What are total assets of this financial accounting question? Sky, Inc. reports the following information on December 31, 2023:AccountAmount ($)Cash$25,000Accounts Receivable$125,000Inventory$40,000Prepaid Rent$6,000Equipment (Net)$15,000Accounts Payable$98,000Accrued Wages Payable $8,000Unearned Revenue$3,000Paid-in Capital$65,000Retained Earnings$85,000What are total assets at December 31, 2023?

Step 1: Define Total AssetsTotal Assets refer to the sum of all resources owned by a company that…

Answered: Sky, Inc. reports the following…

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

Please help me
Accounts receivable:4500, Accounts payable:10500
The financial statements of Carrier Office Furniture Company include the following items: 2025 $44,000 14,000 98,000 149,000 553,000 290,000 60,000 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Total Current Liabilities Long-term Note Payable What is working capital for 2026? O A. $37,500 OB. $98,500 O C. $191,000 O D. $66,500 2026 $48,500 29,000 95,000 165,000 526,000 271,000 64,000
The financial statements of Carrier Office Furniture Company include the following items: 2025 2024 Cash $45,000 $44,500 26,000 14.000 Short-term Investments Net Accounts Receivable 102,000 96,000 160,000 152,000 Merchandise Inventory Total Assets 530,000 547,000 Total Current Liabilities 270,000 287,000 Long-term Note Payable 57,000 52,000 What is working capital for 2025? OA. $97,500 OB. $203,000 OC. $62,500 OD. $35,500
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…
Consider the following information taken from GER's financial statements: September 30(in thousands) 2020 2019 Current assets: Cash and cash equivalents $1,274 $6,450 Receivables 30,071 16,548 Inventories 31,796 14,072 Other current assets 4,818 2,620 Total current assets $67,959 $39,690 Current liabilities: Current portion of long-term debt $97 $3,530 Accounts payable 23,124 11,228 Accrued compensation costs 5,606 1,929 Accrued expenses 9,108 5,054 Other current liabilities 874 777 Total current liabilities $38,809 $22,518 Also, GER's operating cash flows were $11,255 and $13,736 in 2020 and 2019, respectively. Round your answers to two decimal places. 2. Calculate the quick ratios for 2020 and 2019. Quick Ratio 2020 ?? 2019 ?? 3. Calculate the cash ratios for 2020 and 2019. Cash Ratio 2020 ?? 2019 ?? 5. Conceptual Connection: What are some reasons why GER's…
The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) $ 6,300 33,000 73,000 Inventory Property, plant, and equipment (net) 185,000 Accounts payable 52,000 Salaries payable Paid-in capital 24,000 165,000 The only asset not listed is short-term investments. The only liabilities not listed are $43,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments 3. Retained earnings
Flounder Associates Inc. reports the following account balances for the year ending June 30, 2025: Accounts payable Accounts receivable Cash and cash equivalents Goodwill Inventory Notes payable (due 2028) Interest payable Notes payable (due Jan. 2026) Property, plant, and equipment Accumulated depreciation Prepaid insurance Salaries and wages payable Bonds payable $24,000 36,000 17,800 130,000 82,000 104,000 4,900 12,000 540,000 107,000 10,810 13,400 300,000 Compute the company's (a) current ratio and (b) debt to assets ratio. (Round current ratio to 2 decimal places, e.g. 1.55:1 and debt to assets ratio to O decimal place, e.g. 55%.)
MMM Inc. has the following account balances at Dec. 31, 2020: Accounts Payable: $700,000 Cash: $1,450,000 Inventory: $1,850,000 Accounts Receivable (net): $750,000 Net Credit Sales: $25,750,000 PP&E (net): S8, 460,000 Bonds Payable due 6/30/22: $5,000,000 Cost of Goods Sold: $13,150,000 Short Term Investments: $150,000 Wages Payable: $425,000 Income Taxes Payable: $100,000 Note Payable due 6/30/21: $2,000,000 Bad Debt Expense: $125,000 Common Stock: $50,000 MMM Inc.'s Current Ratio is?
Solar System Inc. has provided you with the following information: Account 2022 2021 Cash $ 21,000 $ 47,000 Short-term (trading) investments 28,000 – Accounts receivable 102,000 116,000 Inventory 86,000 64,000 Prepaid expenses 11,000 9,000 Total assets 1,503,000 1,489,000 Total current liabilities 205,000 241,000 Net sales, all on credit 877,000 850,000 Cost of goods sold 570,000 555,000 Operating income 165,000 158,000 Income tax expense 20,000 18,000 Net income 109,000 100,000 Interest expense 36,000 40,000 Common shares (no preferred) 420,000 420,000 Retained earnings 153,000 74,000 Required Calculate the following ratios for 2022. Round all values to two decimals (eg 34.56%) Show all calculations. Profit margin on sales Quick (acid-test) ratio Receivables turnover Debt to total assets Times interest earned Rate of return on assets Rate of return on…
Using the information provided below:Rubialac PaintsSelected Income Statement Items, 2020Cash Sales $2,500,000Credit Sales $9,500,000Total Sales $12,000,000COGS 7,000,000 Rubialac PaintsSelected Balance Sheet Accounts12/31/2020 12/31/19 ChangeAccounts Receivable $550,000 $400,000 $150,000Inventory $275,000 $250,000 $25,000Accounts Payable $150,000 $110,000 $40,000 What is the inventory turnover for Rubialac Paints? What is the average production cycle for the firm? What is the average collection cycle? What could Eagle Paints do to reduce the average collection cycle?
Use the following data to determine the total dollar amount of assets to be classified as current assets. Nighthawk Corporation Balance Sheet December 31, 2020 Cash $130,000 Accounts payable $151,000 Accounts receivable 123,800 Salaries and wages payable 27,700 Inventory 208,500 Note payable (due 2025) 270,400 Supplies 94,400 Total liabilities $449,100 Land 538,500 Buildings $335,500 Common stock $360,000 Less: Accumulated depreciation (56,100) 279,400 Retained earnings 779,800 Franchise 214,300 Total stockholders' equity $1,139,800 Total assets $1,588,900 Total liabilities and stockholders' equity $1,588,900

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS