The following financial information is from Shovels Construction Company. Accounts payable Buildings Cash Accounts receivable $24,500 75,000 35,600 26,000 Sales tax payable 6,900 Retained earnings 51,400 Supplies 61,300 Notes payable (due in 18 months) 26,000 Interest payable 3,000 Common stock 62,600 What is the amount of current assets, assuming the accounts above reflect normal activity?
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- The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…Cullumber company has these comparative balance sheet data:
- The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.Please SHOw your workFor Items 9-10 Following are selected financial and operating data taken from the financial statements of Alamona Corporation: Cash Notes and Accounts Receivable, net Merchandise Inventory Marketable Securities short-term Land and Buildings (net) Bonds Payable long-term Accounts Payable - trade Notes Payable - short-term As of December 31 2023 2022 80,000 640,000 400,000 1,200,000 720,000 1,200,000 240,000 80,000 2,720,000 2,880,000 2,160,000 2,240,000 560,000 880,000 160,000 320,000 Sales (20% cash, 80% credit sales) Cost of Goods Sold For the Year-Ended December 31 2023 18,400,000 8,000,000 2022 19,200,000 11,200,000 Compute for the following ratio: 9. Current ratio as of December 31, 2023 a. 0.5:1 b. 2.0:1 c. 2.6:1 d. 3.2:1 10. Quick (acid test) ratio as of December 31, 2023 a. 2.0 to 1 b. 0.5 to 1 c. 1 to 1 d. 0.7 to 1 Page 4 of 4
- Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ SUse the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $27,995 Accounts receivable 67,443 Accrued liabilities 6,489 Cash 18,231 Intangible assets 40,910 Inventory 73,225 Long-term investments 110,039 Long-term liabilities 76,849 Marketable securities 33,317 Notes payable (short-term) 26,370 Property, plant, and equipment 606,242 Prepaid expenses 1,687 Based on the data for Harding Company, what is the amount of working capital?On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
- On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…Given the data in the following table, the entry for Inventories on the 2023 common-sized balance sheet was %.jitu
