Homework Answers
| Martinez Company | |||
| Balance Sheet (Partial) | |||
| Current Assets | |||
| Account Receivables | |||
| Installment accounts collectible due in 2021 | $ 28,600.00 | ||
| Installment accounts collectible after Dec 31 2021 | $ 42,400.00 | ||
| Customer accounts | $ 89,500.00 | ||
| $ 160,500.00 | |||
| Others (2890 + 1890) | $ 4,780.00 | $ 165,280.00 | |
| Investments | |||
| Non Trade Receivables | |||
| Advance to subsidiary company | $ 83,900.00 | ||
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Installment accounts due ter 2021 Overpayments to vendors Due from regular customers, of which $40,600 represents...
Martinez Company shows a balance of $208,580 in the Accounts Receivable account on December 31, 2020....
Martinez Company shows a balance of $208,580 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021 $28,600 Installment accounts due after 2021 42,400 Overpayments to vendors 2,890 Due from regular customers, of which $40,600 represents accounts pledged as security for a bank loan 89,500 Advances to employees 1,890 Advance to subsidiary company (due in 2021) 83,900 Illustrate how the information above should be shown on the balance sheet of...
Question 12 View Policies Current Attempt in Progress Windsor Company shows a balance of $237,880 in...
Question 12 View Policies Current Attempt in Progress Windsor Company shows a balance of $237,880 in the Accounts Receivable account on December 31, 2020. The balance consists of the following Installment accounts due in 2021 $23,900 Installment accounts due after 2021 38,300 Overpayments to vendors 3,540 Due from regular customers, of which $39.570 represents accounts pledged as security for a bank loan 87,500 Advances to employees 1,740 Advance to subsidiary company (due in 2021) 82,900 Illustrate how the information above...
1The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest...
1The bank notes, issued August
1, 2021, are due on July 31, 2022, and pay interest at a rate of
12%, payable at maturity.
2 The mortgage note is due on March 1, 2022. Interest at 11% has
been paid up to December 31 (assume 11% is a realistic rate).
Manufacturing intended at December 31, 2021, to refinance the note
on its due date with a new 10-year mortgage note. In fact, on March
1, Manufacturing paid $260,000 in cash...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing’s 2021 financial statements were issued on April 1, 2022. Accounts receivable $ 98,000 Accounts payable 38,800 9% notes, payable to bank 638,000 Mortgage note payable 1,290,000 Other information: The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 9%, payable at maturity. The mortgage note is...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances Manufacturing's 2021 financial statements were issued on April 1, 2022 $ Accounts receivable Accounts payable 10% notes, payable to bank Mortgage note payable 116,500 44,200 642,000 1,360,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 10%, payable at maturity b. The mortgage...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing's 2021 financial statements were issued on April 1, 2022. $ Accounts receivable Accounts payable 12% notes, payable to bank Mortgage note payable 99,000 35,400 698,000 1,315,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity. b. The mortgage...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing’s 2021 financial statements were issued on April 1, 2022. Accounts receivable $ 107,000 Accounts payable 36,800 15% notes, payable to bank 630,000 Mortgage note payable 1,460,000 Other information: The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 15%, payable at maturity. The mortgage note is...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing's 2021 financial statements were issued on April 1, 2022. Accounts receivable Accounts payable 15% notes, payable to bank Mortgage note payable $ 97,250 52,600 618,000 1,334,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 15%, payable at maturity. b. The mortgage...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing’s 2021 financial statements were issued on April 1, 2022. Accounts receivable $ 100,000 Accounts payable 48,400 12% notes, payable to bank 628,000 Mortgage note payable 1,230,000 Other information: The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity. The mortgage note is...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing's 2021 financial statements were issued on April 1, 2022. $ Accounts receivable Accounts payable 10% notes, payable to bank Mortgage note payable 112,500 42,600 612,000 1,390,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 10%, payable at maturity. b. The mortgage...
Question 12 View Policies Current Attempt in Progress Windsor Company shows a balance of $237,880 in the Accounts Receivable account on December 31, 2020. The balance consists of the following Installment accounts due in 2021 $23,900 Installment accounts due after 2021 38,300 Overpayments to vendors 3,540 Due from regular customers, of which $39.570 represents accounts pledged as security for a bank loan 87,500 Advances to employees 1,740 Advance to subsidiary company (due in 2021) 82,900 Illustrate how the information above...
1The bank notes, issued August
1, 2021, are due on July 31, 2022, and pay interest at a rate of
12%, payable at maturity.
2 The mortgage note is due on March 1, 2022. Interest at 11% has
been paid up to December 31 (assume 11% is a realistic rate).
Manufacturing intended at December 31, 2021, to refinance the note
on its due date with a new 10-year mortgage note. In fact, on March
1, Manufacturing paid $260,000 in cash...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances Manufacturing's 2021 financial statements were issued on April 1, 2022 $ Accounts receivable Accounts payable 10% notes, payable to bank Mortgage note payable 116,500 44,200 642,000 1,360,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 10%, payable at maturity b. The mortgage...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing's 2021 financial statements were issued on April 1, 2022. $ Accounts receivable Accounts payable 12% notes, payable to bank Mortgage note payable 99,000 35,400 698,000 1,315,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity. b. The mortgage...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing's 2021 financial statements were issued on April 1, 2022. Accounts receivable Accounts payable 15% notes, payable to bank Mortgage note payable $ 97,250 52,600 618,000 1,334,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 15%, payable at maturity. b. The mortgage...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing's 2021 financial statements were issued on April 1, 2022. $ Accounts receivable Accounts payable 10% notes, payable to bank Mortgage note payable 112,500 42,600 612,000 1,390,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 10%, payable at maturity. b. The mortgage...
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