Type or paste question hereHomework Answers
Prepare corrected balance sheet as follows:
| Marin Company | ||
| Balance Sheet | ||
| December. 31, 2020 | ||
| Assets | ||
| Current assets | ||
| Cash (79360 - 530 - 15530) | 63300 | |
| Petty cash | 530 | |
| Accounts receivable | 50830 | |
| Less: Allowance for doubtful accounts | -13170 | |
| Inventory | 66246 | |
| Total current assets | 167736 | |
| Investments: | ||
| Bond sinking fund | 15530 | |
| Property plant and equipment: | ||
| Equipment | 112890 | |
| Less: Accumulated depreciation | -26350 | 86540 |
| Intangible assets: | ||
| Patents | 13940 | |
| Total assets | 283746 | |
| Liabilities: | ||
| Accounts payable | 50850 | |
| Notes payable | 76590 | |
| Total liabilities | 127440 | |
| Equity: | ||
| Common stock | 99800 | |
| Retained earnings | 56506 | |
| Total equity | 156306 | |
| Total liability and equity | 283746 | |
Add Answer to:
Type or paste question here
Early in January 2021, Marin Company is preparing for a meeting...
Early in January 2021, Skysong Company is preparing for a meeting with its bankers to discuss...
Early in January 2021, Skysong Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 69,670 34.930 63,488 87,880 13,960 $ 49,860 69,090 90,200 60,778 $ 269,928 $ 269,928 Except for the following items, Skysong has recorded all adjustments in its accounts. 1....
Early in January 2021. Pearl Company is preparing for a meeting with its bankers to discuss...
Early in January 2021. Pearl Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 76,300 37.340 69.169 79.820 13.800 $ 53.100 81.120 100,700 41.509 $ 276,429 S 276,429 Except for the following items, Pearl has recorded all adjustments in its accounts. 1....
Marin Company's condensed financial statements provide the following information. Dec 31, 2019 WO MARIN COMPANY BALANCE...
Marin Company's condensed financial statements provide the following information. Dec 31, 2019 WO MARIN COMPANY BALANCE SHEET Dec. 31, 2020 Cash $ 52,500 Accounts receivable (net) 199,800 Short-term investments 80,000 Inventory 439,400 Prepaid expenses 3,000 Total current assets $ 774,700 Property, plant, and equipment (net) 854,900 Total assets $1,629,600 Current liabilities 233,500 Bonds payable 402,000 Common stockholders' equity 994,100 Total liabilities and stockholders' equity $1,629,600 $59,500 80,000 39,800 363,300 6,900 $549,500 849,200 $1,398,700 154,600 402,000 8 42,100 $1,398,700 233.50 INCOME...
Exercise 5-6 The bookkeeper for Marin Company has prepared the following balance sheet as of July...
Exercise 5-6 The bookkeeper for Marin Company has prepared the following balance sheet as of July 31, 2020. Sn Cash Accounts receivable (net) Inventory Equipment (net) Patents MARIN COMPANY BALANCE SHEET AS OF JULY 31, 2020 $ 73,030 Notes and accounts payable 44,530 Long-term liabilities 64,030 Stockholders' equity 84,000 21,000 $286,590 $ 48,030 79,030 159,530 $286,590 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $12,950 in a bond sinking fund. 2. The...
The current sections of Marin Inc.’s balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Marin Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Marin Inc.’s net income for 2022 was $317,500. Depreciation expense was $52,500. 2022 2021 Current assets Cash $77,500 $ 111,250 Accounts receivable 106,250 86,250 Inventory 97,500 77,500 Prepaid expenses 21,250 23,750 Total current assets $302,500 $298,750 Current liabilities Accrued expenses payable $ 7,500 $ 20,000 Accounts payable 110,000 90,000 Total current liabilities $117,500 $ 110,000 Prepare the net cash provided by operating activities...
Marin Company's condensed financial statements provide the following information. MARIN COMPANY BALANCE SHEET Dec. 31, Dec....
Marin Company's condensed financial statements provide the following information. MARIN COMPANY BALANCE SHEET Dec. 31, Dec. 31, 2019 2020 $ 52,500 $ 59,500 Cash Accounts recelvable (net) 199,800 80,000 Short-term investments 80,000 39,800 Inventory 439,400 363,300 Prepaid expenses 3,000 6,900 $ 774,700 $ 549,500 Total current assets Property, plant, and equipment (net) 854,900 849,200 $1,629,600 $1,398,700 Total assets Current liabilities 233,500 154,600 Bonds payable 402,000 402,000 Common stockholders' equity 994,100 842,100 $1,629,600 $1,398,700 Total liabilities and stockholders' equity INCOME STATEMENT...
