Presented below are selected accounts of Cheyenne Company at December 31, 2025,Inventory (hinished goods)Unearned Service RevenueEquipmentInventory (work in process)CashDebt Investments (trading)Customer AdvancesRestricted Cash for Plant Expansion123.4.5.6.7.The following additional Information is available.$57,10099,000259,100Currere AssetsCurrent LiblikiesIntangibis AssessLong-term invaimentaLong-term LieblisesProperty Plant and EquipmentStockholders EquityTotal Assets41,700Total Currans AssssTotal Current LiablisisTotal Intangis AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long sam InveaimantaTotal Long-tarm LabissTotal Property, Plant, and EquipmaraTotal Stocichaldars Equlty42,60032,70042,90050,800Cost of Goods SoldNotes ReceivableAccounts ReceivableInventory (raw materials)Supplies ExpenseAllowance for Doubtful AccountsLicensesAdditional Paid-in CapitalTreasury Stock$2,105,60037,200CHEYENNE COMPANYBalance Sheet (Partial)164,180S195,59064,43011,240Inventories are valued at lower-of-cost-or-market using LIFO.Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $50,080.The short-term investments have a fair value of $30,750.The notes receivable are due April 30, 2027, with interest receivable every April 30. The notes bear interest at 6%. (Hint:Accrue interest due on December 31, 2025.)17,770The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $52,700 are pledged ascollateral on a bank loan.Licenses are recorded net of accumulated amortization of $13,410.Treasury stock is recorded at cost.86,610Prepare the current assets section of Cheyenne Company's December 31, 2025, balance sheet, with appropriate disclosures. (ListCurrent Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question)23,020$

Name: Presented below are selected accounts of Cheyenne Company at December
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Presented below are selected accounts of Cheyenne Company at December 31, 2025,Inventory (hinished goods)Unearned Service RevenueEquipmentInventory (work in process)CashDebt Investments (trading)Customer AdvancesRestricted Cash for Plant Expansion12

These are the assets which can be converted into cash and cash equivalents with in a period of one…

Business

Accounting

Presented below are selected accounts of Cheyenne Company at December 31, 2025, Inventory (hnished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances $57,100 99,000 Cost of Goods Sold Notes Receivable 259,100 Accounts Receivable 41,700 Inventory (raw materials) 42,600 Supplies Expense 32,700 Allowance for Doubtful Accounts 42,900 Licenses $2,105,600 37,200 164,180 195,590 64,430 11,240 17,770

Presented below are selected accounts of Cheyenne Company at December 31, 2025, Inventory (hnished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances $57,100 99,000 Cost of Goods Sold Notes Receivable 259,100 Accounts Receivable 41,700 Inventory (raw materials) 42,600 Supplies Expense 32,700 Allowance for Doubtful Accounts 42,900 Licenses $2,105,600 37,200 164,180 195,590 64,430 11,240 17,770

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Crane Company's balance sheet at December 31, 2021, is presented below. Cash Inventory Prepaid Insurance Equipment 1. 2. 3. 4. 5. 6. 7. CRANE COMPANY Balance Sheet December 31, 202 $24,000 Accounts Payable Interest Payable Notes Payable Owner's Capital 24,600 Adjustment data: 4,800 During January 2022, the following transactions occurred. (Crane Company uses the perpetual inventory system.) 30,400 $83,800 $11,000 200 40,000 32,600 $83,800 Crane paid $200 interest on the note payable on January 1, 2022. The note is due December 31, 2023. Crane purchased $208,880 of inventory on account. Crane sold for $352,000 cash, inventory which cost $212,000. Crane also collected $22,880 in sales taxes. Crane paid $184,000 in accounts payable. Crane paid $13,600 in sales taxes to the state. Paid other operating expenses of $24,000. On January 31, 2022, the payroll for the month consists of salaries and wages of $48,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $7,120…
Selected information from the statement of financial position of MR Company at November 30 and December 31 is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit. November 30 Credit Debit 20,000 10,000 14,000 Accounts receivable Prepaid insurance Inventory Accounts payable Wages payable The following cash flow information is also available: 24,000 10,000 a. Cash collected from credit customers - P160,000 b. c. 16. How much is MR company's sales for the month of December? a. P174,000 P147,000 b. P164,000 P146,000 Cash paid for insurance - P 10,000 Cash paid to suppliers of inventory - P 120,000 (the entire accounts payable relate to inventory purchases. d. Cash paid to employees for wages - P 20,000 c. d. 17. How much is the MR company's December cost of goods sold? a. P182,000 c. b. P128,000 d. December 31 Debit Credit 6,000 15,000 12,000 P121,000 P112,000 30,000 6,000 18. How much is MR company's insurance expense for the…
Solve it on excel only
On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment 22 25 27 28 29 29 10 29 11 12 During November, the following summary transactions were completed. 15 Debit 19 $27,000 20 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Nov. 8 Paid $10,650 for salaries due employees, of which $5,550 is for November and $5,100 is for October. Received $5,700 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $24,000, terms 2/10, n/30. Sold merchandise on account for $16,500, terms 2/10, n/30. The cost of the merchandise sold was $12,000. Received credit from Dimas Discount Supply for merchandise returned $900. Received collections in full, less discounts, from customers billed on sales of $16,500 on November 12. Paid Dimas Discount Supply in…
please help me
Presented below is information related to Sheridan Company for the month of January 2022. Ending inventory per Insurance expense $11,340 perpetual records $29,890 Rent expense 24,070 Ending inventory actually Salaries and wages expense 56,750 on hand 29,390 Sales discounts 12,880 Cost of goods sold Freight-out 222,830 Sales returns and allowances 15,870 6,920 Sales revenue 413,440 (a) (b) Prepare the necessary closing entries. (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
DCI & Co. reported the following 2021 balances: December 31 P1,950,000 P562,500 During the year, the company paid its suppliers the amount of P3,675,000. What should be the amount to January 1 P2,175,000 P375,000 Inventory Accounts Payable be reported for cost of goods sold in 2021?
The following information is available for a company: Beginning inventory $ 33,000 Inventory purchases (on account) 163,000 Freight charges on purchases (paid in cash) 18,000 Inventory returned to suppliers (for credit) 20,000 Ending inventory 38,000 Sales (on account) 258,000 Cost of inventory sold 156,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Record merchandise purchased on account for $163,000. Record the payment of $18,000 in cash for freight charges. Record merchandise returned to supplier for credit of $20,000. Record sales on account of $258,000. Record cost of merchandise sold of $156,000.
Given: Below are some data of the Income Statement accounts of Wishing Well Company for the year ended December 31, 2021: Gross Purchases 543,100 Freight - in 59,402 Inventory, end 182,400 Merchandise Available for Sale 798,400 Net purchases 611,340 Required: How much is the Inventory, beginning?
Denger
Cop
The accounting records of JasonJohnson Company provided the data below for years ending 30 June 2022 and 30 June 2021: 2022 2021 $ $ Sales (all on credit) for the year 950,000 Cost of goods sold for the year 380,000 Discount provided to customers for early payment 3,500 Bad debts expense for the year 2,500 Depreciation expense 55,000 Net profit 509,000 30 June 2022 30 June 2021 $ $ Accounts receivable 160,000 140,000 Less: Allowance for doubtful debts 4,500 4,200 155,500 135,800 Inventory 88,360 62,200 Accounts payable 55,500 47,700 Required: a. Based on the information given, prepare the section of cash flows statement for “net cash flows from operating activities” for the year ended 30 June 2022 for JasonJohnson company. Show your calculations for each item included in the section of the statement. b. Prepare a…