Hi expert please give me correct answer The following accounts and balances were drawn from the records of Jared Company:Cash$8,180Accounts payable$5,580Common stock$4,000Land$17,100Accounts receivable $2,400Based on this information alone the amount of Jared's retained earnings isa. $9,580b. $22,100c. $16,160d. $18,100

Step 1: Define Accounting EquationThe balance sheet of a company balances when the total of all its…

Answered: The following accounts and balances…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.1.2MBA

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The following items are reported on a company's balance sheet: Cash $579,700 Marketable securities 452,900 Accounts receivable (net) 520,200 Inventory 258,800 Accounts payable 647,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio
The following items are reported on a company's balance sheet: Line Item Description Amount Cash $277,000 Marketable securities 101,400 Accounts receivable 234,300 Inventory 217,800 Accounts payable 315,500 Determine the (a) current ratio and (b) quick ratio. Round answers to one decimal place.
The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities $100Fixed assets $280Sales $1,200Net income $358Inventory $180Current ratio 3.2Average collection period 45 daysAverage common equity $500Find Fisher's accounts receivable.(a) $147.95 (b) $127.65(c) $225.78 (d) $290.45
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Gregg Corp. reported revenue of $1,450,000 in its cash basis income statement for the year ended Dec. 31, Year 7. Additional information was as follows: Accounts receivable, Jan 1, Year 7 $400,000 Accounts receivable, Dec 31, Year 7 $530,000 Under the accrual basis, Gregg would report revenue of O $1,580,000 O $1,035,000 $1,335,000 O $1,505,000
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The following accounts and balances were drawn from the records of Jared Company: Cash $8,180 Accounts payable $5,580 Common stock $4,000 Land $17,100 Accounts receivable $2,400 Based on this information alone the amount of Jared's retained earnings is a. $9,580 b. $22,100 c. $16,160 d. $18,100