View Policies Current Attempt in Progress Van Occupanther is the bookkeeper for Roscoe Company. Van has been trying to get the balance sheet of Roscoe Company to balance. Roscoe's balance sheet is as follows. s ast ROSCOE COMPANY Balance Sheet December 31, 2022 Assets Liabilities Cash $ 9,400 Accounts payable $25,000 Supplies 7,100 Accounts receivable (19,500) Equipment 45,000 Common stock 40,000 Dividends 9,200 Retained earnings 25,200 Total assets $70,700 Total liabilities and stockholders' equity $70,700

View Policies Current Attempt in Progress Van Occupanther is the bookkeeper for Roscoe Company. Van has been trying to get the balance sheet of Roscoe Company to balance. Roscoe's balance sheet is as follows. s ast ROSCOE COMPANY Balance Sheet December 31, 2022 Assets Liabilities Cash $ 9,400 Accounts payable $25,000 Supplies 7,100 Accounts receivable (19,500) Equipment 45,000 Common stock 40,000 Dividends 9,200 Retained earnings 25,200 Total assets $70,700 Total liabilities and stockholders' equity $70,700

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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Marci Ling is the bookkeeper for Samco Company, Inc. Marci has been trying to get the company’s balance sheet to balance. She finally got it to balance, but she still isn’t sure that it is correct. Samco Company, Inc.Balance SheetFor the Month Ended December 31, 2022 Assets Liabilities and Stockholders’ Equity Equipment $18,000 Common stock $12,000 Cash 9,000 Accounts receivable (6,000 ) Supplies 1,000 Dividends (2,000 ) Accounts payable (4,000 ) Notes payable 10,000 Total assets $24,000 Retained earnings 10,000 Total liabilities and stockholders’ equity $24,000 Prepare a correct balance sheet. (List assets in order of liquidity.) Explain to Marci Ling in a memo the purpose of a balance sheet and why this balance sheet is incorrect.
Norman Rae Ltd., a service business, provided a list of the general ledger accounts and their balances as at December 31, 2018: Accounts payable Bank Loan, due Dec. 31, 2025 $500 10,000 Accounts receivable 14,XXX Cash 10,000 Common shares 28,000 Dividends declared and paid 6,000 Land 30,000 Supplies 2,800 Rent expense 7,500 Retained earnings, Jan. 1 15,000 Salaries expense 11,200 Service revenue 28,XXX No common shares were issued during the year. Required: Prepare a Statement of Financial Pósition for Norman Rae Ltd. Hint: You need to calculate the amount of retained earnings at the end of the year. Replace XXX with the last three digits of your student number. E.g. A student, whose student number is TO03577222 will use Accounts Receivable amount of $ 14,222 and Service revenue amount of $28,222. Note: Double underline feature is not available. Single underline the values as necessary instead.
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Beginning Balance A. D. Total Ending Balance Deposits $7,500 350 7,850 Bank Statement. Checks 101 102 103 106 Bank service charges C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. Bank Statement balance $ 600 250 125 242 1,307 Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. $0 E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. 1. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107. Assume no bank errors. Lavender Company Bank Reconciliation…
Problem 1: Prepare a classified balance sheet for Sandpiper Corporation as of December 31, 2019 using columns 2 and 3 of the accounting paper supplied. Parenthetically show common shares authorized, issued, and outstanding. Use pencil only, place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank. No commas are necessary when you use the accounting paper properly. Dollars signs used at the top of the column and after a total line. Use columns 2 for detail and column 3 for netting, totals, and grand totals. Leave column 1 and 4 blank. This balance sheet balances with these numbers. Bracketed notes are for the preparer and parathetical notes are for the reader of the financials. You are the preparer. Accounts Payable 13,580 47,280 15,740 1,595 Accounts Receivable Accumulated Depreciation Allowance for Doubtful Accounts Bonds Payable Cash and Cash Equivalents Common Stock at par $2 (authorized 100,000 shares, issued xxXXx shares, and XXXX…
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You have been provided the following information about the Pacifica Hotel: Pacifica Hotel Partial Balance Sheet December 31, 2018 Current Assets Cash 85,000 Marketable Securities 45,000 Accounts Receivable 25,000 I nventory 18,000 Pre-Paid Expenses 17,000 Total 190,000 Current Liabilities Wages Payable 39,000 Accounts Payable 52,000 Notes Payable 94,000 Total 185,000 1.Calculate the Current Ratio of the Pacifica Hotel. 2.Calculate the Acid Test Ratio of the Pacifica Hotel.
Your assistant has gone to lunch before completing his task, which was to calculate the P/E ratio for Bollymonster Toys Inc. All he has left you is the following financial information. What is Bollymonster's P/E? (Round to one decimal place.) Bollymonster Toys Inc.Selected Financial Information Debt $2000 Cash $200 #Shares Outstanding 200 Stock Price $13.00 EV-to-EBITDA 7 Depreciation Expense $70 Interest Expense $110 Income Taxes $100