**Surf, Inc.****Post-Closing Trial Balance***January 1, 2021* *(in thousands)*| Description | DR (Debit) | CR (Credit) ||--------------------------------------------------|------------|-------------|| Cash and cash equivalents | $20,289 | || Short-term marketable securities | $53,892 | || Accounts receivable, allowance of $65 and $48 | $21,568 | || Inventories | $37,223 | || Vendor and nontrade receivables | $28,568 | || Other current assets | $15,473 | || Long-term marketable securities | $87,562 | || Land | $26,589 | || Buildings | $97,523 | || Accumulated depreciation, building | | $45,263 || Equipment | $58,963 | || Accumulated depreciation, equipment | | $27,532 || Leasehold improvements | $99,652 | || Accumulated amortization, leaseholds | | $56,325 || Trademark | $58,623 | || Goodwill | $67,825 | || Other noncurrent assets | $10,236 | || Accounts payable | | $27,862 || Salaries and wages payable | | $12,586 || Long-term notes payable | | $89,542 || Retained earnings | | $264,922 || Common stock | | $159,954 || **Total** | **$683,986**| **$683,986**|**Required:**Prepare a classified balance sheet utilizing the post-closing trial balance of Surf, Inc.---The table represents a post-closing trial balance for Surf, Inc. as of January 1, 2021. The debits and credits are balanced at $683,986 (in thousands), indicating that all formal entries in the double-entry bookkeeping system have been made correctly. The balance includes various assets such as cash, receivables, and inventory, along with liabilities like accounts payable and equity # Understanding Balance Sheets## Balance Sheet Example (Dated 1-Jan-21)### Assets- **Current Assets** - The section for current assets is currently blank and awaits data entry.- **Total Current Assets** - Value: 4### Total Assets- This section aggregates all asset data once entered.### Liabilities and Equity#### Current Liabilities- **Current Liabilities** - This section is blank and awaits data entry.- **Total Current Liabilities** - Placeholder for the sum of current liabilities, blank for now.#### Long Term Liabilities- **Total Liabilities** - Awaiting data input, combines current and long-term liabilities once populated.#### Equity- **Equity** - Section reserved for equity information, currently empty.- **Total Equity** - Placeholder for sum of equity-related entries.### Total Liabilities and Equity- This section will reflect the sum of all liabilities and equity once data is entered.### Diagram Explanation This sheet provides a structured format to input financial data, segregating assets, liabilities, and equity for balanced financial assessment. As data is populated, totals will help in financial analysis and decision-making.### Note While sections are currently blank, this layout provides a template framework common in accounting for capturing financial snapshot accurately.

Answered: Image /qna-images/answer/ce80f36a-ec6e-493b-a038-c30298b41542.jpg

Surf, Inc. Post-Closing Trial Balance January 1, 2021 (in thousands) DR CR Cash and cash equivalents $ 20,289 Short-term marketable securities 53,892 Accounts receivable, allowance of $65 and $48, respectively 21,568 Inventories 37,223 Vendor and nontrade receivables 28,568

Surf, Inc. Post-Closing Trial Balance January 1, 2021 (in thousands) DR CR Cash and cash equivalents $ 20,289 Short-term marketable securities 53,892 Accounts receivable, allowance of $65 and $48, respectively 21,568 Inventories 37,223 Vendor and nontrade receivables 28,568

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

Kader Company had the following balances on January 1, 2020: $ 2.600 56,000 Allowance for doubtful accounts Notes receivable Prepare general journal entries for the following transactions of Kader Company: 21Discounted a $10,000, 9%. 120-day note dated March 1, received from Creed Corp, at the bank at 12%. Mar. Apr. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. May 10Wrote off $1,800 account owed by Friller as worthless June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note discounted on March 21 was collected Dec. 31Uncollectible accounts receivable were estimated to be $3.200.
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…
The December 31, 2019 statement of financial position of Help Company included the following information: Notes receivable P 598,000 Less: NR discounted (380,000) P 218,000 Accounts receivable P2,240,000 Less: Allow. for D.A.( 141,000) 2,099,000 Total receivables P2,317,000 The following transactions occurred during 2020: 1. Sales on account P8,812,000 2. Collections on accounts 8,410,000 3. Accounts receivable written off as uncollectible 138,000 4. Notes receivable collected 290,000 5. Customer notes received in payment of accounts receivable 740,000 6. Notes receivable discounted paid at maturity 360,000 7. Notes receivable discounted defaulted, including interest of P200 and a P100 fee. This amount is expected to be collected in 2021 20,300 8. Proceeds from customer notes discounted (face value P450,000, accrued interest income, P2,000) 448,500 9. Collections on accounts previously written off 5,000 10. Sales returns and allowances 20,000 11. Required allowance for doubtful…
Purple Co showed the following balances as of Dec 31, 2021 · Account receivable P2,000,000 · All for doubtful accounts (60,000) The ff transactions transpired during the year a. On May 1, received a P300,000 six months 12 int note from MN in settlement of the account b. On June 30 factored P400,000 of its accounts receivable in a finance com. The finance co charged a factoring fee of 5 pct of the accounts and withheld 20 pct of the amount factored c. On Aug 1 Purple discounted the MN note at the bank at 15 pct d. On Nov 1 MN defaulted on the P300,000 note and Purple paid the bank the total amount plus a P12,000 protest fee and charges e. On Dec 31, Purple assigned P600k of its account sreceivable to a bank under a non notification basis. The bank advanced 80 pct less service fee of 5 pct of the accounts assigned. Purple signed a promissory note for the loan f. On dec 31 Purple collected fromMN in full incuding interest on otal amount de at 12 pct since default date g. On Dec 31…
Carter & Evans reported the following rounded amounts (in millions): 2019 $ 5,435 (305) $ 5,130 $ 40,500 2018 $ 5,140 (310) $ 4,830 $ 39,000 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 9.5?
Do not give answer in image
PLease answer
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Subject: accounting
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit $ 23, 300 40, e0e Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 4, 5e0 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37,e00 72,100 28,98e 37, eee 63, 0ee Common Stock Retained Earnings 39. eee Totals $172,488 $172,488 The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,680 units for $168,888 on account ($18s cach). January 8 Purchase 1,78e units for $187,800 on account ($110 cach). January 12 Purchase 1,88e units for $207, Bee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753,eee…
ABC Company showed the following balances on December 31, 2021: Accounts receivable P4,000,000 Allowance for doubtful accounts- credit 120,000 The following transactions transpired for ABC Company during the year 2021: o On May 1, received a P600,000, six-month, 12% interest bearing note from CD, a customer, in settlement of an account. o On June 30, factored P800,000 of its accounts receivable to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. On August 1, ABC Company discounted the CD note at the bank at 15%. On November 1, CD defaulted on the P600,000 note. ABC Company paid the bank the total amount due plus a P24,000 protest fee and other bank charges. On December 31, ABC Company assigned P1,200,000 of its accounts receivable to a bank under non-notification basis. The bank advanced 80% less service fee of 5% of the accounts assigned. ABC Company signed a promissory note for the loan. On December…
The Rivers Company reports the following data relative to accounts receivable. The terms of sale are net 30 days. (check the attached photo) Requirement: (A) Compute the accounts receivable turnover and (B) the collection period.