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Business
Accounting
Manufacturing building $ 125,000 Accrued expense 14,000 Common stock $ 1,000 Mortgage payable - due in 10 years 90,000 Accounts receivable 27,000 Long-term investment 50,000 Goodwill $4 20,000 Notes receivable - due in 6 months 5,000 Manufacturing equipment 89,000 xpected to be converted into cash in one year or less. none of the choices n assets. 258000 %24 %24 %24 %24 %24 %24 %24

Manufacturing building $ 125,000 Accrued expense 14,000 Common stock $ 1,000 Mortgage payable - due in 10 years 90,000 Accounts receivable 27,000 Long-term investment 50,000 Goodwill $4 20,000 Notes receivable - due in 6 months 5,000 Manufacturing equipment 89,000 xpected to be converted into cash in one year or less. none of the choices n assets. 258000 %24 %24 %24 %24 %24 %24 %24

FINANCIAL ACCOUNTING
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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Unearned revenue $ 2,500 Manufacturing building $ 125,000 Accrued expense 24 14,000 Common stock %$4 1,000 Mortgage payable - due in 10 years $ 90,000 Accounts receivable $4 27,000 Long-term investment $4 50,000 Goodwill $4 20,000 Notes receivable due in 6 months 24 5,000 Manufacturing equipment $4 89,000 Determine the total amount of assets expected to be converted into cash in one year or less. none of the choices Determine the total amount of long term assets. 258000 Determine total current liabilities. ( Select] Determine the total long term liabilities. [ Select ) Determine the amount of retained earnings. [ Select ]
Transcribed Image Text:Unearned revenue $ 2,500 Manufacturing building $ 125,000 Accrued expense 24 14,000 Common stock %$4 1,000 Mortgage payable - due in 10 years $ 90,000 Accounts receivable $4 27,000 Long-term investment $4 50,000 Goodwill $4 20,000 Notes receivable due in 6 months 24 5,000 Manufacturing equipment $4 89,000 Determine the total amount of assets expected to be converted into cash in one year or less. none of the choices Determine the total amount of long term assets. 258000 Determine total current liabilities. ( Select] Determine the total long term liabilities. [ Select ) Determine the amount of retained earnings. [ Select ]
The following is a list of the accounts for ABC Company as of December 31st. This is not the company's first year of operations. Cash $24 34,000 Inventory 97,000 Long term debt 10% to be paid in 1 year 24 120,000 Patent $24 11,000 Sales 378,000 Cost of goods sold $24 195,000 Accumulated depreciation $4 56,000 Land $4 100,000 Prepaid Insurance $4 4,000 Paid in capital 29.000 Salary expense $4 39,000 Supplies expense 3,000 Unearned revenue 2$ 2,500 Manufacturing building 125,000 Accrued expense 14.000 %24 %24 %24
Transcribed Image Text:The following is a list of the accounts for ABC Company as of December 31st. This is not the company's first year of operations. Cash $24 34,000 Inventory 97,000 Long term debt 10% to be paid in 1 year 24 120,000 Patent $24 11,000 Sales 378,000 Cost of goods sold $24 195,000 Accumulated depreciation $4 56,000 Land $4 100,000 Prepaid Insurance $4 4,000 Paid in capital 29.000 Salary expense $4 39,000 Supplies expense 3,000 Unearned revenue 2$ 2,500 Manufacturing building 125,000 Accrued expense 14.000 %24 %24 %24
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