The following is an extract from the trial balance of Ardvark Co: Dr Cr Premises 500,000 Accumulated depreciation 120,000 Inventory 23,000 Share capital 200,000 Retained profits 105,000 Receivables 43,500 Carriage in 1,500 Allowance for receivables 3,400 Bank overdraft 1,010 Payables 35,900 Sales 500,080 Purchases 359,700 Sales returns 10,300 Sundry expenses 14,000 Discounts allowed 1,340 Suspense 338,290 1,128,510 1,128,510

The following is an extract from the trial balance of Ardvark Co: Dr Cr Premises 500,000 Accumulated depreciation 120,000 Inventory 23,000 Share capital 200,000 Retained profits 105,000 Receivables 43,500 Carriage in 1,500 Allowance for receivables 3,400 Bank overdraft 1,010 Payables 35,900 Sales 500,080 Purchases 359,700 Sales returns 10,300 Sundry expenses 14,000 Discounts allowed 1,340 Suspense 338,290 1,128,510 1,128,510

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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Blythe Industries reports the following account balances: inventory of $417,600, equipment of $2,028,300, accounts payable of $224,700, cash of $51,900, and accounts receivable of $313,900. What is the amount of the current assets? a. $46,700 b. $783,400 c. $56,000 d. $975,000 e. $699,700
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Kk 307.
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The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,700 Cost of goods sold 121,000 Income tax expense 8,500 Cash 62,000 Net sales 203,000 Equipment 127,000 Selling, general, and administrative expenses 36,000 Common stock (8,000 shares) 94,000 Accounts payable 13,900 Retained earnings, 1/1/19 28,800 Interest expense 5,900 Merchandise inventory 38,500 Long-term debt 35,000 Dividends declared and paid during 2019 15,800 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year.Required: Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a…
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The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $70,910 $86,990 Accounts receivable (net) 108,960 117,270 Merchandise inventory 155,660 145,360 Prepaid expenses 6,340 4,400 Equipment 317,080 260,420 Accumulated depreciation-equipment (82,440) (63,870) Total assets $576,510 $550,570 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $121,070 $115,070 Mortgage note payable 0 165,170 Common stock, $1 par 19,000 12,000 Paid-in capital: Excess of issue price over par-common stock 260,000 155,000 Retained earnings 176,440 103,330 Total liabilities and stockholders’ equity $576,510 $550,570 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income, $187,160. Depreciation…
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