Not use ai please don't On June 30, 2014, the balance sheet of Zorab & Co. showed total assetsof $400,000, total liabilities of $300,000, and owner's equity of $100,000.The following transactions occurred in July 2004:The owner invested an additional $70,000 cash in the business.The business purchased equipment for $150,000, paying $60,000 cashand issuing a note payable for $90,000.The business paid off $40,000 of its accounts payable.As of July 31, 2014, what best represents the accounting equation of thiscompany?A) $490,000 = $390,000+ $100,000B) $470,000 = $300,000+ $170,000C) None of the other alternatives are correct.D) $520,000 = $350,000+ $170,000E) $430,000 = $260,000 + $170,000

Let's break down the changes in the accounting equation step by step:Initial Balance (as of June 30,…

Answered: On June 30, 2014, the balance sheet of…

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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On January 1, 2018, Grand Corp. purchased Minor Co., paying $250,000 cash and issuing a $50,000 note payable. On January 1, 2018, the balance sheet of Minor Co. was as follows: ww www Minor Company Balance Sheet wwww n n Assets Liabilities and Owners' Equity $40,000 $55,000 280,000 $335,000 Cash Notes Payable Capital Acc. Receivable 80,000 Inventory Buildings(net) Equipment(net) Patents Trademarks 120,000 50,000 30,000 5,000 10,000 $335,000 ww An appraisal indicated that the fair market value of the receivables was $75,000, and the fair market value of inventory and buildings were $110,000 and $70,000 respectively. According to the appraisal, the patents were worthless. Required: Prepare the journal entry to be record the purchase by Grand Corp. ww w
Swifty Corporation's transactions for the year ended December 31, 2021 included the following:• Purchased real estate for $1245000 cash which was borrowed from a bank.• Sold available-for-sale securities for $1080000.• Paid dividends of $1180000.• Issued 550 shares of common stock for $550000.• Purchased machinery and equipment for $250000 cash.• Paid $908000 toward a bank loan.• Reduced accounts receivable by $195000.• Increased accounts payable $396000.Swifty's net cash used in financing activities for 2021 was $843000. $445000. $908000. $293000.
I. On January 1, 2018, Grand Corp. purchased Minor Co., paying $250,000 cash and issuing a $50,000 note payable. On January 1, 2018, the balance sheet of Minor Co. was as follows: Minor Company Balance Sheet Assets Liabilities and Owners' Equity Cash $40,000 $55,000 Notes Payable Capital wwww w Acc. Receivable 80,000 120,000 280,000 Inventory $335,000 Buildings(net) Equipment(net) 50,000 30,000 Patents 5,000 Trademarks 10,000 $335,000 An appraisal indicated that the fair market value of the receivables was $75,000, and the fair market value of inventory and buildings were $110,000 and $70,000 respectively. According to the appraisal, the patents were worthless. Required: Prepare the journal entry to be record the purchase by Grand Corp.
On June 30, 2018, Munoz Company’s total current assets were $503,500 and its total current liabilities were $273,000. On July 1, 2018, Munoz issued a short-term note to a bank for $39,400 cash. Required Compute Munoz’s working capital before and after issuing the note. Compute Munoz’s current ratio before and after issuing the note. (Round your answers to 2 decimal places.)
Prepare the December 31 entry for Indigo Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,320. (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 O for the amounts.) Account Titles and Explanation Debit Credit
Bailey Delivery Company, Inc., was organized in 2018 in Wisconsin. The following transactions occurred during the year: a. Received cash from investors in exchange for 17,000 shares of stock (par value of $1.00 per share) with a market value of $11 per share. b. Purchased land in Wisconsin for $19,000, signing a one-year note (ignore interest). c. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $12,000 each; paid $2,000 cash and signed a note due in three years for the rest (ignore interest). d. Paid $1,200 cash to a truck repair shop for a new motor for one of the trucks. (Increase the account you used to record the purchase of the trucks because the productive life of the truck has been improved) e. Sold one-fourth of the land for $4,750 to Pablo Development Corporation, which signed a six-month note. f. Stockholder Helen Bailey paid $29,300 cash for a vacant lot (land) in Canada for her personal use. 4. At the end of the next two years,…
