!Required information[The following information applies to the questions displayed below.]The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 andYear 2.WDecember 31CashAccounts receivableOffice suppliesOffice equipmentTrucksBuildingLandAccounts payableNote payableNumerator:Total assets$3. Compute the Year 2 year-end debt ratio.F2OCT11#3123,994 /20F3ΕΙYear 1$ 56,38230,6054,828148, 19557,99054$080,4600Average total assets0Debt RatioDenominator:ooo000F4RYear 2$ 11,20623,9943,536157,85666,990193,31748,24139,906141,558%5F5T=itsPreyDebt RatioDebt ration< 61 of 1MacBook AirS0Y◄◄&7Next >F7U*8F8▶▶OO1

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Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Numerator: 3. Compute the Year 2 year-end debt ratio. Total assets $ Year 1 $ 56,382 30,605 4,828 148, 195 57,990 23,994 0 0 80,460 0 Year 2 $ 11,206 23,994 3,536 Debt Ratio Denominator: Average total assets 157,856 66,990 193,317 48,241 39,906 141,558 4 Debt Ratio Debt ratio 0

Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Numerator: 3. Compute the Year 2 year-end debt ratio. Total assets $ Year 1 $ 56,382 30,605 4,828 148, 195 57,990 23,994 0 0 80,460 0 Year 2 $ 11,206 23,994 3,536 Debt Ratio Denominator: Average total assets 157,856 66,990 193,317 48,241 39,906 141,558 4 Debt Ratio Debt ratio 0

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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1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
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Required information [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance December 1 $ 36,000 December 6 $ 7,520 28,480 55,030 December 11 450 $ 27,000 December 17 8,900 46,130 December 23 34,000 80,130 December 26 450 79,680 December 30 12,200 18,000 NSF* $ 200 85,280 December 31 Interest earned 20 85,300 December 31 Service charge 50 85,250 NSF check from J. Left, a customer. Cash (A) Debit Credit December 1 Balance 36,000 Checks written during Deposits December: December 11 27,000 7,520 December 23 34,000 450 December 30 18,000 8,900 December 31 11,000 450 50 12,200 5,700 December 31 Balance 90,730 There were no deposits in transit or outstanding checks at November 30.