The Cambridge Company collected the following information for the preparation of its December 31 classified balance sheet:Accounts receivable$11.250 Property, plant, and equipment $150,00015,000 InventoryCash48.750Other current assets22,500 Other long term assets30.000Accounts payable15.750 Common stock7,500Long-term liabilities41,250 Retained earningsOther current liabilities 13,500Prepare a classified balance sheet for Cambridge CompanyCambridge CompanyBalance SheetDecember 31AssetsLiabilities & Stockholders' EquityCurrent LabilitiesCurrent AssetsOther current liabilitiesTotal Current LiabilitiesOther current assetsNoncurrent LiabilitiesTotal Curren AssetsTotal LiabilitiesNoncurrent AssetsStockholders CouityCommon stockOther long term assetsTotal Stockholders EquityTotal Nonturent AssetsTotal AssetsTotal Liabilities & Stockholders' Equity 3Check

solution : Cambridge company Balance sheet December 31…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Privett Company Line Item Description Amount Accounts payable $27,815 Accounts receivable 70,978 Accrued liabilities 6,525 Cash 22,970 Intangible assets 43,640 Inventory 74,446 Long-term investments 100,209 Long-term liabilities 78,528 Marketable securities 34,768 Notes payable (short-term) 25,264 Prepaid expenses 2,065 Property, plant, and equipment 646,687 Based on the data for Privett Company, what is the amount of working capital? a. $205,227 b. $995,763 c. $128,716 d. $145,623
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Blythe Industries reports the following account balances: inventory of $417,600, equipment of $2,028,300, accounts payable of $224,700, cash of $51,900, and accounts receivable of $313,900. What is the amount of the current assets? a. $46,700 b. $783,400 c. $56,000 d. $975,000 e. $699,700
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Line Item Description December 31, 20Y8 December 31, 20Y7 Assets Cash $49,240 $60,530 Accounts receivable (net) 75,650 81,600 Inventories 108,080 101,130 Prepaid expenses 4,400 3,060 Equipment 220,160 181,200 Accumulated depreciation-equipment (57,240) (44,440) Total assets $400,290 $383,080 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $84,060 $80,060 Mortgage note payable 0 114,920 Common stock, $1 par 13,000 8,000 Paid-in capital in excess of par-common stock 183,000 108,000 Retained earnings 120,230 72,100 Total liabilities and stockholders’ equity $400,290 $383,080 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income, $123,210. Depreciation reported on the income statement, $27,840. Equipment was purchased at a cost of $54,000 and fully depreciated…
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Required: Use the following information to prepare a classified balance sheet for Alpha Company at the end of Year 1. Accounts receivable $41,120 Accounts payable 6,905 Cash 14,050 Common stock 40,000 Land 19,000 Long-term notes payable 20,750 Merchandise inventory 27,475 Retained earnings 33,990 Assets Current assets ALPHA COMPANY Classified Balance Sheet As of December 31, Year 1 Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity
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…
Privett Company Accounts payable $26,195 Accounts receivable 62,336 Accrued liabilities 6,328 Cash 23,939 Intangible assets 37,985 Inventory 74,958 Long-term investments 107,215 Long-term liabilities 74,188 Marketable securities 32,601 Notes payable (short-term) 26,240 Property, plant, and equipment 660,621 Prepaid expenses 1,525 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? Oa. 2 Оb. 17 Ос. 1 Od. 3.3
Classified Balance Sheet The Werthman Company collected the following information for the preparation of its December 31 classified balance sheet: Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 17,000 Inventory 65,000 Other current assets 25,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 95,000 Long-term liabilities 55,000 Retained earnings Other current liabilities 18,000 Prepare a classified balance sheet for Werthman Company. Werthman Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: Other current liabilities Total Current Liabilities Other current assetS Noncurrent Liabilities: Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity Common stock Other long-term assets Total Noncurrent Assets Total Stockholders' Equity Total Assets Total Liabilities & Stockholders' Equity $
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