,400 c. $56,000 d. $975,000 e. $699,700The following selected financial data is available for Sneasle Company: Cash $20,000 Accounts receivable 13,400 Equipment 10,650 Prepaid expenses 5,000 Accounts payable 12,300 Unearned revenue 7,500 Long-term notes payable 10,000 Common stock 18,000 Revenue 11,700 Sales tax payable 6,000 Interest expense 4,500 Depreciation expense 1,000 What is the amount of the company's current assets? Group of answer choices $33,400 $47,800 $49,050 $38,400
- 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 following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: Beginning balances: Inventory $200,000 Accounts receivable 300,000 Ending balances: Inventory 250,000 Accounts receivable 400,000 Cash 100,000 Marketable securities (short-term) 200,000 Prepaid expenses 50,000 Accounts payable 175,000 Taxes payable 85,000 Wages payable 90,000 Short-term loans payable 50,000 During the year, Arnn had net sales of $2.45 million. The cost of goods sold was $1.3 million. Required: When required, round your answers to two decimal places. Assume 365 days per year. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. times 4. Compute the accounts receivable turnover in days. days 5. Compute the inventory turnover ratio. times 6. Compute the inventory turnover in days. days