Homework Answers
| 12/31/12 | Cash | 55000 | |
| Allowance for doubtful accounts | 1000 | ||
| Accumulated depreciation-equipment | 5500 | ||
| Loss on realization | 19000 | ||
| Accounts receivable | 25000 | ||
| Inventory | 34500 | ||
| Equipment | 21000 | ||
| (To record realization of non-cash assets) |
Add Answer to:
The entry for the realization of noncash assets?
Y T AA AB AC 2 current liabilities...
1. River Song sells the noncash assets 1. A total of $55,000 was received from converting...
1. River Song sells the noncash assets
1. A total of $55,000 was received from
converting nonCash assets into Cash.
(accounts receivable, inventory, and equipment)
for $55,000. The book value of these assets is $74,000
($25,000 - $1,000 + $34,500 + $21,000 - $5,500).
Thus, River Song realizes a Loss of $19,000 on the sale.
The entry is above:
NonCash Assets (net).................... $74,000
Sale Proceeds ................................. 55,000
Loss on Sale of nonCash Assets...... $19,000
2. Gain or Loss on realization...
5. Cash was paid to the partners with credit balances. River Song records the distribution of...
5. Cash was paid to the partners with credit
balances.
River Song records the distribution of cash as follows.
12/31/12
A. Mangold Capital
301
S. Otis Capital
301
Cash
101
(to record distribution of cash to partners)
(b) Post to the cash and capital accounts.
Cash
101
date
Explanation
ref
Debit
Credit
Balance
12/31/12
beginning balance
12/31/12
J1
12/31/12
J1
12/31/12
J1
12/31/12
J1
RIVER SONG COMPANY Balance Sheet May 31, 2012 Assets Liabilities and Owners' Equity Cash $ 27,500...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash . . . . . . ....
Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Accounts payable . . . . . . . . . . . . . . . . . . . . . 36 Accounts receivable . . . . . . . . . . . . . . ....
Balance Sheet Assets Current Assets Cash Accounts receivable Inventories Total current assets Liabilities Current Liabilities $47...
Balance Sheet Assets Current Assets Cash Accounts receivable Inventories Total current assets Liabilities Current Liabilities $47 Accounts payable 23 Total current liabilities $40 40 86 Long-Term Liabilities Long-Term Assets Net property, plant, and equipment Total long-term assets 170 164 Long-term debt Total long-term 164 liabilities 170 Total Assets 250 210 Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity 250 The balance sheet for a small firm is shown above. All amounts are in thousands of dollars What is this...
Assets $ Liabilities $ Current Assets Current Liabilities Cash 12,000 Accounts payable 28,500 Cash at bank...
Assets $ Liabilities $ Current Assets Current Liabilities Cash 12,000 Accounts payable 28,500 Cash at bank 7,000 Wages payable 7,000 Accounts receivable 35,000 Taxes payable 12,000 Inventory 30,500 Interest payable 15,000 Prepayments 3,300 Total current assets 87,800 Total current liabilities 62,500 Investments 25,000 Long-Term Liabilities Bank loan 335,000 Notes payable 15,000 Long-term liabilities 350,000 Property, Plant, and Equipment Total Liabilities 412,800 Land and building 156,000 Equipment 1,85,000 Less: Depreciation (63,000) 278,000 Stockholders’ Equity Intangible Assets Common stock 100,000 Goodwill 120,000...
Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet...
Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $29,900 Notes payable $13,500 24,000 Accounts payable 27,500 (1,400) Salaries and wages payable 3,900 34,100 A. Jamison, capital 32.500 20,200 S. Moyer, capital 20,950 (5,900 P. Roper, capital 2,550 $100,900 $100,900 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. 2. 3. 4. A...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
The current assets and current liabilities sections of the balance sheet of Sheffield Company appear as...
The current assets and current liabilities sections of the
balance sheet of Sheffield Company appear as follows.
The current assets and current liabilities sections of the balance sheet of Shetfield Company appear as fcllows. LD COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash 43,100 Accounts payable 63,430 Accounts receivable $91,400 Nates payable Less: Allowance for doubtful accounts 9,290 3,110 155,030 9,460 5300,700 $126,940 Prepaid expenses The following errors in tha corporation's accounting have been discovered: 1. January 2018 cash disbursements...
Net income is $522,000 Please create a statement of cash flow 2020 2019 Assets Current Assets...
Net income is $522,000
Please create a statement of cash flow
2020 2019 Assets Current Assets Cash Accounts receivable Inventory Prepaid expenses 285,000 334,000 306,000 55,000 980,000 305,000 384,000 256,000 35,000 980,000 Total current assets $ $ Fixed (Long-Term) Assets Property, plant, and equipment (Less accumulated depreciation) Total fixed assets $ $ 650,000 (165,000) 485,000 1,465,000 $ $ 590,000 (130,000) 460,000 1,440,000 Total Assets 60,000 15,000 50,000 55,000 180,000 50,000 20,000 25,000 45,000 140,000 $ Liabilities and Owner's Equity Current...
