The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation: Cash, $3,000; AccountsReceivable, $7,000; Supplies, $17,000; Equipment, $100,000; Accumulated Depreciation, $35,000; Accounts Payable, $24,000;Salaries Payable, $14,000; Common Stock, $40,000; and Retained Earnings,.Prepare the December 31, 2021, classified balance sheet including the correct balance for retained earnings. (Amounts to bededucted should be entered with minus sign.)BLUE DEVILS CORPORATIONBalance SheetDecember 31, 2021AssetsLiabilitiesCurrent assets:Current liabilities:Total current assetsTotal current liabilitiesLong-term assets:Stockholders'EquityTotal stockholders' equityTotal assetsTotal liabilities and stockholders' equity

Classified Balance Sheet In the balance sheet which indicate the details of total assets,…

Answered: The following account balances appear…

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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At May 31, 2019, Acai Associates reported the following amounts (in millions) in its financial statements: Total Assets Total Liabilities Interest Expense Income Tax Expense Net Income 2019 $ 59,000 32,450 642 125 620 2018 $ 57,000 29,070 590 230 4,846 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for Acai's assets? 2-b. In 2019, was Acai more (or less) successful at covering its interest costs, as compared to 2018?
Based on the given, these ar the requirements: How much should be reported as “Uncollectible Accounts Expense” in its fiscal year ending May 31, 2021 statement of comprehensive income? How much is the balance of the “Allowance for Uncollectible Accounts” to be reported in the Statement of Financial Position as at May 31, 2021? How much is the Amortized Cost/Net Realizable Value of the Accounts Receivable at May 31, 2021?
You have been engaged in your second annual examination of the financial statements of S Co. The following data were provided to you by the company accountant: Cash Receipts: Collection on sale on account Cash sales 740,000 100,000 Proceeds of a note payable dated October 1, 2019 and due October 1, 2021, discounted at 18% 30,000 Cash Disbursements: 400,000 Purchase of land and building on April 1, 2019 Full payment of furniture and fixtures purchased on July 1, 2019 On accounts payable and administrative expenses Selling expenses To 518,000 200,000 Of the sales on account, P10,000 was returned because of poor quality and there was a purchase return of P8,000. The following data are also available: December 31, 2018 Accounts Receivable Merchandise inventory Accounts payable Accrued rent expenses December 31, 2019 200,000 220,000 180,000 40,000 150,000 190,000 230,000 40,000 Of the total purchase price of the Land and Building, 40% is allocated to the land. Annual depreciation is 5% on…
Sombop Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,880, Land $47,300, Patents $16,300, Accounts Receivable $93,860, Prepaid Insurance $6,030, Inventory $37,700, Allowance for Doubtful Accounts $4,890, and Equity Investments (to be sold in the next quarter) $14,560.Prepare the current assets section of the balance sheet.
How do you determine retained earnings? Assets=$52,000 & Liabilities=$24,000 The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; Salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000.Determine the year-end balance in retained earnings for K and J Nursery, Inc.
Simone Inc. reported revenue of P3,000,000 in its accrual basis income statement for the year ended December 31, 2019. Additional information are as follows: Accounts receivable, December 31, 2018, P600,000 and Accounts receivable, December 31, 2019, P1,000,000. Under the cash basis, how much should Simone Inc. report as revenue for 2019?
Byrd Company had the following transactions during 2019 and 2020: 1. Prepare the journal entries for Byrd for both 2019 and 2020. Assume that the net price method is used to account for the credit terms. 2. Show how the preceding items would be reported in the current liabilities section of Byrd’s December 31, 2019, balance sheet. 3. Next Level Assuming Byrd’s current assets were $1,200,000 and its current ratio was 2.4 at the end of 2018, compute the current ratio at the end of 2019 (based solely on the effects of the preceding transactions).
Please help me
Positivity Company provided the following information on December 31, 2020 ( in their normal balances): Accounts Receivable- 350,000; Accounts payable - 200,000; Accrued Expenses - 150,000; Building in progress - 500,000; Cash in bank - 200,000; Cash surrender value - 150,000; Merchandise Inventory - 580,000; Office equipment - 200,000; Share Capital - 1,500,000; Accummulated profits - 400,000. Revaluation Surplus - 50,000. What is the total current assets?
Using the following accounts, prepare a classified balance sheet at the year, December 31, 2020: Accounts Payable, P80,000; Accounts Receivable, P110,000; Accumulated Depreciation – Equipment, P70,000; Cash, P20,000; Owner’s Investment, P100,000; Equipment, P300,000; Franchise, P20,000; Investments (long term), P50,000; Merchandise Inventory, P60,000; Notes Payable (long-term), P40,000; Owner’s Capital, P?; Wages Payable, P10,000. Assume that this is the entity’s first year of operations.
LuxAll Inc., includes the following selected accounts in its general ledger at December 31, attached in ss below thanks ng wp
Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional information was made available; Accounts receivable, December 31, 2019 P1,250,000; Accounts receivable, December 31, 2020, P1,375,000. Under the accrual basis, how much should Wynn Company report as revenue for 2020?

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