Need answer the accounting question not use ai Park & Company was recently formed with a $6,200 investment in the company bystockholders in exchange for common stock. The company then borrowed $3,200 from a localbank, purchased $1,120 of supplies on account, and also purchased $6,200 of equipment bypaying $2,120 in cash and signing a promissory note for the balance. Based on thesetransactions, the company's total assets are:a) $14,600b) $12,400c) $11,520d) $9,400

Step 1: Define Total assetsTotal assets refer to all of the valuable possessions a small business…

Answered: Park & Company was recently formed with…

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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A company purchases equipment for $32,000 cash. This transaction should be shown on the statement of cash flows under a.financing activities. b.operating activities. c.noncash investing and financing activities. d.investing activities. On the first day of the fiscal year, a company issues a $980,000, 8%, 5-year bond that pays semiannual interest of $39,200 ($980,000 × 8% × 1/2), receiving cash of $884,177. Required: Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210…
Use the information below for Harding Company to answer the questions that follow. Harding Company Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 Based on the data for Harding Company, what is the amount of working capital? Group of answer choices $203,000 $168,000 $238,000 $128,000
Use the information below for Harding Company to answer the questions that follow. Harding Company Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 5. Based on the data for Harding Company, what is the amount of quick assets? a. $205,000 b. $203,000 c. $131,000 d. $66,000 ANSWER: 6. Based on the data for Harding Company, what is the amount of working capital?…
Compute total current assets. * The December 31,2021, Statement of Financial Position of REED Company contained the following current assets; Cash and cash equivalents - P2,400,525; Accounts receivable, net - P1,775,500; Inventories P 387,270; Prepaid expenses - P500,000 An examination revealed that: • Cash includes P400,000 set aside for plant expansion, cash in bank which is net of hank overdraft, P13,000 and petty cash fund including IOUs of employees totaling, P3,500 Accounts receivable - includes accounts with credit balances of P45,000, accounts for write-off, P12,500 • lventories destination, P85,750 • Prepaid expenses includes goods held on consignment, P27,0O00, gödds in transit to customers, FOB consist of an insurance applicable for 6 months starting September 16, 2021, P96,000 Your answer
on An analysis of Forest Hills Corporation's Investment in Marketable Securities account disclosed the following: Debit entries $ 160,000 Credit entries 240,000 Forest Hill's income statement included a $40,000 gain on sale of marketable securities and $30,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. The amount of cash paid by Forest Hills Corporation in for the purchase of marketable securities was: Select one: O a. $200,000 O b. $190,000 O c. $160,000 O d. $240.000
Augusta Company reported that its bonds with a face value of $62,000 and a carrying value of $56,000 are retired for $62,000 cash. The amount to be reported under cash flows from financing activities is:
Use the information below for Privett Company to answer the questions that follow. Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point?
Use the information below for Privett Company to answer the questions that follow. Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the amount of working capital? Group of answer choices
Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Ekpense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is O 2:1. O 2.42:1. O 2.27:1. O2.67:1. eTextbook and Media
P Co regularly sells goods to its one subsidiary company, S Co, which it has owned since S Co's incorporation. The statement of financial position of the two companies on 31 December 2022 are given below. STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 Assets Non-Current Assets Property, plant and equipment Investment in 40,000 $1 shares in S Co at cost 40 000 75 000 Current Assets: Inventories Receivables Sco Other Cash at Bank Total Assets Equity and Liabilities Equity 40 000 $1 Ordinary shares 70 000 $1 Ordinary Shares Retained Earnings PCo S Co S S Current Liabilities Bank overdraft Payables: PCo Payables: Other Total Equity and Liabilities 35 000 45000 16 000 12 000 2 000 6 000 9 000 1000 100 000 66 000 40 000 70 000 16 000 19 000 86 000 59 000 3.000 2 000 14 000 2 000 100 000 66 000 Required Prepare the consolidated statement of financial position of P Co at 31 December 2023.
Topaz Unlimited, Incorporated, is a manufacturer of steel products for customers such as Home Depot, Lowe's, Chrysler, Ford, and General Motors. In the year ended December 31, 2018, it reported the following activities (amounts in thousands): Net income Purchase of equipment Payments on notes payable to bank Net proceeds from stock issuance $ 64,550 17,850 475 1,475 20,820 3,450 9,850 7,990 Depreciation Proceeds from sale of equipment Decrease in accounts receivable Payments to acquire treasury stock Required: Based on this information, present the cash flows from the investing and financing activities sections of the cash flow statement. (Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands.) TOPAZ UNLIMITED, INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31, 2018 Cash Flows from Investing Activities: Cash Flows from Financing Activities: ---
Compute for the total current asset

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