The Summit Corporation's balance sheet shows: Assets of $12,000; Contributed Capital of $5,000; and Retained Earnings of $3,000. What are liabilities on the balance sheet? a. $4,000 b. $8,000 c. $15,000 d. $20,000
Q: Financial Account
A: Hope this helps
Q: Subject:- General Account
A: Hope this helps
Q: Cash Paid for Wages?
A: To calculate the cash paid for wages in 2025, we need to consider how wage expense and wages payable…
Q: What amount did the company report for sales discounts for the year on these general accounting…
A: Step 1: Define Sales DiscountsSales Discounts are reductions in the amount due from customers as an…
Q: Subject:- General Account
A: Step 1: Information givenBeginning Finished Goods Inventory (January 1, 2018) = $49,000Ending…
Q: Dance Creations manufactures authentic Hawaiian hula skirts that are purchased for traditional…
A: Dance Creations Cost AnalysisProblem SummaryDance Creations manufactures and sells Hawaiian hula…
Q: Provide correct option general accounting
A: If Product G is discontinued, net income will decrease by 20,000, due to the loss of 20,000…
Q: General accounting
A: Step 1: Define Contract NoteA promissory note is a type of financial document that the borrower…
Q: Calculate the average collection period in days ?
A: Step 1: Recall the formula for the Average Collection Period (ACP).= (Average accounts receivable /…
Q: Don't use ai solution please given correct answer general Accounting
A: Step 1: Define Adjusted Trial BalanceThe adjusted trial balance is created following the adjusting…
Q: is used for external reporting. a. Direct costing b. Variable costing c. The contribution margin…
A: Step 1:Step 2:Step 3: Step 4:
Q: Answer this accounting question
A: Explanation of Contribution Margin: Contribution margin is the difference between selling price per…
Q: None
A: Step 1: Define Pre-determined overhead rateThe predetermined overhead rate is a measure to assign…
Q: General Accounting
A: Step 1: Define Operating Cash Flow (OCF)Operating Cash Flow (OCF) refers to the amount of cash…
Q: General Accounting question
A: Step 1: Define Debt-to-Equity RatioThe debt-to-equity ratio is the ratio between total debts and…
Q: Determine the missing amount: Assets == Liabilities + Owner's Equity. $895000 + $354000 =
A: Explanation of Assets: Assets are economic resources owned by a business that are expected to…
Q: Don't use ai given answer accounting questions
A: Detailed explanation:Given : Annual Revenue $ 205,000Expenses $ 113,700Dividends Paid $…
Q: General Accounting Question please solve this one
A: Step 1: Analysis of information providedFreight-in: $400. This a direct expense and hence it is…
Q: Financial Accounting Problem: Assume that Complex Co. had credit sales of $536,000 and cost of goods…
A: Explanation of Credit Sales:Credit sales refer to sales made where the buyer is allowed to pay at a…
Q: Please help me
A: The company provided the cost per unit using variable costing, which is $3,175/unit. This cost…
Q: Expert need your help
A: Step 1:Activity-based costing is a method of assigning overhead such as salaries and utilities to…
Q: Madrid Co. has a direct labor standard of 6 hours per unit of output. Each employee has a standard…
A: Explanation of Direct Labor Efficiency Variance:Direct Labor Efficiency Variance measures the…
Q: expert of account answer this.
