GVRequired information[The following information applies to the questions displayed below.]On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:AccountsCashAccounts ReceivableAllowance for Uncollectible AccountsInventoryLandEquipmentAccumulated DepreciationAccounts PayableNotes Payable (6%, due April 1, 2022)Common StockRetained EarningsTotals# 354,645EDDuring January 2021, the following transactions occur:Januarypurchase date.2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of theJanuary 6 Purchase additional inventory on account, $157,000.The cost of the units sold is $78,800.January 15 Firework sales for the first half of the month total $145,000. All of these sales are on account.C$4RLLJUL10< Prev*******E%5G Search or type URLT< C2 36Debit$ 26,10048,20021,00056,00020,000Y2,50029,50060,00045,00029,100$171,300 $171,300S+tvMacBook ProG HCredit∞$ 5,20077 of 72☆U20* 00Next >www.8I(9(J KAO0|6LP DDuring January 2021, the following transactions occur:January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of thepurchase date.January 6 Purchase additional inventory on account, $157,000.January 15 Firework sales for the first half of the month total $145,000. All of these sales are on account.The cost of the units sold is $78,800.January 23 Receive $126,400 from customers on accounts receivable.January 25 Pay $100,000 to inventory suppliers on accounts payable.January 28 Write off accounts receivable as uncollectible, $5,800.January 30 Firework sales for the second half of the month total $153,000. Sales include $16,000 for cash and$137,000 on account. The cost of the units sold is $84,500.January 31 Pay cash for monthly salaries, $53,000.VDepreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipmentwas purchased, the company estimated a residual value of $4,400 and a two-year service life.• The company estimates future uncollectible accounts. The company determines $21,000 of accounts receivable on January 31 arepast due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are notpast due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balancecalculated in the general ledger.)• Accrued interest expense on notes payable for January.• Accrued income taxes at the end of January are $14,000.By the end of January, $4,000 of the gift cards sold on January 2 have been redeemed.2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event,select "No Journal Entry Required" in the first account field.)O|354,645EDCC$4RFVJUL10< Prev***********%5G Search or type URLTGC2 3 46B7Y...MacBook ProHtv7 of 7&7NU* 008JNext >1M66(9KA @OVOLP5>

Adjusting Entries - Adjusting Entries are the entries that differentiate current period and next…

Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 26,100 48,200 21,000 56,000 20,000 $171,300 Credit Sa $ 5,200 2,500 29,500 60,000 45,000 29,100 $171,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of purchase date. January 6 Purchase additional inventory on account, $157,000. January 15 Firework sales for the first half of the month total $145,000. All of these sales are on accou The cost of the units sold is $78,800.

Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 26,100 48,200 21,000 56,000 20,000 $171,300 Credit Sa $ 5,200 2,500 29,500 60,000 45,000 29,100 $171,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of purchase date. January 6 Purchase additional inventory on account, $157,000. January 15 Firework sales for the first half of the month total $145,000. All of these sales are on accou The cost of the units sold is $78,800.

