Homework Answers
| Net property, plant and equipment | 600000 |
| Inventory | 325000 |
| Cash | 150000 |
| Accounts receivable | 30000 |
| Total assets | 1105000 |
| Total assets | 1105000 |
| (-) Notes payable | 100000 |
| (-) Accounts payable | 45000 |
| Stockholders' equity | 960000 |
| Stockholders' equity | 960000 |
| (-) Common stock | 750000 |
| Retained earnings | 210000 |
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3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31,...
3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31,...
3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2016: Inventory $325,000 Notes payable 100,000 Cash 150.000 Common stock 750,000 Net property, plant and equipment| 600,000 Accounts receivable 30.000 Accounts payable 45,000 Retained earnings Required: 1. What is the amount of National's total assets as of December 31, 2016? 2. Identify the items listed above that are liabilities. 3. What is the amount of National's retained earnings as of December 31, 2016? 4....
3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31,...
3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2016: Inventory Notes payable Cash Common stock S325,000 100,000 150,000 750,000 Net property, plant and equipment 600,000 Accounts receivable Accounts payable Retained earnings 30,000 45,000 Required: 1. What is the amount of National's total assets as of December 31, 2016? 2. Identify the items listed above that are liabilities. 3. What is the amount of National's retained earnings as of December 31, 2016? 4....
Nature’s Shop, Inc. reported the following account balances (in random order) on its balance sheet on...
Nature’s Shop, Inc. reported the following account balances (in random order) on its balance sheet on December 31, 2016 Accounts Receivable $25,000 Net property, plant and $600,000 equipment Cash and cash equivalent $300,000 Accounts payable $35,000 Bonds Payable (3 years) $700,000 Prepaid Insurance $30,000 Unearned gift card revenue $5,000 Accrued expenses payable $10,000 Merchandise Inventory $150,000 Contributed capital $250,000 Retained earnings ????? Identify the items listed above that are assets. What is the amount of Nature’s total assets at the...
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits...
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 60.000 44,000 50.000 20.000 115.000 Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Connon stock Retained earnings Totals $ 39,000 45.000 14.500 4.500 150.000 75,000 51.000 $334.000 $334,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a...
The following information was reported in the December 31, 2017, financial statements of National Airways, Inc....
The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions). $ 4,225 690 9,800 3,080 1,275 50 15,690 300 240 4,200 7,005 2,300 7,690 3,445 735 22,600 Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment ncome Tax Expense Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31, 2017) Salaries and Wages Expense Supplies Ticket Revenues 3. Prepare...
The following information was reported in the December 31, 2017, financial statements of National Airways, Inc....
The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions). $ 4,345 650 9,4ee 3,040 1,255 3e 15.210 Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment Income Tax Expense Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expenses Retained Earnings (as of December 31, 2017) Salaries and Wages Expense Supplies Ticket Revenues 200 20e 3.800 6,935 1,902 7,030 335 215 2008 2. Prepare...
The following amounts were reported on the December 31, 2019, balance sheet: The following amounts were...
The following amounts were reported on the December 31, 2019,
balance sheet:
The following amounts were reported on the December 31, 2019, balance sheet: Cash Accounts receivable Common stock Wages payable Retained earnings Land Accounts payable Bonds payable Merchandise inventory Buildings and equipment, net of accumulated depreciation $ 30,000 82,500 150,000 18,750 300,000 75,000 22,650 440, 760 69,660 675,000 Required: a. Calculate working capital at December 31, 2019. b. Calculate the current ratio at December 31, 2019. (Round your answer...
HELP! Use the following information from the balance sheet of Raineer Plumbing to determine the missing...
HELP! Use the following information from the balance sheet of
Raineer Plumbing to determine the missing amounts.
Use the following information from the balance sheet of Raineer Plumbing to determine the missing amounts. Cash and cash equivalents Retained earnings Inventory Common stock Total current assets $ 58,000 ? ? 170,000 325,000 Accounts payable Accounts receivable Notes payable (due in 2 years) Property, plant and equipment (net) Total assets $ 50,000 138,000 68,000 ? 580,000 Inventory Property, plant, and equipment (net)...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31,...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings: Accounts receivable $72,920 Cash 13,240 Common stock (10,000 shares) 65,000 Income taxes expense 13,000 Income taxes payable 4,150 Interest expense 16,500 Notes payable (due in 10 years) 25,000 Prepaid rent (building) 31,500 Property, plant, and equipment 90,000 Rent expense 135,000 Retained earnings ? Salaries expense 235,200 Salaries payable 15,710 Service revenue 464,000...