Bailey Delivery Company, Inc., was organized in 2018 in Wisconsin. The following transactions occurred during the year: a. Received cash from investors in exchange for 17,000 shares of stock (par value of $1.00 per share) with a market value of $11 per share. b. Purchased land in Wisconsin for $19,000, signing a one-year note (ignore interest). c. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $12,000 each; paid $2,000 cash and signed a note due in three years for the rest (ignore interest). d. Paid $1,200 cash to a truck repair shop for a new motor for one of the trucks. (Increase the account you used to record the purchase of the trucks because the productive life of the truck has been improved) e. Sold one-fourth of the land for $4,750 to Pablo Development Corporation, which signed a six-month note. 1. Stockholder Helen Bailey paid $29,300 cash for a vacant lot (land) in Canada for her personal use. 2. Prepare a trial balance at December…
On July 1, 2020, Martinez Corporation purchased Young Company by paying $259,000 cash and issuing a $128,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,400 Accounts payable $206,000 Accounts receivable 89,500 Stockholders’ equity 238,500 Inventory 105,000 $444,500 Land 41,500 Buildings (net) 75,300 Equipment (net) 70,900 Trademarks 11,900 $444,500 The recorded amounts all approximate current values except for land (fair value of $60,400), inventory (fair value of $126,100), and trademarks (fair value of $15,680). Prepare the July 1 entry for Martinez Corporation to record the purchase. Prepare the December 31 entry for Martinez Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,440
ASSETS Current assets: Cash MANGO INC.. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue. Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities. Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions fin $ 14,024 11,377 17,681 2,134 24,141 69,357 131,732 20,873 12,676 $234,638 $ 30,563 18,679 8,599 6,385 64,226 29,344 28,196 121,766 1 25,212 87,659 112,872 $234,638
Harding Corporation has the following accounts included in its December 31, 2010, trial bal- ance: Accounts Receivable $110,000; Inventories $290,000; Allowance for Doubtful Accounts $8,000; Patents $72,000; Prepaid Insurance $9,500; Accounts Payable $77,000; Cash $30,000. Prepare the current assets section of the statement of financial position, listing the accounts in the sequence shown in the chapter.
The following summary transactions occurred during 2013 for Bluebonnet Bakers: BUKORZ H Cash Received from: $380,000 Customers 6,000 Interest on note receivable 50,000 Principal on note receivable Sale of investments 30,000 Proceeds from note payable SE 100,000 Cash Paid for: Purchase of inventory 160,000 Interest on note payable 5,000 Purchase of equipment 85,000 Salaries to employees 90,000 Principal on note payable 25,000 Payment of dividends to shareholderste dos 20,000 The balance of cash and cash equivalents at the beginning of 2013 was $17,000. 101 hugo braan Required: Joogia 14 Prepare a statement of cash flows for 2013 for Bluebonnet Bakers, assuming that dividends paid is classified as an operating cash flow, interest received is classified as an investing cash flow, and interest paid is classified as a financing cash flow. Use the direct method for reporting operating activities.
The following summary transactions occurred during 2016 for Bluebonnet Bakers: Cash Received from: $380,000 Customers Interest on note receivable 6,000 50,000 Principal on note receivable Sale of investments 30,000 Proceeds from note payable 100,000 Cash Paid for: Purchase of inventory 160,000 Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of dividends to shareholders 5,000 85,000 90,000 25,000 20,000 The balance of cash and cash equivalents at the beginning of 2016 was $17,000. Required: Prepare a statement of cash flows for 2016 for Bluebonnet Bakers. Use the direct method for reporting operating activities.

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