Using the information below, compute for the Ending Capital of the owner for the year ended December 31, 2020. Account Amount Cash 24,200 Notes Payable 120,000 Due from Customers 13,450 Delivery Van 200,000 Office Equipment 48,000 Loan Payable 40,000 Notes Receivable 8,000 Due to Suppliers 21,000 Fixtures and Furnitures 28,000
Q: Mara Company provided the following data on December 31, 2020: • Cash in general checking account •…
A: Answer: Total working capital = Current asset- Current liability
Q: Furniture costing $74,800 is sold at its book value in 2021. Acquisitions of furniture total $60,300…
A: Depreciation expense :— It is the allocation of depreciable cost of asset over useful life of asset.…
Q: Prepare the balance sheet of UCLA Ltd. ( the figures are in $ and as on 31 December 2019.) General…
A: Balance sheet of the business shows all assets, liabilities and equity of the business as on…
Q: Pitman Hospital received interest payments of $6,000 during 2022. Its balance sheets reported…
A: To determine the amount of interest income reported in the hospital's 2022 statement of operations,…
Q: Assume at 30 June 2020, Assets, Liability, Equity, Income and Expense amounts for ABC Building…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: UTV Corp. have the following account balances for the year ended December 31, 2020: DEBIT BALANCES…
A: The statement of financial position is also known as the balance sheet. This statement shows the…
Q: Required: Determine the company's working capital (current assets minus current liabilities) at…
A: Current assets means those assets which will be converted in to cash in near future generally one…
Q: is a pre-closing trial balance for Montpelier's General... The following is a pre-closing trial…
A: A key financial indicator that aids businesses and governments in monitoring and controlling their…
Q: Penny Wong has extracted the following information from her income statement and balance sheet for…
A: Ratios are used to measure the financial health of the organization. The current ratio indicates the…
Q: The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 5% is payable…
A: To prepare the classified balance sheet for Korver Supply Company at December 31, 2024, we need to…
Q: The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is…
A: Total Expenditure = General Expenditure + Capital outlay + Debt service-principal + Debt…
Q: What was the working capital?
A: Working capital refers to the total amount of funds that a business entity must have in order to…
Q: The following are the Balance Sheets for Larry's Landscaping as of May 31, 2021 (the end of last…
A: Statement of Cash Flows is one of the significant financial statements that provides an explanation…
Q: Use the following data to determine the total dollar amount of assets to be classified as current…
A: Current assets are those that can be converted into cash within 12 months of period. Current assets…
Q: MayeHot Club had the following balances at the beginning of the 2021 accounting period. Equipment =…
A: To calculate accumulated fund at the beginning of the period , we will prepare balance sheet at the…
Q: The Owner's Capital has a beginning balance of P626,000. The owner gave P130,000 additional…
A: The transactions recorded in the books are generally based on double entry system of accounting . As…
Q: Presented below are the ending balances of accounts for the Kansas Instruments Corporation at…
A: Working capital refers to the amount needed by the business for day to day operation. It can be…
Q: Below are the accounts of Jayden Services for the year ended December 31, 2019. Accounts Payable…
A: Assets are classified into two types namely current assets and non current assets.
Q: Additional Information: 1. The investment includes $4,000 invested in treasury bills, which will…
A: Financial statements are statements and reports prepared at the end of the accounting period. They…
Q: This Information will be used for all questions: Selected Balance Sheet Information Year 2020…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: From the following particulars of AMN Bank as on 31st December 2020, prepare Income statement and…
A: Working Note Working Note - 1 Salaries 20000 Salary Payable 2000 Salary Expenses 22000…
Q: what is the company's cash flows from operating activities?
