The Maverick Company has the following account balances at the end of December. Show that Maverick's balance sheet does balance using the accounting equation. Cash $ 8,000 Capital Stock $ 1,20,000 Inventory $ 16,000 $ 45,000 Note Payable Retained Earnings Building $29,000 $ 1,58,000 Equipment Accounts Payable Salary Payable $30,000 $ 11,000 $ 7,000

The Maverick Company has the following account balances at the end of December. Show that Maverick's balance sheet does balance using the accounting equation. Cash $ 8,000 Capital Stock $ 1,20,000 Inventory $ 16,000 $ 45,000 Note Payable Retained Earnings Building $29,000 $ 1,58,000 Equipment Accounts Payable Salary Payable $30,000 $ 11,000 $ 7,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
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On January 1, 2021, the general ledger of Big Blst Fireworks includes the following account balances: Debit $ 23, 300 Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 48, e00 $ 4, 580 37,e00 72,100 28,900 37,8ee 63,0ne 39,eee Common Stack Retained Earnings Totals $172, 488 $172,480 The $37,000 beginning balance of inventory consists of 370 units, esch costing $100. During Janusry 2021, Big Blest Fireworks had the following inventory transactions: January 3 Purchase 1,688 units for $168,888 on account ($18s each). January 8 Purchase 1,78e units for $187, 800 on account ($118 cach). January 12 Purchase 1,88e units for $287, e00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit $ 59,000 25,600 2$ 36,600 15,600 158,000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) 2,500 Land Accounts Payable 15,100 Common Stock 223,000 54,200 Retained Earnings Totals $294,800 $294,800 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, $9,800. January 8 Purchase additional inventory on account, $85,900. January 15 Receive cash on accounts receivable, $22,300. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500. Information for adjusting entries: a. Depreciation on the equipment…
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General Accounting
What are the gross sales for the month of December on these accounting question?
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