Problem 24-04 a-b Presented below is the comparative balance sheet for Windsor Company. Windsor Company Comparative...
Problem 24-04 a-b Presented below is the comparative balance sheet for Windsor Company. Windsor Company Comparative Balance Sheet As of December 31, 2021 and 2020 December 31 2021 2022 Assets Cash $178,400 $277,400 Accounts receivable (net) 218,900 156,300 Short-term investments 271,200 151,500 Inventories 1,068,100 980,700 Prepaid expenses 25,000 25,000 Plant & equipment 2,597,900 1,964,800 Accumulated depreciation (1,008,200) (745,200) $3,351,300 $2,810,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock Retained earnings $49,500 169,600 450,500 2,093,700 588,000 $3,351,300...
Marin Company sells televisions at an average price of $887 and also offers to each customer...
Marin Company sells televisions at an average price of $887 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 318 televisions and 238 warranty contracts for cash. It estimates the 3-year warranty costs as $22 for parts and $42 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty...
Current Attempt in Progress The comparative balance sheets of Marin Inc. at the beginning and the...
Current Attempt in Progress The comparative balance sheets of Marin Inc. at the beginning and the end of the year 2020 are as follows. Inc./Dec. MARIN INC. BALANCE SHEETS Dec. 31, 2020 Jan 1, 2020 Assets Cash $ 46,500 $14,500 Accounts receivable 94,140 89,640 Equipment 42,140 23,640 Less: Accumulated Depreciation-Equipment 20,140 11,000 Total $162,640 $116,780 Liabilities and Stockholders' Equity Accounts payable $ 23,140 $16,640 Common stock 101,500 81,640 Retained earnings 38,000 18,500 Total $162,640 $116,780 $32,000 Inc. 4,500 Inc. 18,500...
Problem 24-04 a-b Presented below is the comparative balance sheet for Waterway Company. Waterway Company Comparative...
Problem 24-04 a-b Presented below is the comparative balance sheet for Waterway Company. Waterway Company Comparative Balance Sheet As of December 31, 2021 and 2020 December 31 2021 2022 Assets Cash $180,400 $277,100 Accounts receivable (net) 220,000 156,500 Short-term investments 267,600 150,500 Inventories 1,051,400 973,400 Prepaid expenses 24,900 24,900 Plant & equipment 2,592,300 1,931,100 Accumulated depreciation (1,004,900 (753,800 $3,331,700 $2,759,700 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock Retained earnings $50,400 169,100 453,100 2,079,500 579,600 $3,331,700...
Early in January 2021, Skysong Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 69,670 34.930 63,488 87,880 13,960 $ 49,860 69,090 90,200 60,778 $ 269,928 $ 269,928 Except for the following items, Skysong has recorded all adjustments in its accounts. 1....
Early in January 2021. Pearl Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 76,300 37.340 69.169 79.820 13.800 $ 53.100 81.120 100,700 41.509 $ 276,429 S 276,429 Except for the following items, Pearl has recorded all adjustments in its accounts. 1....
Marin Company's condensed financial statements provide the following information. Dec 31, 2019 WO MARIN COMPANY BALANCE SHEET Dec. 31, 2020 Cash $ 52,500 Accounts receivable (net) 199,800 Short-term investments 80,000 Inventory 439,400 Prepaid expenses 3,000 Total current assets $ 774,700 Property, plant, and equipment (net) 854,900 Total assets $1,629,600 Current liabilities 233,500 Bonds payable 402,000 Common stockholders' equity 994,100 Total liabilities and stockholders' equity $1,629,600 $59,500 80,000 39,800 363,300 6,900 $549,500 849,200 $1,398,700 154,600 402,000 8 42,100 $1,398,700 233.50 INCOME...
Exercise 5-6 The bookkeeper for Marin Company has prepared the following balance sheet as of July 31, 2020. Sn Cash Accounts receivable (net) Inventory Equipment (net) Patents MARIN COMPANY BALANCE SHEET AS OF JULY 31, 2020 $ 73,030 Notes and accounts payable 44,530 Long-term liabilities 64,030 Stockholders' equity 84,000 21,000 $286,590 $ 48,030 79,030 159,530 $286,590 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $12,950 in a bond sinking fund. 2. The...
