The balance sheet debit column of the worksheet for Sandhill Company includes the following accounts: Accounts Receivable $11,800, Prepaid Insurance $ 3,600, Cash $ 4,000, Supplies $ 4,400, and Debt Investments (short-term) $ 7,100.Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List Current Assets in order of liquidity.)SANDHILL COMPANYPartial Balance Sheet%24%24>

Order of liquidity The current assest which can be converted in cash in short time will be list…

Answered: The balance sheet debit column of the…

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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Prepare the balance sheet and income statement by rearranging the above items. Note: Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values. Cash Receivables Inventories BALANCE SHEET Assets Liabilities and Shareholders' Equity $ 15 Payables $ 35 35 Debt due for repayment 25 50 Total current assets $ 100 Total current liabilities $ 60 Property, plant, and equipment 520 Long-term debt Total liabilities 350 $ 410 Net fixed assets Total assets $ 520 Shareholders' equity 90 $ 620 Total liabilities and shareholders' equity $ 500
A condensed balance sheet for Simultech Corporation and a partially completed vertical analysis are presented below. Complete the vertical analysis by computing each missing line item as a percentage of total assets. (Round your answers to the nearest whole percent.) SIMULTECH CORPORATION Balance Sheet (summarized) January 31 (in millions of U.S. dollars) Cash $433 29 % Current Liabilities $409 27 % Accounts Receivable 294 19 Long-term Liabilities 495 33 Inventory 206 14 Total Liabilities 904 Other Current Assets 109 Common Stock 118 Property and Equipment 27 2 Retained Earnings 492 32 Other Assets 445 29 Total Stockholders’ Equity 610 Total Assets $1,514 100 % Total Liabilities & Stockholders’ Equity $1,514 100 % 2A. What percentage of Simultech’s total assets relate to inventory? (Round your answer to the nearest whole percent.) 2B. What percentage of Simultech’s total assets relate to property…
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Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
The following financial statements apply to Adams Company: ADAMS COMPANY Income Statements for the Years Ending December 31 Year 1 $180,400 Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities $ 220,800 Stockholders equity Common stock (49,000 shares) 124, 600 20,200 10,000 2.100 20,400 177,300 $ 43,500 ADAMS COMPANY Balance Sheets As of December 31 F Retained earnings Total stockholders equity Total liabilities and stockholders' equity 102, 100 18.200 9,000 2,100 17,600 149,000 $ 31,400 $ 5,100 1,800 36,000 101, 200 4,800 148,900 107,000 20,600 $ 276,500 $38,200 16,500…
1. The following accounts appeared on the partial Balance Sheet of Brandy Inc.: Accounts Payable Accounts Receivable $ 5,500 2,300 2,820 3,000 8,140 18,560 18,760 100 Bank Loan Cash Common Stock Inventory Long-term debt Machinery What is the total amount of all assets (rounded to the nearest dollar)?
1
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash 96, 578 Accounts receivable 452,800 Inventories 376,300 925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts 357,742 Due from employees – current 43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold 50,400 Allowance for doubtful accounts…
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Given the information below, determine the free cash flow for 2014. Income Statement (In Thousands) Sales Operating costs EBITDA Depreciation Earnings before interest and taxes Interest (8%) Earnings before taxes Taxes (40%) Net income Common dividends 2014 2013 $24,800.00 $22,000.00 $14,880.00 $13,200.00 $9,920.00 $8,800.00 -$920.00 $800.00 $9,000.00 $8,000.00 -$112.00 -$160.00 $8,888.00 $7,840.00 -$3,555.20 -$3,136.00 $5,332.80 $4,704.00 $2,082.00 $2,352.00

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