The following are a few of the accounts of Aim Delivery Corporation. Classify each as it wouldbe reported on a balance sheet. Required:The following are a few of the accounts of Aim Delivery Corporation. Classify each as it would be reported on a balance sheet.tequired:1. Salaries and Wages Payable2. Accounts Payable3. Accounts Receivable4. Buildings5. Cash6. Common Stock7. Land8. Income Taxes Payable9. Equipment10. Notes Payable (due in six months)11. Retained Earnings12. Supplies

The balance sheet is one of the important financial statements of the business. It represents the…

Answered: The following are a few of the accounts…

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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Presented below are several receivables transactions. For each transaction, indicate whether the receivables should be reported as accounts receivable, notes receivable, or other receivables on a statement of financial position. (a) Received a promissory note of $12,200 for services performed. Notes Receivable (b) Sold merchandise on account to a customer for $9,30. Other Receivables Accounts Receivable (c) Advanced $5,000 to an employee. (d) Estimated $5,000 of income tax to be refunded. (e) Extended a customer's account for six months by accepting a note in exchange for the amount owed on the account. (f) Sales tax (HST) of $2,500 is recoverable at the end of the quarter.
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Numerator: Year 1 $ 48,814 26,497 4,180 128,303 50,206 3. Compute the Year 2 year-end debt ratio. 1 1 / 0 0 69,660 0 Year 2 Debt Ratio Denominator: $ 8,493 20,773 3,061 136,668 59,206 167,368 41,767 34,550 109, 135 = = Debt Ratio Debt ratio
The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Prepare a balance sheet for Fernandez Co. assuming the current portion of the notes payable is $30,000.
The following data is available for Quick Serve Trading Ltd. Required: a) Calculate the operating cycle and the cash cycle b) Interpret and explain the outcomes
Show the balance sheet presentation of the receivable accounts at July 31. A Blossom Company Balance Sheet (Partial) $ $
Use the following financial information: Accounts Receivable Sales Tax Payable Retained Earnings Supplies Notes Payable (due in 18 months) Interest Payable $15,000 $4,500 $50,000 $4,000 $54,000 $5,000 Common Stock $75,000 Retained Earings Supplies Notes Payable (due in 18 months) Interest Payable Common Stock Accounts Payable Buildings $50,000 ＄4,000 $54,000 $5,000 ＄75.000 $12.000 $220,000 Cash $13,000 What is the amount of current assets, assuming the accounts above reflect normal activity? A $17,000. B $28,000 C $32,000. D $252,000.
Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation: Events Affecting Year 1 1. Provided $45,000 of cleaning services on account. 2. Collected $39,000 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting Year 2 1. Wrote off a $300 account receivable that was determined to be uncollectible. 2. Provided $62,000 of cleaning services on account. 3. Collected $61,000 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account.
Consider the following account balances of Evan McGruder, Incorporated, as of December 31, Year 3: Accounts Payable $ 113,420 Retained Earnings $ 56,000 Equipment 422,900 Notes Payable, due Year 5 344,500 Common Stock 206,500 Accounts Receivable 203,800 Income Tax Payable 4,030 Cash 97,750 Required:Prepare a classified balance sheet at December 31, Year 3.
Subject - account Please help me. Thankyou.
See attached.
Use the following data to create a complete balance sheet. All accounts must be correctly labeled and arranged in the proper order. Cash Accounts receivable Accounts payable Short-term notes payable Inventories Gross fixed assets Long-term debt Common stock Accumulated depreciation $150,000 54,000 72,000 20,000 80,000 2,400,000 650,000 1,200,000 500,000
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