Homework Answers
Amount of current assets on the classified balance sheet =
Accounts Receivable = $9350
Cash = $23490
Inventory = $31200
Total current assets = $64040
Therefore, the correct answer is option 1st, $64040.
Note -
1. Accounts payable, notes payable and wages payable are current liabilities.
2. Common stock and retained earnings are part of equity section.
3. Equipment is fixed asset.
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Willette Company reported the following information at December
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What is the amount of current assets on the classified balance
sheet?
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rawlco
Accounts Payable $4,760 585 Accounts Receivable Cash 2,810 Common Stock 400 Equipment Intangible Assets Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Short-Term Investments 3,820 3,100 1,360 1,910 1,520 595 4,390 710 Assume that the following events occurred in the following quarter, which ended December 31, 2016. Dollars are in millions. a. Paid $1,250 cash for additional intangible assets. b. Issued additional shares of commoş stock for $10,500 in cash. c. Purchased equipment; paid $4,500'in cash...
Willette Company reported the following information at December
31, Year 1:
What is the amount of current assets on the classified balance
sheet?
Knowledge Check 01 Willette Company reported the following information at December 31, Year 1: Accounts Payable Accounts Receivable Cash Common Stock Equipment Inventory Notes Payable due December 31, Year 3 Retained Earnings, December 31, Year 1 Salaries and Wages Payable $ 4,500 9,350 23,490 90,000 49,500 31,200 2,500 14,090 2,450 What is the amount of current assets...
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Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable Wages payable Income taxes payable Notes payable (long-term) Common shares Retained earnings June 30 2020 2019 $ 92,160 $ 47,000 102,000 75,600 80,220 116,220 6,540 6,300 162,000 150,000 34,800 18,000 32,400 39,600 9,600 20,400 2,940 4,380 54,000 90,000 282,000 222,000 27,180 740 $792,000 480,000 $312,000 Western Environmental Inc. Income Statement For Year Ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense $...
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rawlco
Accounts Payable $4,760 585 Accounts Receivable Cash 2,810 Common Stock 400 Equipment Intangible Assets Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Short-Term Investments 3,820 3,100 1,360 1,910 1,520 595 4,390 710 Assume that the following events occurred in the following quarter, which ended December 31, 2016. Dollars are in millions. a. Paid $1,250 cash for additional intangible assets. b. Issued additional shares of commoş stock for $10,500 in cash. c. Purchased equipment; paid $4,500'in cash...
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