listing the assets in order of liquidity ( balance sheet)?
Q: What goes under assets and what goes under liablilities for a balance sheet? Wanting specific list…
A: A balance sheet is a financial statement that reports a company's assets, liabilities and…
Q: How can assets and liabilities be classified for a more informative balance sheet?
A: The balance sheet represents the financial position of the business with assets and liabilities on a…
Q: Why does a balance sheet balance (assets = Liabilities + OE)?
A: Accounting is done on double entry system, in which we book any financial transaction into books at…
Q: What items are disclosed on a balance sheet
A: Balance Sheet : Balance Sheet is a financial statement that reports/ is a summary of company's…
Q: What classes of assets and liabilities are shown on a typical classified balance sheet?
A: Introduction: Classified balance sheet: Classified statement of balance sheet refers to the balance…
Q: In the balance sheet, assets are listed by ___? A. The importance of the asset B. their date of…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: Financial system is important in balances the total financial assets to total liabilities. Explain.
A: A financial system is a collection of entities that allow the exchange of funds, such as banks,…
Q: What are the main sections on a balance sheet?
A: The objective of this question is to identify and explain the main sections of a balance sheet. A…
Q: 3.) Pamela Company provided the following adjusted account balances on December 31, 2013: Wages…
A: Introduction: Current Assets: The assets which are to be used in a with in a year period called as…
Q: Distinguishing between current and non-current items on the balance sheet and presenting a subtotal…
A: A classified balance sheet is one that classifies assets and liabilities as current or non-current…
Q: Define balance sheet
A: Introduction: The financial statement is a detailed analysis of the financial situation of the…
Q: Current Assets value in the balance sheet ?
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Which account amount is the most important (larger) in the assets side and in the liabilities side…
A: Balance sheet is the summary of the financial position of the company on a particular date in which…
Q: What does the balance sheet report?
A: A balance sheet is a financial statements which reports Assets, Liabilities and shareholders equity…
Q: Distinguishing between current and non-current items on the balance sheet and presenting a subtotal…
A: A balance sheet of a company shows a company’s financial position at a particular point.…
Q: how to understand a balance sheet
A: Financial statements of the business are indicator of financial position of the organisation.…
Q: Total Current assets value to be reported in Balance sheet?
A: Introduction: Current Assets: Current Assets are the most liquid Assets like cash and cash…
Q: How do you decide the liquidity order (what asset come before the other...expenses vs prepaid vs…
A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…
Q: What is the relationship between current assets and currentliabilities?
A: Current assets: The assets which could be converted into cash within one year like accounts…
Q: Where do current assets and current liabilities come from?
A: Current Assets = Cash + Supplies + Prepaid Insurance Current Liabilities = Creditors + Salary…
Q: List the items that are kept under the asset side of a balance sheet?
A: Balance sheet is a part of the financial statements of a company that are prepared at the end of…
listing the assets in order of liquidity ( balance sheet)?
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- Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, prepare a Statement of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, d00 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional cortribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable B, 110 Uneamed income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Lang-term note payable 23. 000 Accounts receivable 575 Merchandise Inventory 15,345 Utilities payable 4. 00Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…The following is a partial listing of accounts for XYZ, Inc., for the year ended December 31, 2020. Required: Prepare multiple step income statement for the year of 2020. Finished Goods Current Maturities of Long-Term Debt Accumulated Depreciation Accounts Receivable $ 38,872 2,515 19,960 Sales Revenue 6,273 127,260 Treasury Stock 251 Prepaid Expenses 2,199 Deferred Taxes (long-term liability) 8,506 Interest Expense 2,410 Allowance for Doubtful Accounts 915 Retained Earnings 18,951 Raw Materials 9,576 Accounts Payable 19,021 Cash and Cash Equivalents 8,527 Sales Salaries Expense 872 Cost of Goods Sold 82,471 Investment in Unconsolidated 3,559 Subsidiaries Income Taxes Payable 8,356 Work In Process 1,984 Additional Paid-In Capital 9,614 Equipment 41,905 Long-Term Debt 15,258 Rent Income 2,468 Common Stock 3,895 Notes Payable (short-term) 6,156 Income Tax Expense 2,461
- Presented below are a number of balance sheet items for Monty, Inc. for the current year, 2020. Goodwill $ 127,990 Accumulated Depreciation-Equipment $ 292,160 Payroll Taxes Payable 180,581 Inventory 242,790 Bonds payable 302,990 Rent payable (short-term) 47,990 Discount on bonds payable 15,160 Income taxes payable 101,352 Cash 362,990 Rent payable (long-term) 482,990 Land 482,990 Common stock, $1 par value 202,990 Notes receivable 448,690 Preferred stock, $10 par value 152,990 Notes payable (to banks) 267,990 Prepaid expenses 90,910 Accounts payable 492,990 Equipment 1,472,990 Retained earnings ? Debt investments (trading) 123,990 Income taxes receivable 100,620 Accumulated Depreciation-Buildings 270,360 Notes payable (long-term) 1,602,990 Buildings 1,642,990 Prepare a classified balance sheet in good form. Common stock authorized was…Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, propare a Statomont of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, 000 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional contribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable 8, 110 Unearned income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Long-term note payable 23, 000 Accounts receivable 575 Merchandise Inventory 15,345 Utlities payable 4, 000The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…
- Presented below are a number of balance sheet items for Montoya, Inc., for 2019. Unsecured notes payable (long term) 16,00,000 Accumulated depreciation-Equipment $ 292,000 Payroll taxes payable 177,591 Inventory 239,800 Bonds payable 300,000 Rent payable (short-term) 45,000 Discount on bonds payable 15,000 Income tax payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock$1 par value 200,000 Notes receivable 445,700 Preferred stock $10 par value 150,000 Notes payable (to banks) 265,000 Prepaid expenses 87,920 Accounts payable 490,000 Equipment 14,70,000 Retained earnings 713,897 Equity Investment (trading-cost) 111,000 Income tax receivable 97,630 Accumulated depreciation-Building 270,200 Goodwill 125,000 Building 16,40,000 Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Fair value of equity investments (trading) is…The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #3: The cash paid for insurance premiums during 2020 was Choices; P253,000 P286,000 P244,200 P268,400The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #2: The cash paid for salaries during 2020 was Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600
- The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #1: Based on the above information, determine the cash received for interest during 2020. Choices: P1,900,800 P2,101,000 P2,065,800 P2,136,200Subject: acountingThe current sections of Famous’s statements of financial position at December 31, 2019 and 2020, are presented here. Famous’s net income for 2020 was €147,000. Depreciation expense was €21,000. 2020 2019 Current assets Prepaid expenses €25,000 €27,000 Inventory 158,000 172,000 Accounts receivable 79,000 110,000 Cash 105,000 99,000 Total current assets €367,000 €408,000 Current liabilities Accrued expenses payable € 15,000 € 9,000 Accounts payable 85,000 95,000 Total current liabilities €100,000 €104,000 Instructions Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2020, using the indirect method.