Calculate liquidity measures The following amounts were reported on the Decem- ber 31, 2016, balance sheet:...
Calculate liquidity measures The following amounts were reported on the Decem- ber 31, 2016, balance sheet: Mini-Exercise 11.1 Cash $16,000 Accounts receivable 44,000 Common stock 80,000 Wages payable 10,000 Retained earnings 160,000 Land 40,000 Accounts payable 30,000 240,000 Bonds payable. 60,000 Merchandise inventory 360,000 Buildings and equipment, net of accumulated depreciation... Required: Calculate working capital at December 31, 2016. b. Calculate the current ratio at December 31, 2016. Calculate the acid-test ratio at December 31, 2016 а. с.
3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2016: Inventory $325,000 Notes payable 100,000 Cash 150.000 Common stock 750,000 Net property, plant and equipment| 600,000 Accounts receivable 30.000 Accounts payable 45,000 Retained earnings Required: 1. What is the amount of National's total assets as of December 31, 2016? 2. Identify the items listed above that are liabilities. 3. What is the amount of National's retained earnings as of December 31, 2016? 4....
3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2016: Inventory Notes payable Cash Common stock S325,000 100,000 150,000 750,000 Net property, plant and equipment 600,000 Accounts receivable Accounts payable Retained earnings 30,000 45,000 Required: 1. What is the amount of National's total assets as of December 31, 2016? 2. Identify the items listed above that are liabilities. 3. What is the amount of National's retained earnings as of December 31, 2016? 4....
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 60.000 44,000 50.000 20.000 115.000 Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Connon stock Retained earnings Totals $ 39,000 45.000 14.500 4.500 150.000 75,000 51.000 $334.000 $334,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a...
The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions). $ 4,225 690 9,800 3,080 1,275 50 15,690 300 240 4,200 7,005 2,300 7,690 3,445 735 22,600 Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment ncome Tax Expense Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31, 2017) Salaries and Wages Expense Supplies Ticket Revenues 3. Prepare...
The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions). $ 4,345 650 9,4ee 3,040 1,255 3e 15.210 Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment Income Tax Expense Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expenses Retained Earnings (as of December 31, 2017) Salaries and Wages Expense Supplies Ticket Revenues 200 20e 3.800 6,935 1,902 7,030 335 215 2008 2. Prepare...
The following amounts were reported on the December 31, 2019,
balance sheet:
The following amounts were reported on the December 31, 2019, balance sheet: Cash Accounts receivable Common stock Wages payable Retained earnings Land Accounts payable Bonds payable Merchandise inventory Buildings and equipment, net of accumulated depreciation $ 30,000 82,500 150,000 18,750 300,000 75,000 22,650 440, 760 69,660 675,000 Required: a. Calculate working capital at December 31, 2019. b. Calculate the current ratio at December 31, 2019. (Round your answer...
HELP! Use the following information from the balance sheet of
Raineer Plumbing to determine the missing amounts.
Use the following information from the balance sheet of Raineer Plumbing to determine the missing amounts. Cash and cash equivalents Retained earnings Inventory Common stock Total current assets $ 58,000 ? ? 170,000 325,000 Accounts payable Accounts receivable Notes payable (due in 2 years) Property, plant and equipment (net) Total assets $ 50,000 138,000 68,000 ? 580,000 Inventory Property, plant, and equipment (net)...
Calculate liquidity measures The following amounts were reported on the Decem- ber 31, 2016, balance sheet: Mini-Exercise 11.1 Cash $16,000 Accounts receivable 44,000 Common stock 80,000 Wages payable 10,000 Retained earnings 160,000 Land 40,000 Accounts payable 30,000 240,000 Bonds payable. 60,000 Merchandise inventory 360,000 Buildings and equipment, net of accumulated depreciation... Required: Calculate working capital at December 31, 2016. b. Calculate the current ratio at December 31, 2016. Calculate the acid-test ratio at December 31, 2016 а. с.
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