Homework Answers
The cardinal rule of accounting or the cardinal equation of accounting is:-
Assets=Liabilties+Shareholers equity
This equation holders true or else the balance sheet is wrongly prepared, thus the answer is:-
b) Assets must equal liabilities plus shareholders equity
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QUESTIONS A cardinal rule of financial accounting is the balance sheet identity. This states that... Current...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 660,000 545,000 2,420,000 230,000 $3,855,000 $ 460,000 695,000 2,700,000 $3,855,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $165,000; accounts receivable (net). $215,000; inventory $240,000; and prepaid insurance, $40,000, b. Investments: Investment in equity securities, short term,...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 640,000 530,000 2,280,000 220,000 $3,670,000 $ 440.000 830,000 2,400,000 $3,670,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $160,000; accounts receivable (net). $210,000; inventory, $235,000; and prepaid insurance, $35,000 b. Investments: investment in equity securities, short term,...
Comparative Balance Sheet Ending Beginning Balance Balance Assets Current assets: $ 52 $ 51 Cash and...
Comparative Balance Sheet Ending Beginning Balance Balance Assets Current assets: $ 52 $ 51 Cash and cash equivalents Accounts receivable 84 83 63 61 Inventory 198 196 Total current assets Property, plant, and equipment 702 560 261 294 Less accumulated depreciation 266 441 Net property, plant, and equipment $639 $462 Total assets Liabilities and stockholders' equity: Current liabilities: $ 58 Accounts payable $62 Accrued liabilities 35 34 Income taxes payable 63 67 163 Total current liabilities 156 71 65 Bonds...
Marbry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Beginning Balance Balance...
Marbry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Beginning Balance Balance $ 60 48 80 188 540 276 264 $ 452 $ 44 63 63 170 530 263 267 $437 Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable...
2. Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000...
2.
Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000 $26,300 Accounts receivable 19,000 22,000 62,000 59,000 Inventory Prepaid expenses 12,400 10,200 126,400 117,500 Total current assets Property, plant, and equipment 398,000 378,000 199,000 170,100 207,900 Less accumulated depreciation 199,000 Net property, plant, and equipment $325,400 $325,400 Total assets Liabilities and stockholders' equity: Current liabilities: $ 16,200 Accounts payable $11,000 Accrued liabilities 54,000 58,000 Income taxes payable 72,000 74,000 Total current liabilities 142,200 143,000...
Marbry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Beginning Balance Balance...
Marbry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Beginning Balance Balance $ 42 49 62 153 470 262 Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable $ 35 54 54 143 440 254 186 208 $361 $329 $...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 604,000 503,000 2,028,000 202,000 $3,337,000 $ 404,000 1,073,000 1,860,000 $3,337,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $151,000; accounts receivable (net), $201,000; inventory, $226,000; and prepaid insurance, $26,000. b. Investments: investment in equity securities, short term,...
Prepare a classified balance sheet ignoring monetary amounts. We were unable to transcribe this imageLess: Accumulated...
Prepare a classified balance sheet ignoring monetary
amounts.
We were unable to transcribe this imageLess: Accumulated depreciation-equipment Net property, plant, and equipment Intangible assets Copyright Patent Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities Notes payable Wages payable Accounts payable Rent payable Taxes payable Total current liabilities Long-term liabilities Bonds payable Notes payable Total current liabilities Shareholders' equity Preferred stock Common stock Retained earnings Total liabilities and shareholders' equity Name of Company Balance Sheet At [date] Assets...
Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current...
Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 42,000 $ 31,000 Accounts receivable 22,000 18,000 Inventory 66,000 70,000 Total current assets 130,000 119,000 Property, plant, and equipment 401,000 377,000 Less accumulated depreciation 207,000 177,000 Net property, plant, and equipment 194,000 200,000 Total assets $ 324,000 $ 319,000 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 15,000 $ 17,000 Accrued liabilities 45,000 38,000 Income taxes payable...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant....
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. $ LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 48,000 92,000 59,000 124,000 34,000 357,000 $ $ 58,000 9,000 63,000 114,000 113,000 357,000...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 660,000 545,000 2,420,000 230,000 $3,855,000 $ 460,000 695,000 2,700,000 $3,855,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $165,000; accounts receivable (net). $215,000; inventory $240,000; and prepaid insurance, $40,000, b. Investments: Investment in equity securities, short term,...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 640,000 530,000 2,280,000 220,000 $3,670,000 $ 440.000 830,000 2,400,000 $3,670,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $160,000; accounts receivable (net). $210,000; inventory, $235,000; and prepaid insurance, $35,000 b. Investments: investment in equity securities, short term,...
Comparative Balance Sheet Ending Beginning Balance Balance Assets Current assets: $ 52 $ 51 Cash and cash equivalents Accounts receivable 84 83 63 61 Inventory 198 196 Total current assets Property, plant, and equipment 702 560 261 294 Less accumulated depreciation 266 441 Net property, plant, and equipment $639 $462 Total assets Liabilities and stockholders' equity: Current liabilities: $ 58 Accounts payable $62 Accrued liabilities 35 34 Income taxes payable 63 67 163 Total current liabilities 156 71 65 Bonds...
Marbry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Beginning Balance Balance $ 60 48 80 188 540 276 264 $ 452 $ 44 63 63 170 530 263 267 $437 Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable...
2.
Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000 $26,300 Accounts receivable 19,000 22,000 62,000 59,000 Inventory Prepaid expenses 12,400 10,200 126,400 117,500 Total current assets Property, plant, and equipment 398,000 378,000 199,000 170,100 207,900 Less accumulated depreciation 199,000 Net property, plant, and equipment $325,400 $325,400 Total assets Liabilities and stockholders' equity: Current liabilities: $ 16,200 Accounts payable $11,000 Accrued liabilities 54,000 58,000 Income taxes payable 72,000 74,000 Total current liabilities 142,200 143,000...
Marbry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Beginning Balance Balance $ 42 49 62 153 470 262 Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable $ 35 54 54 143 440 254 186 208 $361 $329 $...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 604,000 503,000 2,028,000 202,000 $3,337,000 $ 404,000 1,073,000 1,860,000 $3,337,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $151,000; accounts receivable (net), $201,000; inventory, $226,000; and prepaid insurance, $26,000. b. Investments: investment in equity securities, short term,...
Prepare a classified balance sheet ignoring monetary
amounts.
We were unable to transcribe this imageLess: Accumulated depreciation-equipment Net property, plant, and equipment Intangible assets Copyright Patent Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities Notes payable Wages payable Accounts payable Rent payable Taxes payable Total current liabilities Long-term liabilities Bonds payable Notes payable Total current liabilities Shareholders' equity Preferred stock Common stock Retained earnings Total liabilities and shareholders' equity Name of Company Balance Sheet At [date] Assets...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. $ LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 48,000 92,000 59,000 124,000 34,000 357,000 $ $ 58,000 9,000 63,000 114,000 113,000 357,000...
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