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TRANSACTION Suppose on February 1, 2014 Bikram Yoga Natick collects $17 from a walk-in customer. ACCOUNTS...
Financial Accounting: 2.1.5 Journal Entries and the Equation Suppose on January 1, 2014 Cardullo's purchases a...
Financial Accounting: 2.1.5 Journal Entries and the Equation Suppose on January 1, 2014 Cardullo's purchases a new cash register for the shop and pays $800. ACCOUNTS CASH INVENTORY REVENUE ACCOUNTS RECEIVABLE PROPERTY, PLANT, & EQUIPMENT ASSETS = LIABILITIES + OWNERS' EQUITY $0 $0 = Attempts left: 2 SAVE SUBMIT Question 1 of 2
A company collects cash from a customer to settle an account receivable. What effect does this...
A company collects cash from a customer to settle an account
receivable. What effect does this transaction have on the company's
total assets and total shareholders' equity?
No
effect
Increase
No
effect
No effect
Increase
Increase
Data Table 2014 2013 2012 ASSETS Current Assets Cash $ $ Accounts receivable Inventory Other current...
Data Table 2014 2013 2012 ASSETS Current Assets Cash $ $ Accounts receivable Inventory Other current assets Barron Pizza, Inc. Balance Sheet as of December 31, 2012, 2013, and 2014 ($ in thousands) 2014 2013 2012 LIABILITIES Current liabilities 7,010 $ 9,387 $ 17,662 Accounts payable 26,604 $ $ 25,881 Short-term debt 16,394 $ 12,595 Total current liabilities 11,504 $ 10,814 Long-term debt 62,401 $ 57,485 $ 65,181 Other liabilities 19,125 $ $ 20,977 Total liabilities OWNERS' EQUITY 203,828 $...
Balance Sheet as of December 31, 2012, 2013, and 2014 (in thousands) 2014 2013 2012 LIABILITIES...
Balance Sheet as of December 31, 2012, 2013, and 2014 (in thousands) 2014 2013 2012 LIABILITIES ASSETS Current Assets Cash 2014 2013 2012 S 9,456 $ S Accounts receivable $ 7,097 $ 26,694 $ $ $ $ Inventory Other current assets $ 2331 s 80,952 $ 60.905 $ $ $ $ 16,375 $ 10,975 S 57,369 $ $ 11,433 $ 74,365 S 66 231 $ 266 74,794 5 $ 185,000 28,804 S 20,183 243,626 $ $ Total current assets $...
I. Accounts from the unadjusted Test Company's trial balance of 12/31/17 are below: Accounts Payable $...
I. Accounts from the unadjusted Test Company's trial balance of 12/31/17 are below: Accounts Payable $ 160,000 Accounts Receivable 130,000 Accumulated Depreciation Equipment 200,000 Advertising Expense 20,000 Cash 150,000 Common Stock 220,000 Equipment 870,000 Prepaid Insurance 30,000 9. Interest Expense 10,000 10. Inventory 300,000 11. Notes Payable (due 6/1/18) 200,000 12. Notes Payable (due 6/1/22) 300,000 13. Prepaid Rent 240,000 14. Retained Earnings 418,000 15. Salaries and Wages Expense 328,000 16. Sales Revenue 500,000 17. Unearned Sales Revenue 80,000 (All...
Use the data from below. For the most recent year (2014) calculate the following ratios. Current...
Use the data from below. For the most recent year (2014)
calculate the following ratios.
Current ratio
Inventory turnover
Rate of return on total assets
Accounts receivable turnover (assume all sales are on
account)
Debt ratio.
Data:
Additional information:
There were no write-offs of delinquent accounts during the
year.
A building was sold during the year for $120.
P.S: Explain calculations too please!
Nroklesah Company Comparative Balance Sheets and Income Statement For the Years 2013 and 2014 BALANCE SHEETS Assets...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
At December 31 2015 2014 2013 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable,...
At December 31 2015 2014 2013 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise Inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250...
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data fo...
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data for 2015 Lucas Corporation Balance Sheet December 31, 20X1 and 2014 2015 2014 Liabilities Assets 2015 2014 Current Current: Cash and equivalents.... $19,000 3,000 Accounts payable Accrued liabilities..... $ 35,000 $ 26,000 Accounts receivable...... 22,000 23,000 7,000 10,000 9,000 Inventories.... Income tax payable.... 34,000 31,000 10,000 Prepaid expenses.. Total current assets.... 45,000 1,000 Total current liabilities 52,000 3.000 44,000 76,000 60,000 Long-term note payable... 10,000...
United Corporation began operations on February 1, 2014, and showed the following account balances at February...