Marin Company's condensed financial statements provide the following information. MARIN COMPANY BALANCE SHEET Dec. 31, Dec. 31, 2019 2020 $ 52,500 $ 59,500 Cash Accounts recelvable (net) 199,800 80,000 Short-term investments 80,000 39,800 Inventory 439,400 363,300 Prepaid expenses 3,000 6,900 $ 774,700 $ 549,500 Total current assets Property, plant, and equipment (net) 854,900 849,200 $1,629,600 $1,398,700 Total assets Current liabilities 233,500 154,600 Bonds payable 402,000 402,000 Common stockholders' equity 994,100 842,100 $1,629,600 $1,398,700 Total liabilities and stockholders' equity INCOME STATEMENT...
Problem 24-04 a-b Presented below is the comparative balance sheet for Windsor Company. Windsor Company Comparative Balance Sheet As of December 31, 2021 and 2020 December 31 2021 2022 Assets Cash $178,400 $277,400 Accounts receivable (net) 218,900 156,300 Short-term investments 271,200 151,500 Inventories 1,068,100 980,700 Prepaid expenses 25,000 25,000 Plant & equipment 2,597,900 1,964,800 Accumulated depreciation (1,008,200) (745,200) $3,351,300 $2,810,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock Retained earnings $49,500 169,600 450,500 2,093,700 588,000 $3,351,300...
Current Attempt in Progress The comparative balance sheets of Marin Inc. at the beginning and the end of the year 2020 are as follows. Inc./Dec. MARIN INC. BALANCE SHEETS Dec. 31, 2020 Jan 1, 2020 Assets Cash $ 46,500 $14,500 Accounts receivable 94,140 89,640 Equipment 42,140 23,640 Less: Accumulated Depreciation-Equipment 20,140 11,000 Total $162,640 $116,780 Liabilities and Stockholders' Equity Accounts payable $ 23,140 $16,640 Common stock 101,500 81,640 Retained earnings 38,000 18,500 Total $162,640 $116,780 $32,000 Inc. 4,500 Inc. 18,500...
Problem 24-04 a-b Presented below is the comparative balance sheet for Waterway Company. Waterway Company Comparative Balance Sheet As of December 31, 2021 and 2020 December 31 2021 2022 Assets Cash $180,400 $277,100 Accounts receivable (net) 220,000 156,500 Short-term investments 267,600 150,500 Inventories 1,051,400 973,400 Prepaid expenses 24,900 24,900 Plant & equipment 2,592,300 1,931,100 Accumulated depreciation (1,004,900 (753,800 $3,331,700 $2,759,700 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock Retained earnings $50,400 169,100 453,100 2,079,500 579,600 $3,331,700...
Most questions answered within 3 hours.
-
Below is the trial balance of Tom’s Tents at 5 April 2018.
£
£
Trading account:...
asked 4 minutes ago -
For this question, we want to implement the basic
java classes to support the concept of an...
asked 5 minutes ago -
Two random variables X and Y have joint density function f(x,y)
=c(where c >0 denotes an...
asked 7 minutes ago -
Bonita Corporation issued 1,900 shares of $10 par value common
stock upon conversion of 950 shares...
asked 11 minutes ago -
When finding confidence interval for mu , if population standard
deviation (sigma) is known, we use...
asked 41 minutes ago -
Convert your enthalpy of reaction (kJ/mol) to heat of explosion
(kJ/kg) using the molar mass of...
asked 27 minutes ago -
At what annual rate would the following have to be
invested?
$8,929, to grow to $55,581,...
asked 25 minutes ago -
If the codon were 5 bases long instead of three, how many codons
would exist in...
asked 32 minutes ago -
Mittuch Corp. is evaluating a project with the following cash
flows. The company uses a discount...
asked 40 minutes ago -
An income elasticity coefficient of −1.8 means the product is a
normal good.
true or false
asked 32 minutes ago -
PLEASE ANSWER ASAP ASIAN AMERICAN HISTORY
Considering the number of migrants and the time period in...
asked 39 minutes ago -
1. If a good has a price elasticity of demand equal to
0, ________.
a) the...
asked 43 minutes ago