What best represents the accounting equation of this company? On June 30, 2024, the balance sheet of Zuber & Co. showed total assets of $500,000, totalliabilities of $400,000, and owner's equity of $100,000. The following transactions occurredin July 2024:The owner invested an additional $85,000 cash in the business.The business purchased equipment for $143,000, paying $52,000 cash and issuing a notepayable for $90,000.The business paid off $37,000 of its accounts payable.As of July 31, 2024, what best represents the accounting equation of this company?A) $490,000$390,000+ $100,000B) $639,000 = $453,000+ $185,000C) None of the other alternatives are correct.D) $520,000 $350,000 +$170,000E) $430,000 = $260,000 +$170,000

Explanation of Accounting EquationThe accounting equation represents the fundamental relationship in…

Answered: On June 30, 2024, 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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Ivanhoe Incorporated had the following transactions involving current assets and current liabilities during February 2027. Feb. 3 Collected accounts receivable of $10,300. 7 Purchased equipment for $34,300 cash. 11 Paid $3,500 for a 1-year insurance policy. 14 Paid accounts payable of $14,400. 18 Declared cash dividends of $7,000. Additional information: As of February 1, 2027, current assets were $128,770 and current liabilities were $32,600. Compute the current ratio as of the beginning of the month and after each transaction. (Round answers to 2 decimal places, e.g. 1.83.) Current ratio as of February 1, 2027 :1 Feb. 3 Feb. 7 Feb. 11 Feb. 14 :1 1 :1 :1 Feb. 18 :1
Snyder Company's transactions for the year ended December 31, 2020 included the following: • Purchased real estate for $1,250,000 cash which was borrowed from a bank. • Sold available-for-sale securities for $1,000,000. • Paid dividends of $1,200,000. • Issued 500 shares of common stock for $500,000. • Purchased machinery and equipment for $250,000 cash. • Paid $900,000 toward a bank loan. • Reduced accounts receivable by $200,000. • Increased accounts payable $400,000. Snyder's net cash used in financing activities for 2020 was a. $900,000 O b. $850,000 c. $450,000 O d. $350,000
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.
At December 31, 2021, Robbins Products has cash of $19,000, receivables of $19,000, and inventory of $75,000. The company's equipment totals $188,000. Robbins owes accounts payable of $20,000 and long-term notes payable of $166,000. Common stock is $33,500. Read the requirement. Start with the heading and then complete the assets section of the statement. Finally complete the liabilities and stockholders' equity section of the statement. (Classify the balance sheet by selecting the proper title on all applicable subtotal lines. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Requirement Prepare Robbins's balance sheet at December 2021, complete with its proper heading. Use the accounting equation to compute retained earnings. Print Done - X swer
Windsor, Inc. had the following transactions involving current assets and current liabilities during February 2022. Feb. 3 Collected accounts receivable of $17,100. 7 Purchased equipment for $36,200 cash. 11 Paid $5,500 for a 1-year insurance policy. 14 Paid accounts payable of $13,400. 18 Declared cash dividends, $6,400. Additional information:As of February 1, 2022, current assets were $133,940 and current liabilities were $36,200.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of Feb. 1, 2022 Enter the current ratio :1 3 Enter the current ratio :1 7 Enter the current ratio :1 11 Enter the current ratio :1 14 Enter the current ratio :1 18 Enter the current ratio :1
Moore Company is preparing its statement of cash flows for the current year. During the year, the company retired two issuances of debt and properly recorded the transactions. These transactions were as follows: Paid cash of $12,700 to retire bonds payable with a face value of $15,000 and a book value of $13,300. Paid cash of $48,000 to retire bonds payable with a face value of $45,000 and a book value of $47,000. Required: Record, in journal entry form, the entries that Moore would make for the preceding transactions on its spreadsheet to prepare its statement of cash flows. If an amount box does not require an entry, leave it blank.
Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some questions as to the proper classification of the following items: a. $68,000 in cash restricted in a savings account to pay debt. The debt matures in 2028. b. Prepaid rent of $42,000, covering the period January 1, 2025, through December 31, 2026. c. Notes payable of $236,000. The notes are payable in annual installments of $38,000 each, with the first installment payable on March 1, 2025. d. Accrued interest payable of $30,000 related to the notes payable is due June 30, 2025. e. Investment in equity securities of other corporations, $116,000. Cone intends to sell one-half of the securities in 2025. Required: Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported. X Answer is not complete. CONE CORPORATION Balance Sheet (Partial) At December 31, 2024 Current assets: Prepaid rent Investment in equity securities…
Skysong, Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,900. 7 Purchased equipment for $36,800 cash. 11 Paid $3,500 for a 1-year insurance policy. 14 Paid accounts payable of $12,400. 18 Declared cash dividends, $8,500. Additional information:As of February 1, 2019, current assets were $135,000 and current liabilities were $35,400.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of February 1, 2019 enter current ratio :1 Feb. 3 enter the current ratio as of February 3 :1 Feb. 7 enter the current ratio as of February 7 :1 Feb. 11 enter the current ratio as of February 11 :1 Feb. 14 enter the current ratio as of February 14 :1 Feb. 18 enter the current ratio as of February 18 :1
s
The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) $ 6,300 33,000 73,000 Inventory Property, plant, and equipment (net) 185,000 Accounts payable 52,000 Salaries payable Paid-in capital 24,000 165,000 The only asset not listed is short-term investments. The only liabilities not listed are $43,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments 3. Retained earnings
On April 30, 2018, the balance sheet of China Collectibles showed total assets of $700,000, total liabilities of $400,000, and owners' equity of $300,000. The following transactions occurred in May of 2018: (1) Capital stock was issued in exchange for $165,000 cash. (2) The business purchased equipment for $360,000, paying $160,000 cash and issuing a note payable for $200,000. (3) The business paid $70,000 of its accounts payable. (4) The business collected $54,000 of its accounts receivable. Compute the following as of May 31, 2018: (A.) Total assets (B.) Total liabilities (C.) Owners' equity
Gojo Company had the following transactions involving current assets and current liabilities during February 2021. Feb 3 Collected accounts receivable of $15,000. 7 Purchased equipment for $23,000 cash. 14 Paid accounts payable of S12,000. 18 Declared cash dividends, $4,000. The dividend will be paid next month. Additional information: As of 1* February 2020, current assets were $120,000 and current liabilities were $40,000. Required: 1) Compute the current ratio as of the beginning of the month. 2) Compute the current ratio after evaluating the effect of each transaction (Consider the effect of each transaction continuously). Did Gojo Company's current ratio improve, deteriorate, or hold steady after each transaction? Show detailed workings to support your answer.

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