2 Which of the following statements is FALSE? A. When a company reduces the accounts payable...
2 Which of the following statements is FALSE? A. When a company reduces the accounts payable balance, that is a source of cash B. When a company increases the inventory balance, that is a use of cash C. When a company reduces the long-term debt balance, that is a use of cash D. When a company increases the short-term borrowings balance, that is a source of cash E. When a company issues stock and increases the Paid-In Capital balance, that is a source of cash
Homework Answers
The false statement is:-
A. When a company reduces the accounts payable balance, that is a source of cash
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2 Which of the following statements is FALSE? A. When a company
reduces the accounts payable...
A firm has the following balance sheet: Assets Liabilities and Equity Cash 20,000 Accounts payable 20,000...
A firm has the following balance sheet: Assets Liabilities and Equity Cash 20,000 Accounts payable 20,000 Accounts receivable 163,000 Long-term debt 117,000 Inventory 75,000 Common stock ($10 par 30,000 3,000 shares outstanding) Plant and equipment 210,000 Additional paid-in capital 158,000 Retained earnings 143,000 $468,000 $468,000 a. Construct a new balance sheet showing the impact of a three-for-one split. If the current market price of the stock is $53, what is the price after the split Round the par value and...
A firm has the following balance sheet: Assets Liabilities and Equity Cash $ 20,000 Accounts payable...
A firm has the following balance sheet: Assets Liabilities and Equity Cash $ 20,000 Accounts payable 20,000 Acctunts receivable 163,000 Long-term debt Common stock ($10 par 117,000 Inventory 75,000 30,000 3.000 sharea outstanding) Additonal paid-in capital Retaned eamings Plant and equipment 210,000 158,000 143.000 $460,000 $468,000 a. Construct a new balanoe sheet showing the impact of a three for-ane splt. f the ourrent market price of the stock is $53, what the price after the split? Round the par value...
2) The Monk Company reports the following accounts and balances on December 31, 2015. Accounts Payable $14,400 8,00...
2) The Monk Company reports the following accounts and balances on December 31, 2015. Accounts Payable $14,400 8,000 26,000 80,000 56,000 Long-term Note Payable 70,000 Merchandise Inventory 28,800 Accounts Receivable Cash Equipment Land Paid-in Capital Retained Earnings 14,400 Required: Prepare a balance sheet at December 31, 2015 I
The following items were taken from the financial statements of Bridgeport Company. (All amounts are in...
The following items were taken from the financial statements of Bridgeport Company. (All amounts are in thousands.) Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2020) Cash $900 Accumulated depreciation equipment $5,600 970 Accounts payable 1,200 11.100 Notes payable (due after 2020) 400 200 Common stock 11,470 3,700 Retained earnings 2.000 400 Accounts receivable 1,400 2,700 Inventory 1,900 Prepare a classified balance sheet in good form as of December 31, 2019. (Enter amounts...
The following items were taken from the financial statements of Bridgeport Company. (All amounts are in...
The following items were taken from the financial statements of Bridgeport Company. (All amounts are in thousands.) $1,000 $6,000 810 1,600 300 11,500 Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2023) Cash 400 Accumulated depreciation-equipment Accounts payable Notes payable (due after 2023) Common stock Retained earnings Accounts receivable Inventory 9,410 3,900 500 3,800 1,800 1,200 3,000 Prepare a classified balance sheet in good form as of December 31, 2022. (Enter amounts in...
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term...
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings Interest Income 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 Prepare a balance sheet. The following items were taken from the accounting records of a company. Accounts Payable...
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable...
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable 3,200 Accrued liabilities payable 3,600 Notes payable (current) 26,000 Notes payable (noncurrent) 2,600 Common stock 50,000 Additional paid-in capital 97,000 Retained earnings 4,400 $21,000 2,600 7,300 41,000 9,500 85,500 39,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,400 cash. b. Lent $5,700 to a supplier who signed a two-year note. c. Purchased equipment that cost...
than you for the help! i will thumbs up! 2. Which of the following is false...
than you for the help! i will thumbs up!
2. Which of the following is false regarding receivables? a) They usually represent one of a company's most liquid assets. b) They are amounts owed by a company to their customers c) They can be one of the larges assets for a company d) They are generally classified as a current asset 3. When a company makes a sale on account a) Accounts Receivable Increases and Cash Increases b) Accounts Receivable...
Accounts Payable Accounts Receivable $116 27 Cash 134 Common Stock 24 Equipment Inventory Notes Payable (long-term)...