1. River Song sells the noncash assets
1. A total of $55,000 was received from
converting nonCash assets into Cash.
(accounts receivable, inventory, and equipment)
for $55,000. The book value of these assets is $74,000
($25,000 - $1,000 + $34,500 + $21,000 - $5,500).
Thus, River Song realizes a Loss of $19,000 on the sale.
The entry is above:
NonCash Assets (net).................... $74,000
Sale Proceeds ................................. 55,000
Loss on Sale of nonCash Assets...... $19,000
2. Gain or Loss on realization...
5. Cash was paid to the partners with credit
balances.
River Song records the distribution of cash as follows.
12/31/12
A. Mangold Capital
301
S. Otis Capital
301
Cash
101
(to record distribution of cash to partners)
(b) Post to the cash and capital accounts.
Cash
101
date
Explanation
ref
Debit
Credit
Balance
12/31/12
beginning balance
12/31/12
J1
12/31/12
J1
12/31/12
J1
12/31/12
J1
RIVER SONG COMPANY Balance Sheet May 31, 2012 Assets Liabilities and Owners' Equity Cash $ 27,500...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
Balance Sheet Assets Current Assets Cash Accounts receivable Inventories Total current assets Liabilities Current Liabilities $47 Accounts payable 23 Total current liabilities $40 40 86 Long-Term Liabilities Long-Term Assets Net property, plant, and equipment Total long-term assets 170 164 Long-term debt Total long-term 164 liabilities 170 Total Assets 250 210 Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity 250 The balance sheet for a small firm is shown above. All amounts are in thousands of dollars What is this...
Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $29,900 Notes payable $13,500 24,000 Accounts payable 27,500 (1,400) Salaries and wages payable 3,900 34,100 A. Jamison, capital 32.500 20,200 S. Moyer, capital 20,950 (5,900 P. Roper, capital 2,550 $100,900 $100,900 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. 2. 3. 4. A...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
The current assets and current liabilities sections of the
balance sheet of Sheffield Company appear as follows.
The current assets and current liabilities sections of the balance sheet of Shetfield Company appear as fcllows. LD COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash 43,100 Accounts payable 63,430 Accounts receivable $91,400 Nates payable Less: Allowance for doubtful accounts 9,290 3,110 155,030 9,460 5300,700 $126,940 Prepaid expenses The following errors in tha corporation's accounting have been discovered: 1. January 2018 cash disbursements...
Net income is $522,000
Please create a statement of cash flow
2020 2019 Assets Current Assets Cash Accounts receivable Inventory Prepaid expenses 285,000 334,000 306,000 55,000 980,000 305,000 384,000 256,000 35,000 980,000 Total current assets $ $ Fixed (Long-Term) Assets Property, plant, and equipment (Less accumulated depreciation) Total fixed assets $ $ 650,000 (165,000) 485,000 1,465,000 $ $ 590,000 (130,000) 460,000 1,440,000 Total Assets 60,000 15,000 50,000 55,000 180,000 50,000 20,000 25,000 45,000 140,000 $ Liabilities and Owner's Equity Current...
Most questions answered within 3 hours.
-
Why [M(CN)6] is not organometallic even it has metal
to carbon bond too
asked 2 minutes ago -
mstar electric has a bond issue outstanding that has a 20 year
life, a $1,000 par...
asked 10 minutes ago -
This is a Business Writing Question:
Common Types of Faulty Sentence Logic:
A. Mixed constructions
B....
asked 10 minutes ago -
Skinner asserts that science, and the common view of science, has
been tarnished. Explain his evidence...
asked 13 minutes ago -
Question 3 (1 point)
Fill in the blank. Speed Car Rental company found that the tire...
asked 13 minutes ago -
An short-seller in Tesla is worried the latest management
earnings forecast is too aggressive and the...
asked 14 minutes ago -
A grocery​ store's receipts show that Sunday customer purchases
have a skewed distribution with a mean...
asked 20 minutes ago -
A 0.035 mol sample of a weak acid, HA, is dissolved in 437 mL of
water...
asked 31 minutes ago -
a sample of Ar gas has a volume of 6.30 L with an unknown
pressure. the...
asked 32 minutes ago -
The
serum cholesterol levels of a population of kids follow a normal
distribution with mean 155...
asked 52 minutes ago -
han discusses the racist practice of badlands, a bar
in the Castro
district of San Francisco,...
asked 1 hour ago -
A sample of final exam scores is normally distributed with a
mean equal to 25 and...
asked 1 hour ago