United Corporation began operations on February 1, 2014, and showed the following account balances at February 28. Cash: $28,500; Accounts Receivable: $4,300; Prepaid Insurance: $1,000; Prepaid Rent: $1,300; Equipment: $4,800; Accounts Payable: $1,500; Share Capital: $25,500; Rent Earned: $15,000; Utilities Expense: $2,100. The following transactions occurred during March. a. March 1 : Kevin Smith (a shareholder), received share capital in United Corporation, after investing $35,000 cash into the business. b. March 2: United Corporation rented machinery to a customer on...
Financial Accounting: 2.1.5 Journal Entries and the Equation Suppose on January 1, 2014 Cardullo's purchases a new cash register for the shop and pays $800. ACCOUNTS CASH INVENTORY REVENUE ACCOUNTS RECEIVABLE PROPERTY, PLANT, & EQUIPMENT ASSETS = LIABILITIES + OWNERS' EQUITY $0 $0 = Attempts left: 2 SAVE SUBMIT Question 1 of 2
A company collects cash from a customer to settle an account
receivable. What effect does this transaction have on the company's
total assets and total shareholders' equity?
No
effect
Increase
No
effect
No effect
Increase
Increase
Data Table 2014 2013 2012 ASSETS Current Assets Cash $ $ Accounts receivable Inventory Other current assets Barron Pizza, Inc. Balance Sheet as of December 31, 2012, 2013, and 2014 ($ in thousands) 2014 2013 2012 LIABILITIES Current liabilities 7,010 $ 9,387 $ 17,662 Accounts payable 26,604 $ $ 25,881 Short-term debt 16,394 $ 12,595 Total current liabilities 11,504 $ 10,814 Long-term debt 62,401 $ 57,485 $ 65,181 Other liabilities 19,125 $ $ 20,977 Total liabilities OWNERS' EQUITY 203,828 $...
Balance Sheet as of December 31, 2012, 2013, and 2014 (in thousands) 2014 2013 2012 LIABILITIES ASSETS Current Assets Cash 2014 2013 2012 S 9,456 $ S Accounts receivable $ 7,097 $ 26,694 $ $ $ $ Inventory Other current assets $ 2331 s 80,952 $ 60.905 $ $ $ $ 16,375 $ 10,975 S 57,369 $ $ 11,433 $ 74,365 S 66 231 $ 266 74,794 5 $ 185,000 28,804 S 20,183 243,626 $ $ Total current assets $...
I. Accounts from the unadjusted Test Company's trial balance of 12/31/17 are below: Accounts Payable $ 160,000 Accounts Receivable 130,000 Accumulated Depreciation Equipment 200,000 Advertising Expense 20,000 Cash 150,000 Common Stock 220,000 Equipment 870,000 Prepaid Insurance 30,000 9. Interest Expense 10,000 10. Inventory 300,000 11. Notes Payable (due 6/1/18) 200,000 12. Notes Payable (due 6/1/22) 300,000 13. Prepaid Rent 240,000 14. Retained Earnings 418,000 15. Salaries and Wages Expense 328,000 16. Sales Revenue 500,000 17. Unearned Sales Revenue 80,000 (All...
Use the data from below. For the most recent year (2014)
calculate the following ratios.
Current ratio
Inventory turnover
Rate of return on total assets
Accounts receivable turnover (assume all sales are on
account)
Debt ratio.
Data:
Additional information:
There were no write-offs of delinquent accounts during the
year.
A building was sold during the year for $120.
P.S: Explain calculations too please!
Nroklesah Company Comparative Balance Sheets and Income Statement For the Years 2013 and 2014 BALANCE SHEETS Assets...
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data for 2015 Lucas Corporation Balance Sheet December 31, 20X1 and 2014 2015 2014 Liabilities Assets 2015 2014 Current Current: Cash and equivalents.... $19,000 3,000 Accounts payable Accrued liabilities..... $ 35,000 $ 26,000 Accounts receivable...... 22,000 23,000 7,000 10,000 9,000 Inventories.... Income tax payable.... 34,000 31,000 10,000 Prepaid expenses.. Total current assets.... 45,000 1,000 Total current liabilities 52,000 3.000 44,000 76,000 60,000 Long-term note payable... 10,000...
United Corporation began operations on February 1, 2014, and showed the following account balances at February 28. Cash: $28,500; Accounts Receivable: $4,300; Prepaid Insurance: $1,000; Prepaid Rent: $1,300; Equipment: $4,800; Accounts Payable: $1,500; Share Capital: $25,500; Rent Earned: $15,000; Utilities Expense: $2,100. The following transactions occurred during March. a. March 1 : Kevin Smith (a shareholder), received share capital in United Corporation, after investing $35,000 cash into the business. b. March 2: United Corporation rented machinery to a customer on...
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