Instruction:Prepare a classified statement of financialposition for Melon CompanyMelon CompanyStatement of Financial PositionAs of December 31, 2014ASSETSCurrent assetsCash25,000Marketable securities38,000Accounts receivable62,000Less Allowance for doubtfulAccounts5,00057,000Inventories81,000Prepaid expenses32,000233,000Non – current assetsLand120,000BuildingsLess: Accumulated depreciation200,000300,000100,000EquipmentLess: Accumulated depreciation50,00075,00025,000Сорyright12,000382,000Total assets615,000LIABILITIES AND SHAREHOLDEREQUITYCurrent liabilitiesAccounts payable65,000Interest payable5,000Unearned revenue20,000Notes payable250,000Shareholders EquityOrdinary share income200,000Retailed earnings340,00075,000275,000Total liabilities and shareholder's equity615.000 E9-6B: (Statement of Financial Position Preparation)The following is a December 31, 2014, post-closing trialbalance for the MELON Company.Account TitlesDebitCreditCash current asset25,000Accounts receivable C/A62,000Inventories C/A81,00Interest payable current liabilities5,000Marketable securities38,000Land120,000BuildingsAccumulated depreciation-buildings300,000100,000Equipment75,000Accumulated amortization equipment NCA25,000Copyright (net of amortization) NSA12,000Prepaid expenses current asset32,000Accounts payable CI65,000Unearned revenues current liability20,000Continued from the previous pageAccount TitlesDebitCreditNotes payable CL250,000Allowance for doubtful accounts (Contra Asset account)5,000Ordinary share capital sheRetained earnings she200,00075,000Total745,000 745,000

Statement of Financial Position The purpose of preparing statement of financial position which knows…

Instruction: Prepare a classified statement of financial position for Melon Company Melon Company Statement of Financial Position As of December 31, 2014 ASSETS Current assets Cash 25,000 Marketable securities 38,000

Instruction: Prepare a classified statement of financial position for Melon Company Melon Company Statement of Financial Position As of December 31, 2014 ASSETS Current assets Cash 25,000 Marketable securities 38,000

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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Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 17,000 Inventory 65,000 Other current assets 25,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 95,000 Long-term liabilities 55,000 Retained earnings Other current liabilities 18,000 Prepare a classified balance sheet for Werthman Company. Werthman Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: Cash 2$ 15,000 Accounts payable 2$ 21,000 Accounts receivable 17,000 Other current liabilities 18,000 Inventory 65,000 Total Current Liabilities 39,000 Other current assets 25,000 Noncurrent Liabilities: Total Current Assets 122,000 Long-term liabilities 55,000 Total Liabilities Noncurrent Assets: Stockholders' Equity Property plant and equipment 200,000 Common stock Other long-term assets 40,000 Total Noncurrent Assets 240,000 Total Stockholders' Equity Total Assets $ 0 Total Liabilities & Stockholders' Equity $
* Question Completion Status: 1. 4 6 7 8 10 11 12 Presented below are selected account balances for DEF Corporation as of December 31, 2021. (All accounts have their normal balances) Inventory 12/31/21 $65,000 Cost of Goods Sold $230,000 Sales Revenue 450,000 Selling Expenses 26,000 Interest Revenue 10,000 Administrative Expenses 28,000 Dividends 20,000 Income Tax Expense 20,000 Common Stock 70,000 Retained Earnings 48,000 Rent Revenue 13,000 Allowance for Doubtful Accounts 11,000 Accounts Receivables 88,000 Rent Expense 16,000 Instructions: Prepare the necessary closing entries for DEF Corporation on December 31, 2021. Select and copy the table below to answer in the space provided. Account Description Debit Credit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit
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Seminole Corporation reported the following items at December 31, 2021, and 2020: (Click the icon to view the comparative financial information.) Read the requirements. Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2021. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2021. (Abbreviation used: Cash* = Cash and cash equivalents. Round your final answer to two decimal places.) Cash* + Short-term investments + Net current receivables + Total current liabilities = Quick (acid-test) ratio $ Seminole's quick (acid-test) ratio is considered fairly weak. (b) Select the formula and calculate Seminole's days' sales outstanding for 2021. (Round interim calculations to two decimal places, XX.XX. Round the days' sales outstanding up to the next whole day.) Accounts receivable turnover = + Days' sales outstanding Seminole's days'…
Classified Balance Sheet The Werthman Company collected the following information for the preparation of its December 31 classified balance sheet: Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 17,000 Inventory 65,000 Other current assets 25,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 95,000 Long-term liabilities 55,000 Retained earnings Other current liabilities 18,000 Prepare a classified balance sheet for Werthman Company. Werthman Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: Other current liabilities Total Current Liabilities Other current assetS Noncurrent Liabilities: Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity Common stock Other long-term assets Total Noncurrent Assets Total Stockholders' Equity Total Assets Total Liabilities & Stockholders' Equity $
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