The following information is for Tamarisk Auto Supplies:CashPrepaid InsuranceAccounts ReceivableInventoryLand Held for InvestmentLandBuildingsLess AccumulatedDepreciationTrademarkTotal Assets$202000$581000.$732000.$0.$182000.(66000)TamariskAuto SuppliesBalance SheetDecember 31, 2020$ 3900078000100000137000182000254000136000140000$1066000Accounts PayableSalaries and Wages PayableMortgage PayableTotal LiabilitiesOwner's CapitalTotal Liabilities andOwner's EquityThe total dollar amount of assets to be classified as investments is$ 12800050000145000323000743000$1066000

The objective of the question is to determine the total dollar amount of assets that can be…

Answered: The following information is for…

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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The following information is for Novak Auto Supplies: Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Depreciation Novak Auto Suplies Balance Sheet December 31, 2020 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Owner's Capital $ 39000 78000 98000 138000 178000 247000 $199000 (63000) 136000 Trademark 140000 Total Liabilities and Owner's Equity Total Assets $1054000 The total dollar amount of liabilities to be classified as current liabilities is O $55000. O $132000. O $187000. O $334000. $ 132000 55000 147000 334000 720000 $1054000
Use the following data to determine the total dollar amount of assets to be classified as current assets. Metlock, Inc. Balance Sheet December 31, 2022 Cash $188000 Accounts payable $205000 Accounts receivable 151000 Salaries and wages payable 28000 Inventory 171000 Mortgage payable 232000 Prepaid insurance 91900 Total liabilities $465000 Stock investments (long-term) 251000 Land 260000 Buildings $308000 Common stock $377900 Less: Accumulated (62500) 245500 Retained earnings 732500 depreciation Total stockholders' Goodwill 217000 $1110400 equity Total liabilities and Total assets $1575400 $1575400 stockholders' equity O $430900 O $852900 O $601900 O $510000
La Cash Land Long-term investments Merchandise inventory Notes receivable (due in 30 days) Notes receivable (due in 5 years) Prepaid insurance Short-term investments Supplies Total assets $ 12,000 30,000 15,000 O $20,750 O $24.750 O $30,750 O $80,750 6,000 1,000 5,000 1,500 10,000 250 $ 80,750 The company's unclassified balance sheet reported the assets listed in the above table. The total current assets that would be reported on a classified balance sheet prepared for the company are:
Review the select information for Bean Superstore and Legumes Plus (industry competitors), and then complete the following. BEAN SUPERSTOREComparative Balance SheetDecember 31, 2017, 2018, and 2019 2019 2018 2017 Assets Cash $346,600 $330,460 $300,000 Accounts Receivable 65,000 65,000 60,000 Inventory 145,830 178,011 155,205 Equipment 100,465 101,202 103,085 Total Assets $657,895 $674,673 $618,290 Liabilities Salaries Payable $90,300 $88,563 $84,209 Accounts Payable 71,000 71,670 69,331 Notes Payable 41,000 50,650 58,250 Equity Common Stock 22,695 21,990 19,100 Retained Earnings 432,900 441,800 387,400 Total Liabilities and Equity $657,895 $674,673 $618,290 LEGUMES PLUSComparative Balance SheetDecember 31, 2017, 2018, and 2019 2019 2018 2017 Assets Cash $407,000 $389,450 $356,367 Accounts Receivable…
The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $16,500 Rent Expense $18,000 247,500 28,800 Equipment 7,800 Furniture 66,000 3,600 Notes Payable (due 12/31/25) 105,000 6,000 Accumulated Depreciation 31,350 329,250 Cash 78,000 60,000 150,000 42,450 1,200 31,350 12,600 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Select one: Determine Total Current Liabilities as of December 31, 2023: a. $27,300 b. $39,900 3,000 Common Stock c. $144,900 d. $132,300 e. $247,350 158,400 Goodwill 10,500 Retained Earnings (1/1/23) 28,500 Marketable Equity Securities 9,000 Depreciation Expense 6,000 Unearned Revenue
