Balance Sheet 2019 2020 2021 Asset Current Asset Cash ? ? ? Accounts Receivable 120000 100000...
| Balance Sheet | |||
| 2019 | 2020 | 2021 | |
| Asset | |||
| Current Asset | |||
| Cash | ? | ? | ? |
| Accounts Receivable | 120000 | 100000 | 150000 |
| Prepaid Expenses | 8000 | 5000 | 2000 |
| Future Tax Asset | ? | ? | ? |
| Long-term Asset | |||
| ? | |||
| Total Assets | |||
| Liabilities | |||
| Current Liabilities | |||
| Accounts Payable | 100000 | 80000 | 90000 |
| Unearned Revenue | 10000 | 8000 | 12000 |
| Future Tax Liabilities | ? | ? | ? |
| Long-term Liabilities | |||
| ? | |||
| Total Liability | |||
| Shareholders' Equity | |||
| Retained Earnings | ? | ? | ? |
| Common Equity | 200000 | 200000 | 200000 |
| Total Shareholders' Equity | |||
| Total Liability and Equity | |||
Company A started at the beginning of 2019.
They entered into a lease with Jan 1st as both inception and
commencement date
The Lease term is as below
- 5 yr non-cancellable
- 5% interest rate
- equal payment of $22916.51 at the end of each year
- $1,000 bargaining purchase option at the end of lease term
The useful life of this asset is 6 years with 0 residual value
Tax rate 25%, 30% and 35% each of the year
Earnings before interest, amortization and taxes for each
year
2019
2020
2021
Required:
a) Prepare an amortization table for the lease
b) Record all related Journal entries
c) Complete the balance sheet
d) If instead of lease, company A pays $6,000/year rental to use
the same equipment
what impact would this make?
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Balance Sheet
2019
2020
2021
Asset
Current Asset
Cash
?
?
?
Accounts Receivable
120000
100000...
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid...
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,400,000; prepaid expenses, $460,000; long-term assets, $3,400,000; and shareholders’ equity, $3,500,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.4. Required: Determine the following 2021 amounts and ratios Current Liabilities? Long-term Liabilities? Accounts Receivable? The acid-test ratio?
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid...
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,370,000; prepaid expenses, $430,000; long-term assets, $3,100,000; and shareholders’ equity, $3,200,000. The current ratio at the end of the year was 3.0 and the debt to equity ratio was 1.6. Required: Determine the following 2021 amounts and ratios: 1) Current Liabilities 2) Long-term Liabilities 3) Accounts Receivables 4) The Acid Test Ratio
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid...
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,310,000; prepaid expenses, $370,000; long-term assets, $2,500,000; and shareholders’ equity, $2,600,000. The current ratio at the end of the year was 3.0 and the debt to equity ratio was 1.9. Required: Determine the current liabilities, long-term liabilities, and the acid-test ratio 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.)
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid...
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,460,000; prepaid expenses, $520,000; long-term assets, $2,500,000; and shareholders’ equity, $2,600,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.5. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) current liabilities? Long term liabilities? Accounts Receivable?...
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid...
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,430,000; prepaid expenses, $490,000; long-term assets, $3,700,000; and shareholders’ equity, $3,800,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.5. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. current liabilities 2. Long-term Liabilities 3....
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid...
The current asset section of Guardian Consultant’s balance sheet
consists of cash, accounts receivable, and prepaid expenses. The
2021 balance sheet reported the following: cash, $1,320,000;
prepaid expenses, $380,000; long-term assets, $2,600,000; and
shareholders’ equity, $2,700,000. The current ratio at the end of
the year was 2.5 and the debt to equity ratio was 1.5.
Required:
Determine the following 2021 amounts and ratios: (Round
your "The acid-test ratio" answer to 1 decimal place.)
1. Current liabilities 2. Long-term liabilities 3....
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid...
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,350,000; prepaid expenses, $410,000; long-term assets, $2,900,000; and shareholders' equity, $3,000,000. The current ratio at the end of the year was 2.6 and the debt to equity ratio was 1.7. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3....
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid...
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,470,000; prepaid expenses, $530,000; long-term assets, $2,600,000; and shareholders' equity, $2,700,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.5. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3....
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid...
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1.410,000: prepaid expenses. $470.000, long term assets, $3,500,000; and shareholders' equity, $3,600,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.5. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities...
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid...
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,470,000; prepaid expenses, $530,000; long-term assets, $2,600,000; and shareholders' equity, $2,700,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.5. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3....
The current asset section of Guardian Consultant’s balance sheet
consists of cash, accounts receivable, and prepaid expenses. The
2021 balance sheet reported the following: cash, $1,320,000;
prepaid expenses, $380,000; long-term assets, $2,600,000; and
shareholders’ equity, $2,700,000. The current ratio at the end of
the year was 2.5 and the debt to equity ratio was 1.5.
Required:
Determine the following 2021 amounts and ratios: (Round
your "The acid-test ratio" answer to 1 decimal place.)
1. Current liabilities 2. Long-term liabilities 3....
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,350,000; prepaid expenses, $410,000; long-term assets, $2,900,000; and shareholders' equity, $3,000,000. The current ratio at the end of the year was 2.6 and the debt to equity ratio was 1.7. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3....
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,470,000; prepaid expenses, $530,000; long-term assets, $2,600,000; and shareholders' equity, $2,700,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.5. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3....
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1.410,000: prepaid expenses. $470.000, long term assets, $3,500,000; and shareholders' equity, $3,600,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.5. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities...
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,470,000; prepaid expenses, $530,000; long-term assets, $2,600,000; and shareholders' equity, $2,700,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.5. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3....
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