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

Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018. Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings S 40,730 8,820 14,350 42,000 16,000 20,200 31,475 31,535
Metlock Inc., a greeting card company, had the following statements prepared as of December 31, 2020. METLOCK INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $5,900 $6,900 Accounts receivable 61,400 51,200 Short-term debt investments (available-for-sale) 34,700 18,000 Inventory 40,200 59,700 Prepaid rent 5,000 4,100 Equipment 152,700 130,200 Accumulated depreciation—equipment (35,400 ) (25,000 ) Copyrights 45,700 49,900 Total assets $310,200 $295,000 Accounts payable $46,300 $40,400 Income taxes payable 3,900 6,000 Salaries and wages payable 8,100 3,900 Short-term loans payable 8,100 10,100 Long-term loans payable 60,200 69,400 Common stock, $10 par 100,000 100,000 Contributed…
Following is the statement of financial position of Crane Industries, Ltd., as at December 31, 2023: Cash Accounts receivable Inventory Land Plant and equipment (net) Current liabilities Warranty liability Common shares Retained earnings Book Value Amount of goodwill $ $54,200 279,600 188,500 103,200 768,100 $1,393,600 $136,700 99,300 663,900 493,700 $1,393,600 Fair Value $54,200 284,900 179,800 129,000 895,400 136,700 131,400 The following day (January 1, 2024), Crane was purchased by Ivanhoe Enterprises Inc. for a lump-sum cash payment of $1.3 million. Calculate the amount of goodwill acquired by Ivanhoe this transaction.
Consider the following financial data for Terry Enterprises: Balance Sheet as of December 31, 2018 Cash $ 86,000 Accounts payable $ 15,500 Accts. receivable 91,500 Notes payable 93,500 Inventories 65,500 Accruals 19,500 Total current assets $ 243,000 Total current liabilities $ 128,500 Long-term debt 162,500 Net plant & equip. 419,500 Common equity 371,500 Total assets $ 662,500 Total liab. & equity $ 662,500 Statement of Earnings for 2018 Industry Average Ratios Net sales $ 642,500 Current ratio 2.2× Cost of goods sold 482,000 Quick ratio 1.7× Gross profit $ 160,500 Days sales outstanding 44 days Operating expenses 119,500 Inventory turnover 6.7× EBIT $ 41,000 Total asset turnover 0.6× Interest expense 14,500 Net profit margin 7.2% Pre-tax earnings $ 26,500…
44. Subject :- Accounting
The net income for 2025 was $26,070. Assume that total assets are the same in 2024 and 2025. Compute each of the following ratios. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%) (a) (b) (c) (d) Current ratio Acid-test ratio Debt to assets ratio Return on assets % %
Prepare a vertical analysis for the balance sheet data given below. (Round to two decimal places.) Petals, Inc. Balance Sheet December 31, 2019 Assets Current Assets: Cash and Cash Equivalents $10,000 Accounts Receivable, Net 15,600 Merchandise Inventory 38,000 Total Current Assets 63,600 Long-term Investments 15,000 Property, Plant, and Equipment, Net 195,000 Total Assets $273,600 Liabilities Current Liabilities: Accounts Payable $8,500 Notes Payable…
Subject: acounting
Required Information [The following Information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Accounts Cash Debit. Credit Accounts Receivable Allowance for Uncollectible Accounts $ 27,100 50,200 $ 6,200 Inventory 22,000 Land 66,000 Equipment 25,000 Accumulated Depreciation 3,500 Accounts Payable 30,500 Notes Payable (6%, due April 1, 2022) 70,000 Common Stock 55,000 Retained Earnings 25,100 Totals $190,300 $190,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to…
The balance sheet data of Flounder Company at the end of 2020 and 2019 are shown below. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings (a) (b) (c) Net Cash Net Cash 2020 $29,800 55,100 65,400 15,200 89,200 (17,840) 70,700 $307,560 Net Cash $65,500 15,100 -0- 30,000 188,100 8.860 $307,560 ✓by operating activities Land was acquired for $30,300 in exchange for common stock, par $30,300, during the year, all equipment purchased was for cash. Equipment costing $12.900 was sold for $3,000, book value of the equipment was $6,100 Cash dividends of $10,000 were declare and paid during the year. Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a-sign eg-12.000 or in parenthesis es (12.00 V by investing activities 2019 $34,800 44,800 ✓by financing activities 45,100 25,100 74,200…
19. A listing of the estimated balances in the company's ledger accounts as of December 31, 2023 is given below (as well as in your Excel template): Cash Accounts receivable Inventory-raw materials Inventory-finished goods Capital assets (net) Assets $ 83,365 1,122,900 10,000 9,125 724,000 $1,949,390 Total assets Liabilities and Shareholders' Equity Accounts payable $ 231,563 Capital stock 1,000,000 Retained Earnings Total liabilities and shareholders' equity 717,828 $1,949,390 Required: 1. Prepare a monthly master budget for ToyWorks for the year ended December 31, 2024, including the following schedules (Use the Excel template provided!): Sales Budget & Schedule of Cash Receipts Production Budget & Manufacturing Overhead Budget Direct Materials Budget & Schedule of Cash Disbursements Direct Labour Budget Selling and Administrative Expense Budget Ending Finished Goods Inventory Budget Cash Budget 2. Prepare budgeted financial statements at December 31, 2024, using absorption costing.
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?