The company reported a current ratio of 2.1 and 2.22 as of December 31, 2020 and December 31, 2021 respectively. A section of the comparative statement of financial position is as follows: 12/31/2020 Cash P 1,120,000 12/31/2021 P 745,488 110,000 Accounts Receivable 95,000 Inventory 135,000 ? 750,000 550,000 Property, plant and equipment Total Assets P 2,100,000 Accounts Payable 108,000 ? Unearned Revenue 292,000 ? 600,000 ? Bonds payable (maturing 10/31/2021) Total Liabilities P 1,000,000 ? Suppose the company was able to raise its unearned revenues by 20% in 2021 and the company manages its accounts payable to be 80% of current inventory stocks on hand (Hint: Current ratio = Current Assets/Current Liabilities) 4) How much is the reported total liabilities in the company's 2021 statement of financial position?

The company reported a current ratio of 2.1 and 2.22 as of December 31, 2020 and December 31, 2021 respectively. A section of the comparative statement of financial position is as follows: 12/31/2020 Cash P 1,120,000 12/31/2021 P 745,488 110,000 Accounts Receivable 95,000 Inventory 135,000 ? 750,000 550,000 Property, plant and equipment Total Assets P 2,100,000 Accounts Payable 108,000 ? Unearned Revenue 292,000 ? 600,000 ? Bonds payable (maturing 10/31/2021) Total Liabilities P 1,000,000 ? Suppose the company was able to raise its unearned revenues by 20% in 2021 and the company manages its accounts payable to be 80% of current inventory stocks on hand (Hint: Current ratio = Current Assets/Current Liabilities) 4) How much is the reported total liabilities in the company's 2021 statement of financial position?

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

Which of the following is/are true regarding the T-account? a. the name or title of the account appears on the horizontal line. b. dates and other information can appear in T-accounts. c. one side of the space formed by the vertical line records increases in the item and the other side records decreases. d. all of the above Select one: A. dates and other information can appear in T-accounts. B. one side of the space formed by the vertical line records increases in the item and the other side records decreases. C. all of the above D. the name or title of the account appears on the horizontal line.
What are the five types of adjusting entries? Define each type and provide an example of each.
Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred…
do all charts have to have live item that state Total Revenue?
In cell B7, enter a formula using relative cell references that multiply cell B6 from cell B5.
isn't the 5,000 not included in the computation?
Explain how you divide a decimal number by a power of ten
Give two difference between Calls in arrears and Calls in advance.
where does the $1628 come from?
ssignments x signment/assignmentOverview.do?filterMode=all&studentCourseSelector=199635 9 Cookie Graces Sady Teels Final Which of the following has the steps of the accounting cycle in the proper sequence? (Some Score steps may be missing.) Attempt a. analyze and record transactions, post transaction to the ledger prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting Score entries b. prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries C. prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger analyze and record transactions, post transactions to the ledger Commen d. analyze and record transactions, post transactions to the ledger, prepare a…
Subject - account Please help me. Thankyou.
Which of the following is not a category of adjusting entries? Question 27 options: Accruals. Estimates. Invoicing. Prepayments.