A: Step 1: Understanding the ProblemThe problem provides the following information:Opening Tax…
Q: Financial accounting question
A: Step 1: Define Payroll TaxPayroll tax, as used in accounting, is the sum of tax deducted from an…
Q: Do fast answer of this accounting questions
A: Step 1: Definition ofCash Payment: The total cash outflow made for the repayment of a loan, which…
Q: John Inc. doubled its amount of assets from the beginning to the end of the year. Liabilities at the…
A: Explanation of Assets: Assets are resources owned by a company that have economic value and are…
Q: Colter Steel has $5,100,000 in assets.... Please answer the financial accounting question
A: Step 1: Define Financing Working CapitalOne of the strategies used by a firm to finance its capital…
Q: Which one of the following would not be classified as manufacturing overhead? (a) Direct materials…
A: Concept of Direct MaterialsDirect materials are the raw materials that are directly involved in the…
Q: cost account
A: Step 1: Calculate Shareholders' EquityThe accounting equation is:…
Q: Show your complete solution ✅
A: Explanation of Contribution Margin:The contribution margin is the percentage of sales revenue…
Q: Financial Accounting
A: Step 1: Define DepositA deposit is cash maintained in a bank account or another financial…
Q: What was company a's net income?
A: Step 1: Define Net IncomeA firm's net income is a financial result generated during the year after…
Q: Q. No. (26) Financial Accounting: Navi, Inc. has a total asset turnover of 3.25 and a net profit…
A: Concept of Return on Equity (ROE): ROE measures a company's profitability by showing how much net…
Q: What is amount of current liabilities?
A: Explanation of Current Ratio:The current ratio is a financial metric used to evaluate a company's…
Q: general account
A: To calculate the ending inventory, we use the fundamental inventory accounting equation:…
Q: Please given correct answer general accounting
A: Step 1:Gross margin is known as a company's contribution margin It is the amount that remains after…
Q: Do fast answer of this question solution general accounting
A: Step 1: Definition of Average Collection PeriodThe Average Collection Period measures the average…
Q: General Account
A: Concept of Plantwide Overhead Rate: The plantwide overhead rate is a single rate used to allocate…
Q: Calculate vintages return on equity and units?
A: To calculate the return on equity (ROE) for Vintage, Inc., we use the formula:ROE=Net Profit…
Q: What is the new degree of opereting leverage? General accounting
A: Step 1: Define Operating LeverageOperating leverage refers to a ratio that measures the…
Q: Sydney Group reports a net income of $50,000 for 2019. At the beginning of 2019, Sydney Group had…
A: Concept of Net Income: Net income is the profit a company earns after deducting all expenses,…
Q: What was the average collection period of the receivables in terms of days?
A: Step 1: Define Average Collection PeriodAverage Collection period is an activity ratio linked to the…
Q: The balance sheet of Strauss Corporation contains the following list of assets: Cash $8,500,000 Land…
A: To determine how stockholders' equity will change when Strauss Corporation borrows $300,000 to…
Q: What's the amount of cash?
A: Explanation of Wages Expense:Wages expense represents the total amount incurred by a company for…
Q: How much manufacturing overhead did Beltran apply during the year?
A: Step 1: Define Predetermined Overhead RateA predetermined overhead rate is an absorption rate that…
Q: The up towner has sales solve the problem accounting questions
A: Step 1: Define Days In InventoryDays in inventory or inventory days refers to the time for which the…
Q: None
A: Step 1: Define Return on assetsIt is shortened as ROA that depicts the net income obtained from the…
Q: Please answer the following requirements on these general accounting question?