A: Cash Flow from operating activities: Means amount of money a company brings in from it regular…
Q: This Information will be used for all questions: Selected Balance Sheet Information Year 2020…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Consider the following information taken from GER's financial statements: September 30 (in…
A: FORMULA : 1 . QUICK RATIO = ( CURRENT ASSETS - INVENTORY ) / CURRENT LIABILITIES 2 . CASH RATIO = (…
Q: Prepare the balance sheet of UCLA Ltd. ( the figures are in $ and as on 31 December 2019. General…
A: The financial statement is an organized and summarized detailed information about the financial…
Q: A. Below are the accounts of Agatha Trading for the year ended December 31, 2019. Accounts…
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: Please explain how you get the journal entries below. The DeVille Company reported pretax…
A: SNo. Particulars Amount ($) Amount ($) Year 2021 Income Tax Expense A/c To Income Tax payment…
Q: This Information will be used for all questions: Selected Balance Sheet Information Year 2020…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Required: Compute the asset turnover ratio for 2021. (Re Asset turnover ratio
A: ASSETS TURNOVER RATIOAssets Turnover Ratio is the ratio between Net Sales & Average Total…
Q: Janice Wong has extracted the following information from her income statement and balance sheet for…
A: Return on equity = Net income after Tax/Average shareholder's equity
Q: Consider the following balance sheets and income statement for Cruyff Enterprises. Cruyff paid…
A: Dividend is a kind of reward which is given by the companies to their shareholders from the earnings…
Q: Hot Club had the following balances at the beginning of the 2021 unting period. Equipment = GHS…
A: Clubs are non profit organizations. The financial statements of non profit organizations include…
Using the information below, compute for the Ending Capital of the owner for the year ended December 31, 2020.
|
Account |
Amount |
|
Cash |
24,200 |
|
Notes Payable |
120,000 |
|
Due from Customers |
13,450 |
|
Delivery Van |
200,000 |
|
Office Equipment |
48,000 |
|
Loan Payable |
40,000 |
|
Notes Receivable |
8,000 |
|
Due to Suppliers |
21,000 |
|
Fixtures and Furnitures |
28,000 |
Step by step
Solved in 2 steps with 1 images
- UTV Corp. have the following account balances for the year ended December 31, 2020:DEBIT BALANCESAmountCash and cash equivalents400,000Accounts receivable900,000Raw materials560,000Goods in process600,000Finished goods1,400,000Financial assets at FVOCI2,500,000Sinking fund200,000Land1,000,000Building6,000,000Plant and equipment2,400,000Patent800,000Goodwill1,400,000Unrealized loss – FVOCI100,000Prepaid benefit cost20,000Treasury shares at cost250,000TOTAL18,530,000 CREDIT BALANCESAmountBank overdraft100,000Due from an officer50,000Allowance for bad debts40,000Accumulated depreciation – building1,600,000Accumulated depreciation – plant and equipment400,000Notes payable, due June 30, 20211,300,000Notes payable, due June 30, 20222,100,000Accounts payable1,000,000Provision180,000Warranty liabilities80,000Income tax payable120,000Finance lease liability180,000Deferred tax liability280,000Actuarial gain300,000Revaluation surplus360,000Share capital6,000,000Share premium2,000,000Retained…The following information relates to Basic Lid. for the year ended 31" December 2021: Net working capital RO. 1.200.000 Fixed assets to proprietor's fund ratio 0.75 Working capital turnover ratio 5 timeg Return on Equity 15% Current liabilities RO. 400.000 Long term Debts 0 You are required to calculate: Proprietor's funds Fixed Assets Current assets Net profit ratio Current ratioBelow are the financial statements for the financial year 2020 and 2021. Statement of Financial Position as at January 31, 2019 and 2020 2021 2020 Current Assets Cash and cash balane:es 33,500 2,550 Account rocoivable 110.100 108,150 Inventories 17.000 7,140 Olher Teceivubles and prepaid experises 83,700 176.320 228.500 167,240 461,400 Fixod doposits with licenscd banks Total current assets 472,800 Properly, plant and cxquiprnenl 1,860,000 619,500 Total Assets 2,332,800 1,080,900 Current Liabilities Account Payables 60,400 27.410 Other payables and accriies expenses 65.600 56,390 Notes payables 27.800 46,800 Total current liabilities 153,800 130,600 Long term Liabilities Long term barrowings 490.500 144,700 Conveitible bonds 342.980 Hire purchase payables 106.920 76,600 Total long term liabilities 940,400 221,300 Shareholders' equity: Issued capital 253.500 201,000 Sharo promium 541.800 425.000 Retaincd carnings 443.300 103,000 Total liabilities and owners' equity 2,332,800 1,080,900