Accounts Payable Accounts Receivable $116 27 Cash 134 Common Stock 24 Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable 360 170 220 26 377 37 Software 60 Assume that the following events occurred in the following quarter. a. Paid $55 cash for additional inventory b. Issued additional shares of common stock for $20 in cash. c. Purchased equipment for $260; paid $125 in cash and signed a note to pay the remaining...
The following items were taken from the financial statements Wyatt Company. (All dollars are in thousands.)...
The following items were taken from the financial statements Wyatt Company. (All dollars are in thousands.) Long-term debt $ 1,950 Accumulated depreciation $ 5,600 Prepaid insurance 900 Accounts payable 2,444 Equipment 14,300 Notes payable after 2016 1,024 Long-term investments 464 Common stock 10,000 Short-term investments 3,490 Retained earnings 5,800 Notes payable in 2016 474 Accounts receivable 1,734 Cash 4,648 Inventory 1,456 Patents 600 2015 net income was 1,000 and dividends paid were $700. Instructions Prepare a classified balance sheet in...
A firm has the following balance sheet: Assets Liabilities and Equity Cash 20,000 Accounts payable 20,000 Accounts receivable 163,000 Long-term debt 117,000 Inventory 75,000 Common stock ($10 par 30,000 3,000 shares outstanding) Plant and equipment 210,000 Additional paid-in capital 158,000 Retained earnings 143,000 $468,000 $468,000 a. Construct a new balance sheet showing the impact of a three-for-one split. If the current market price of the stock is $53, what is the price after the split Round the par value and...
A firm has the following balance sheet: Assets Liabilities and Equity Cash $ 20,000 Accounts payable 20,000 Acctunts receivable 163,000 Long-term debt Common stock ($10 par 117,000 Inventory 75,000 30,000 3.000 sharea outstanding) Additonal paid-in capital Retaned eamings Plant and equipment 210,000 158,000 143.000 $460,000 $468,000 a. Construct a new balanoe sheet showing the impact of a three for-ane splt. f the ourrent market price of the stock is $53, what the price after the split? Round the par value...
2) The Monk Company reports the following accounts and balances on December 31, 2015. Accounts Payable $14,400 8,000 26,000 80,000 56,000 Long-term Note Payable 70,000 Merchandise Inventory 28,800 Accounts Receivable Cash Equipment Land Paid-in Capital Retained Earnings 14,400 Required: Prepare a balance sheet at December 31, 2015 I
The following items were taken from the financial statements of Bridgeport Company. (All amounts are in thousands.) Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2020) Cash $900 Accumulated depreciation equipment $5,600 970 Accounts payable 1,200 11.100 Notes payable (due after 2020) 400 200 Common stock 11,470 3,700 Retained earnings 2.000 400 Accounts receivable 1,400 2,700 Inventory 1,900 Prepare a classified balance sheet in good form as of December 31, 2019. (Enter amounts...
The following items were taken from the financial statements of Bridgeport Company. (All amounts are in thousands.) $1,000 $6,000 810 1,600 300 11,500 Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2023) Cash 400 Accumulated depreciation-equipment Accounts payable Notes payable (due after 2023) Common stock Retained earnings Accounts receivable Inventory 9,410 3,900 500 3,800 1,800 1,200 3,000 Prepare a classified balance sheet in good form as of December 31, 2022. (Enter amounts in...
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings Interest Income 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 Prepare a balance sheet. The following items were taken from the accounting records of a company. Accounts Payable...
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable 3,200 Accrued liabilities payable 3,600 Notes payable (current) 26,000 Notes payable (noncurrent) 2,600 Common stock 50,000 Additional paid-in capital 97,000 Retained earnings 4,400 $21,000 2,600 7,300 41,000 9,500 85,500 39,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,400 cash. b. Lent $5,700 to a supplier who signed a two-year note. c. Purchased equipment that cost...
than you for the help! i will thumbs up!
2. Which of the following is false regarding receivables? a) They usually represent one of a company's most liquid assets. b) They are amounts owed by a company to their customers c) They can be one of the larges assets for a company d) They are generally classified as a current asset 3. When a company makes a sale on account a) Accounts Receivable Increases and Cash Increases b) Accounts Receivable...
Accounts Payable Accounts Receivable $116 27 Cash 134 Common Stock 24 Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable 360 170 220 26 377 37 Software 60 Assume that the following events occurred in the following quarter. a. Paid $55 cash for additional inventory b. Issued additional shares of common stock for $20 in cash. c. Purchased equipment for $260; paid $125 in cash and signed a note to pay the remaining...
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