Profile Co has the following assets and liabilities: Assets: Cash $100 , account receivable,$150 ; Inventory,$240 ,land $200, plant net of accumulated amortization $300 : liabilities short term bank loan, $60 : accounts payable long term loan mortage loan ,$160 ,profolio co long term assets total was
Use the following data to determine the total dollar amount of assets to be classified as 2. property, plant, and equipment. Koonce Office Supplies Balance Sheet December 31, 2022 $ 210,000 30,000 Cash Accounts receivable Inventory Prepaid insurance Stock investments (Long-term) 255,000 Land Buildings Less: Accumulated 195,000 150,000 165,000 90,000 Accounts payable Salaries and wages payable Mortgage payable 240.000 480,000 Total liabilities 360,000 750.000 $1.110,000 270,000 $315,000 depreciation Trademarks Total assets Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity (60,000) 255,000 210,000 $1.590.000 $1.590.000 a. $990,000 b. $525,000 C. $735,000 d. $585,000 3. Use the following data to determine the total dollar amount of assets to be classified as investments. Koonce Office Supplies Balance Sheet December 31, 2022 195,000 150,000 165,000 90,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities $4…
Use the following data to determine the total dollar amount of assets to be classified as long-term investments. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated depreciation (60,000) Franchise Total assets O $255,000 O $0 $339,000 O $465,000 O $585.000 $ 126,000 120,000 210,000 90.000 255.000 285,000 210.000 $1.575.000 Accounts payable Salaries and wages payable Note payable (due 2028) Total liabilities Common stock Retained: earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110.000 $1.575.000
V Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable Accounts receivable Accrued liabilities Cash $34,989 66,770 6,185 17,598 39,822 89,571 98,246 70,130 Intangible assets Inventory Long-term investments Long-term liabilities Notes payable (short-term) Property, plant, and equipment Prepaid expenses Temporary investments Based on the data for Harding Company, what is the amount of working capital? Oa. $608,269 Ob. $149,965 Oc. $212,546 Od. $959,971 21,407 609,357 1,088 37,519
Total current liabilities would be: Revenue $50000 Utilities Expenses $7800 Cash $56000 Mortgage Payable $100000 Income Tax Expense $3000 Prepaid Insurance $3600 Deferred Revenue $5500 Accounts Payable $8000 Accounts Receivable $90000 Land $80000
Fountain Office Supply's March 31, 2018, balance sheet follows: Fountain Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash $34,000 Accounts Receivable 22,000 Merchandise Inventory 21,500 Prepaid Insurance 2,500 Total Current Assets $80,000 Property, Plant, and Equipment: Equipment and Fixtures 55,000 Less: Accumulated Depreciation (30,000) 25,000 Total Assets $105,000 Liabilities Current Liabilities: Accounts Payable $15,000 Salaries and Commissions Payable 6,450 Total Liabilities $21,450 Stockholders' Equity Common Stock, no par 14,000 Retained Earnings 69,550 Total Stockholders' Equity 83,550 Total Liabilities and Stockholders' Equity $105,000 The budget committee of Fountain Office Supply has assembled the following data: a. Sales in April…
The following information is for Acme Auto Supplies: Trademark Land Buildings Less:Accum. Depreciation Land Held for Investment Prepaid Insurance Inventory Accounts Receivable Cash Total Assets $600,000 $ 420,000 Share Capital $720,000 Retained Earnings 1.500.000 $570,000 180.000 420.000 990,000 480,000 Accounts 240,000 Payable 390,000 Salaries/Wages 60,000 420,000 Payable Mortgage 300,000 Payable 360.000 Total Equity $ 3.210.000 and Liabilities 540,000 The total dollar amount of assets to be classified as current assets is $1,320,000 $900,000 $1,800,000 $1,080,000 Acme Auto Supplies Statement of Financial Position December 31, 2017 990.000 $ 2.220.000 $ 3.210.000

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