A: Step 1: Define DuPontThe DuPont analysis is a framework used to assess a company's financial…
Q: 9. Assume the following facts for Moore Company in 2015: Book income before tax: $800,000. The…
A: Step 1: Start with Book Income Before TaxThe starting point for calculating taxable income is the…
Q: Steel insulators is analyzing solution general accounting question
A: Degree of Operating leverage = 1 + (Fixed Cost / Operating cash flow)…
Don't use
Step by step
Solved in 2 steps
- A corporation has $91,000 in total assets, $30, 500 in total liabilities, and a $18,600 credit balance in retained earnings. What is the balance in the contributed capital accounts? Multiple Choice $79, 100 $49, 100 $60,500 $41,900Use the following information for the next three questions:The ledger of COLTISH UNDISCIPLINED Co. in 20x1 includes the following:Jan. 1, 20x1 Dec. 31, 20x1Current assets 1,200,000 ? Noncurrent assets 4,000,000 ? Current liabilities 900,000 1,000,000Noncurrent liabilities ? 3,000,000 Additional information:- COLTISH’s working capital as of December 31, 20x1 is twice as much as the working capital as of January 1, 20x1. - Total equity as of January 1, 20x1 is ₱1,700,000. Profit for the year is ₱2,400,000 while dividends declared amounted to ₱1,000,000. There were no other changes in equity during the year.How much is the total noncurrent liabilities as of January 1, 20x1?a. 2,600,000b. 2,800,000c. 3,200,000d. 3,400,000Use the following information for the next three questions:The ledger of COLTISH UNDISCIPLINED Co. in 20x1 includes the following:Jan. 1, 20x1 Dec. 31, 20x1Current assets 1,200,000 ?Noncurrent assets 4,000,000 ?Current liabilities 900,000 1,000,000Noncurrent liabilities ? 3,000,000 Additional information:- COLTISH’s working capital as of December 31, 20x1 is twice as much as the working capital as of January 1, 20x1.- Total equity as of January 1, 20x1 is ₱1,700,000. Profit for the year is ₱2,400,000 while dividends declared amounted to ₱1,000,000. There were no other changes in equity during the year. How much is the total current assets as of December 31, 20x1?a. 1,600,000b. 800,000c. 300,000d. 2,200,000
- The financial information for ABC company is: Receivables $200,000; Payables $350,000; Inventory $100,000; Non-current assets $750,000; Long-term loan $400,000. A It can be said that for the company ABC the dollar value of Shareholders' funds would be: 750,000 650,000 1,050,000 300,000Balance Sheet You are evaluating the balance sheet for Cypress Corporation. From the balance sheet you find the following balances: Cash and marketable securities = $670,000, Accounts receivable = $870,000, Inventory = $570,000, Accrued wages and taxes = $111,000, Accounts payable = $207,000, and Notes payable = $1,070,000. What is Cypress's net working capital? Multiple Choice $1,388,000 O $2,110,000 $722,000 O $3,498,000Assuming a business entity has a total asset of 25,000,000 its total liabilities is 1/3 of the said amount. How much is the equity? 16,000,000,00 16,666,666.67 13,333,333.33 13,000,000.00
- A corporation has assets and owners' equity of $100 million and $40 million, respectively, what is the amount of the liability balance in this case? a. $140 b. $80 c. $60 d. w$2.5Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Corporation Wayne EnterprisesCurrent assets:Cash and cash equivalents $ 2,494 $ 541Current investments 125Net receivables 1,395 217Inventory 10,710 8,600Other current assets 773 301Total current assets $15,372 $9,784Current liabilitiesCurrent debt $ 1,321 $ 47Accounts payable 8,871 5,327Other current liabilities 1,270 2,334Total current…21. Kinsella Corporation's statement of financial position showed the following amounts: current liabilities, $75,000; total liabilities, $100,000; total assets, $200,000. What is the total long-term debt to total equity ratio? a.0.375 b.0.125 c.0.75 d.0.25
- The balance sheet for Stevenson Corporation reported the following: noncurrent assets, $220,000; total assets, $410,000; noncurrent liabilities, $210,000; total stockholders’ equity, $100,000. Compute Stevenson’s working capital.Prezas Company's balance sheet showed total current assets of $3,250, all of which were required in operations. Its current liabilities consisted of 5975 of accounts payable. What was its working capital? options: $1,701 $2,309 $2,275 $1,620The balance sheet for Shankland Corporation follows: 000'009 $ 000006 Current assets Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings 000 0000 000 00 000 009' 000 006 Total liabilities and stockholders' equity 000'00s Required Compute the following. (Round "Ratios" to 1 decimal place.) Working capital Current ratio Debt-to-assets ratio Debt-to-equity ratio