- Presented below is selected information pertaining to the Cassie Inc:Cash balance, January 1, 2020- P13,000Accounts receivable, January 1, 2020- P19,000Collections from customers in 2020- P210,000 Capital account balance, January 1, 2020- P38,000Total assets, January 1, 2020- P75,000Cash investment added, July 1, 2020-P5,000Total asset, December 31, 2020- P101,000 Cash balance, December 31, 2020- P20,000Accounts receivable, December 31, 2020- P36,000Merchandise taken for personal use during 2020- P11,000Total liabilities, December 31, 2020- P41,000How much is the net income for 2020?The financial statements for Barrington Service Company include the following items: 2025 2024 $44,500 33,000 52,000 Cash Short-term Investments Net Accounts Receivable. Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable OA. 0.86 OB. 6.60 OC. 3.82 OD. 1.17 164,000 535,000 126,500 24,000 61,000 $44,000 20,000 56,000 49,000 554,000 128,000 17,000 50,000Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities January 31, 2020 Working capital Current ratio 6 EL EL $ 21 $ 15 January 31, 2019 01/31/2020 01/31/2019 9 18 $ 25 Required: a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (1.e.. 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.) $12 b. Evaluate the firm's liquidity at each balance sheet date. Based on the working capital and current ratio measures, the firm has become more liquid over the 2-year period. O Based on the working capital and current ratio measures, the firm has become less liquid over the 2-year period. c. Assume that the firm operated at a loss…
- Flounder Associates Inc. reports the following account balances for the year ending June 30, 2025: Accounts payable Accounts receivable Cash and cash equivalents Goodwill Inventory Notes payable (due 2028) Interest payable Notes payable (due Jan. 2026) Property, plant, and equipment Accumulated depreciation Prepaid insurance Salaries and wages payable Bonds payable $24,000 36,000 17,800 130,000 82,000 104,000 4,900 12,000 540,000 107,000 10,810 13,400 300,000 Compute the company's (a) current ratio and (b) debt to assets ratio. (Round current ratio to 2 decimal places, e.g. 1.55:1 and debt to assets ratio to O decimal place, e.g. 55%.)The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…What is the comparative statement of financial condition for 2019 and 2020 showing peso and percentage for each item (horizontal analysis)?
- 5. The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RM Cash in hand Cash at bank Account receivable Inventory as at 1 June 2019 Motor vehicles Plant and machinery Long term investment Freehold premises Account payable 10% Mortgage on freehold premises Capital 100 9,000 12,840 26,500 14,000 50,000 10,000 147,500 16,500 34,000 219,840 128,900 70,300 1,000 1,700 2,000 21,000 3,000 7,400 600 Purchases Wages and salaries Rates and taxes Interest on mortgage General expenses Carriage outwards Insurance premium Drawings Carriage inwards Advertising expenses Sales Sales returns 14,000 250,000 1,000 500 Purchases returns Discount received Discount allowed Allowance for doubtful debt 600 800 200 Inventory at 31 July 2020 was RM30,000. Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 31 July 2020. ii. Statement of Financial Position as 31 July 2020Using the information provided below:Rubialac PaintsSelected Income Statement Items, 2020Cash Sales $2,500,000Credit Sales $9,500,000Total Sales $12,000,000COGS 7,000,000 Rubialac PaintsSelected Balance Sheet Accounts12/31/2020 12/31/19 ChangeAccounts Receivable $550,000 $400,000 $150,000Inventory $275,000 $250,000 $25,000Accounts Payable $150,000 $110,000 $40,000 What is the inventory turnover for Rubialac Paints? What is the average production cycle for the firm? What is the average collection cycle? What could Eagle Paints do to reduce the average collection cycle?Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…