The Tomis Company's balance sheet has: Assets of $6,500; Contributed Capital of $3,000; and Retained earnings of $200. What are liabilities on the balance sheet? a. $9,700 b. $3,200 c. $3,300 d. $8,300 e. None of the above.
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- Level Ltd. has the following select account balances: Cash $20,000; Accounts Receivable $8,900; Equipment $60,000; Long-term Equity Investment $5,000; Accumulated Depreciation-Equipment $10,000; Supplies $1,000; Prepaid Insurance $2,400; Inventory $6,000; and Patents $10,000. What would be the total to be reported as non-current assets? O a. $66,000 O b. $71,000 O C. $65,000 O d. $72,000Given : Total Assets :120.000,Long Term Liabilities : 20.000,Current Assets :80.000, and,Current Liabilities : 60.000Net Profits : 24.000Choose the incorrect Answera) Total Liabilities / Total Sources : 0,67b) Total Debt / Equity :1c) Current Ratio: 1,33d) Return on assets : 0,20Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earnings
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