Jones engineering has $60000 in assets. This question solution Jones Engineering has $60,000 in assets. They also have $25,000 inliabilities and $5,000 in expenses, and they paid out $7,500 individends this year. The extended accounting equation is assets =liabilities + (revenue (expenses + dividends)). What would theirrevenue need to be for their accounts to be in balance?a) $47,500b) $35,000c) Not enough informationd) $20,000

Step 1: Define Accounting EquationAn accounting equation emphasizes that the left-hand side of a…

Answered: Jones Engineering has $60,000 in…

Principles of Accounting Volume 1

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Chapter9: Accounting For Receivables

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Jones Engineering has $60,000 in assets. They also have $25,000 in liabilities and $5,000 in expenses, and they paid out $7,500 in dividends this year. The extended accounting equation is assets = liabilities + (revenue - (expenses + dividends)). What would their revenue need to be for their accounts to be in balance?
The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2018. Someamounts, indicated by question marks, have been intentionally omitted.($ in thousands)Cash and cash equivalents $ 239,186Short-term investments 353,700Accounts receivable (net of allowance) 504,944Inventories ?Prepaid expenses (current) 83,259Total current assets 1,594,927Long-term receivables 110,800Property and equipment (net) ?Total assets ?Notes payable and short-term debt 31,116Accounts payable ?Accrued liabilities 421,772Other current liabilities 181,604Total current liabilities 693,564Long-term debt and deferred taxes ?Total liabilities 956,140Shareholders’ equity 1,370,627Required:1. Determine the missing amounts.2. Prepare Trident’s classified balance sheet.
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Teeter Company began 2022 with accounts receivable of $420,000 and an allowance for uncollectible accounts of $24,000 (credit balance) Bad debt expense for the year was $37,000 and the ending balance in the allowance for uncollectible accounts account was $15,000. What was the amount of accounts receivable written off during the year? A. $9,000 B. $429,000 C. $466,000 D. $46,000
Cori's Corporation, has a book value of equity of $13,185. Long-term debt is $7,475. Net working capital, other than cash, is $1,915. Fixed assets are $17,940 and current liabilities are $1,625. a. How much cash does the company have? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. b. What is the value of the current assets? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. a. Cash b. Current assets
Saddleback Company paid off $36,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Cholce Assets, $36,000 Increase; equlty. $36,000 Increase. Assets, $36,000 decrease: liabilitles, $36,000 decrease. Assets, $36,000 decrease; liabilities, $36,000 Increase. Llabilitles, $36,000 decrease; egulty, $36,000 Increase. Assets, $36,000 decrease; gulty $36,000 decrease.
An analyst has collected the following information regarding National Co.:Earnings before interest and taxes (EBIT) = P730 million.Earnings before interest, taxes, depreciation and amortization (EBITDA) = P850 million.Interest expense = P100 million.The corporate tax rate is 25 percent.Depreciation is the company’s only non-cash expense or revenue.What is the company’s net cash flow?
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Company’s Total Liabilities and Equity amounted to 285,000. Total noncurrent assets ended at 85,000. Cash totaled 50,000. Inventory amounted to 100,000. Assuming the company had no other assets, how much is Accounts Receivable?
The balance sheet and income statement shown below (in the picture) for Zenzo Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years and the notes payable will be rolled over. Based on the balance sheet, find: 1. Total assets turnover 2. Inventory turnover ratio 3. TIE
Rosewood corporation began 2018 with a balance in accounts receivable of $575,000. Service revenue, all on account, for the year totaled $2,000,000. The company ended the year with a balance in accounts receivable of $800,000. Rosewoods bad debt write offs are nonexistent. How much cash did the comapny collect from customers in 2018? a.$1,775,000 b.$2,225,000 c.$2,800,000 d.$2,000,000

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