Answered: Prepare the Balance sheet $ 11,000…

Prepare the Balance sheet $ 11,000 Accounts payable Accounts receivable 15,000 Buildings Cash 11,000 Common stock Land 31,000 Equipment Retained earnings 65,000 80,000 10,000 41,000

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 business has the following assets and liabilities: Assets: • 800,000 fixed assets - 120,000 goods - 91,000 debtors 60,000 cash 100,000 bank account - 70,000 notes receivables - 20,000 trading stocks - 5,000 accrued revenues Liabilities: • 150,000 Trade Payables 18,000 notes payables 20,000 short term loans , 5,000 interest - 30,000 unearned revenues - 25,000 accrued expenses • Non- Current Labilities 40,000 Market value of goods and stocks is 150,000 and 30,000 respectively - There are 6000 riyals bad debts and 15,000 riyals doubtful debts - 10,000 riyals trust for others - VAT 5,000 riyals The market value of gold is 100 riyals Required: Calculate the zakat base and the Zakat due amount.
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 above data, what is the amount of working capital? Group of answer choices
Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 17,000 Inventory 65,000 Other current assets 25,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 95,000 Long-term liabilities 55,000 Retained earnings Other current liabilities 18,000 Prepare a classified balance sheet for Werthman Company. Werthman Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: Cash 2$ 15,000 Accounts payable 2$ 21,000 Accounts receivable 17,000 Other current liabilities 18,000 Inventory 65,000 Total Current Liabilities 39,000 Other current assets 25,000 Noncurrent Liabilities: Total Current Assets 122,000 Long-term liabilities 55,000 Total Liabilities Noncurrent Assets: Stockholders' Equity Property plant and equipment 200,000 Common stock Other long-term assets 40,000 Total Noncurrent Assets 240,000 Total Stockholders' Equity Total Assets $ 0 Total Liabilities & Stockholders' Equity $
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Assets Cash $ 15,050 Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable 8,260 13,400 11,100 165,500 (12,000) $201,310 $ 8,180 3,880 4,350 Common stock Retained earnings 21,480 113,900 49,520 $ 201,310 Total liabilities and stockholders' equity The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $14,400. Required Compute each of the following: Note: Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45. a. Current ratio per share b. Earnings per share c. Quick (acid-test) ratio d. Return on investment + % % e. Return on equity f. Debt to equity ratio
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? Oa. 1.0 Ob. 1.1 Ос. 17 Od. 2.9 MacBook Air
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? a.1.7 b.1.0 c.1.1 d.2.9
The financial statements of Persimmon Company include the following items: 20X9 20X8 Cash $51,500 $44,000 Short-term Investments 33,000 16,000 Net Accounts Receivable 100,000 105,000 Merchandise Inventory 165,000 148,000 Total Assets 535,000 551,000 Total Current Liabilities 275,000 294,000 Long-term Note Payable 57,000 56,000 What is working capital for 20X9? Group of answer choices A $203,000 B $90,500 C $74,500 D $41,500
J. P. Robard Mfg., Inc. Balance Sheet ($000) Cash $470 Accounts receivable 2,100 Inventories 940 Current assets $3,510 Net fixed assets 4,590 Total assets $8,100 Accounts payable $1,120 Accrued expenses 580 Short-term notes payable 280 Current liabilities $1,980 Long-term debt 2,040 Owners' equity 4,080 Total liabilities and owners' equity $8,100 (Click on the icon in order to copy its contents into a spreadsheet.) J. P. Robard Mfg., Inc. Income Statement ($000) Net sales (all credit) $8,010 Cost of goods sold (3,300) Gross profit $4,710 Operating expenses (includes $500 depreciation) (3,090) Net operating income $1,620 Interest expense (360) Earnings before taxes $1,260 Income taxes (35%) (441) Net income $819
Classified Balance Sheet The Werthman Company collected the following information for the preparation of its December 31 classified balance sheet: Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 17,000 Inventory 65,000 Other current assets 25,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 95,000 Long-term liabilities 55,000 Retained earnings Other current liabilities 18,000 Prepare a classified balance sheet for Werthman Company. Werthman Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: Other current liabilities Total Current Liabilities Other current assetS Noncurrent Liabilities: Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity Common stock Other long-term assets Total Noncurrent Assets Total Stockholders' Equity Total Assets Total Liabilities & Stockholders' Equity $
Use the following to answer questions 19 – 24 The following balance sheet items, listed in alphabetical order, are available from the records of BAY Corporation at December 31, 20XD: Accounts payable $25,000 Inventory $145,000 Accounts receivable 50,000 Land 225,000 Automobiles, net 60,000 Long-Term investment 100,000 Bond payable Buildings, net 500,000 Notes payable, due 11 months 75,000 980,000 Patents 15,000 Payroll taxes payable Prepaid expenses Retained earnings Common stock 750,000 4,000 Cash 47,000 2,500 Income tax payable 13,000 255,000 Interest payable 3,000 Supplies 500 19. $ How much are the current assets? 20. $ How much are the total assets? 21. $ How much are the current liabilities? 22. $ How much are the total liabilities? 23. $ How much is the total stockholders' equity? 24. What is the current ratio, (round to two decimal places)?
CASH Transactions Debit Credit Cash receipts 1,280,000 Cash Disbursements 825,000 December 31 balances 455,000 You are contacted by the management to compute its net income using the accrual basis of accounting. During the process of preparation, the following were identified by you that will impact your computation: Property, plant and equipment are depreciated on a straight line basis. Annual depreciation is P 105,000. Prepaid insurance of P 18,000 was recognized as expense when it was paid. P 12,000 of the balance relates to year 2023. The entire amount of P 120,000 which was received as advance rental for office space in its building was recognized as rent income when received. P 70,000 of the amount will be earned in 2023. Employees are due P 28,000 at the end of 2022. Uncollected interest from investment at the end of 2022 is P 31,700. It is estimated that your 2022 fee for accounting services that have not been billed will be P 5,000. QUESTIONS: What is the…