Total liabilities and Owners equity Section Requiredcash $11,300accounts receivable 1,000office supplies 3,800prepaid insurance 1,000accounts payable 200David Segal, Capital 15,000David Segal, Drawing 150Service Fees 2,700Rental Expense 650

Introduction: Balance sheet: All assets and liabilities are shown in Balance sheet. It tells the net…

Answered: Total liabilities and Owners equity…

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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A company had the following cash flow activities during the year: Cash Inflows Cash OutflowsIssue common stock $75,000 Purchase equipment $180,000Sell inventory to customers 86,000 Purchase inventory 38,000Issue notes payable 53,000 Purchase treasury stock 40,000Sell land 98,000 Repay notes payable 30,000Earn interest on investments 2,000 Pay salaries 39,000Sell patent 61,000 Pay dividends 15,000Required:Calculate net cash flows from (a) operating activities, (b) investing activities, and (c) financing activities. (d) Assuming the balance of cash at the beginning of the year is $53,000, calculate the ending balance of cash. How would your answers change if the common stock was issued for $80,000 and the equipment was purchased for $170,000?
1
Question 13 Using the following balance sheet items and amounts, calculate the total liquid assets. • Money market account $4056 • Retirement account $17200 • Medical bills $120 • Checking account $8308 • Credit card balance $670 Your Answer: Answer
Problem 4-15 Lloyd Inc. has sales of $200,000, a net income of $15,000, and the following balance sheet: ASSETS Cash Receivables Inventories Total Current assets Net fixed assets Total assets AMOUNT LIABILITIES & EQUITY $10,000 Accounts Payables 50,000 Notes Payable to bank 150,000 Total current liabilities $210,000 Long-term debt 90,000 Common Equity $300,000 Total Liabilities and Equity AMOUNT $30,000 20,000 $50,000 50,000 200,000 $300,000 The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2.53, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 2.53), if the funds generated are used to reduce common equity (stock can be repurchased at book value), and if no other changes occur, by how much will the ROE change? What will be the firm's new quick ratio? Problem 4-1 Baxley Brothers has a DSO of 23 days, and its annual sales are…
"A Sticky Patch: Completing the Accounting Cycle for ROYAL JELLY TRADING" ROYAL JELLY TRADING, which follows GAAP and uses the periodic inventory system, is a merchandising business that buys and sells various kinds of jelly candies. Its trial balance as of fiscal year-end September 30, 2020, before any adjustments, can be found on the next page: Information for adjusting entries are as follows: 1. Interest has accrued on the customer's P20,000 60-day 12% note dated August 21, 2020 and this remained unrecorded as of year-end. 2. Rent for the month of September amounting to P15,000 has not been received as at year-end. 3. The company pays its employees their salaries every Friday for work done Monday to Friday of that week. Weekly pay is P10,000 for office salaries and P15,000 for store salaries. September 30, 2020 falls on a Wednesday. 4. At year-end, unused office supplies were P18,000, while unused store supplies amounted to P12,000. 5. One-fourth of the Prepaid Insurance Expense…
2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets Cash 200 150 1,200 4,560 600 Inventory, at sales value (cost = S1,500) 2,100 Unearned rent 40 Allowance for bad debts 150 Office supplies Accounts receivable 110 800 Required: Prepare the current asset section of the balance sheet. to
Prepare trial balance from the given details.
pra.9
Question 5: One of your team members is struggling with preparation of balance sheet and he needs your assistance in completing it. He has come up with following missing information. You are required to complete this Balance sheet. Assets Liabilities & Equity $ 100,000 Current Liabilities Cash Receivables Long Tem Debt Inventory Total Debt Plant Common Equity $ 600,000 Total Assets Total Claims Additional Information: Current Ratio is 2.5 ; Average Collection Period is 54 days; Total Debt to Total Assets 40 percent; Total Asset Tumoveris 2; Inventory Tumover 5.
Only typed answer Refer to the accompanying table of information for the Moolah Bank. Assume that the listed amounts constitute this bank's complete set of accounts. Moolah's Multiple Choice assets are $1,100. liabilities are $1,100. net worth is $300. profit is $1,000.
Accounts Payable S600 Accounts Receivable $5,200 Cash $27,000 Loan Payable in 6 months S4,400 Revenue received in advance $12,000 Bank Loan - Mortgage S30,000 Accumulated depreciation S7,800 Inventory S10,200 Buildings $17,600 Supplies $1,600 What is the most likely amount for the company's net assets? Select one: a. $41,600. Б. $6,800. C. $14,600. d. $26,600. e. $18,800.
CASH Transactions Debit Credit Cash receipts 1,280,000 Cash Disbursements 825,000 December 31 balances 455,000 You are contacted by the management to compute its net income using the accrual basis of accounting. During the process of preparation, the following were identified by you that will impact your computation: Property, plant and equipment are depreciated on a straight line basis. Annual depreciation is P 105,000. Prepaid insurance of P 18,000 was recognized as expense when it was paid. P 12,000 of the balance relates to year 2023. The entire amount of P 120,000 which was received as advance rental for office space in its building was recognized as rent income when received. P 70,000 of the amount will be earned in 2023. Employees are due P 28,000 at the end of 2022. Uncollected interest from investment at the end of 2022 is P 31,700. It is estimated that your 2022 fee for accounting services that have not been billed will be P 5,000. QUESTIONS: What is the…

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Total liabilities and Owners equity Section Required cash $11,300 accounts receivable 1,000 office supplies 3,800 prepaid insurance 1,000 accounts payable 200 David Segal, Capital 15,000 David Segal, Drawing 150