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On June 1, 2021, Bland Corporation prepared a statement of financial position just prior to going...
On June 1, 2021, Bland Corporation prepared a statement of financial position just prior to going...
On June 1, 2021, Bland Corporation prepared a statement of financial position just prior to going out of business. The totals for the three main components showed the following: Assets (no cash) Liabilities Shareholders' equity $ 113,000 72,000 41,000 Required: 1. How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following cases? (Enter any decreases to account balances with a minus sign.) Cash Received for the Assets Balances...
please explain how you got to the answer CH On June 1, 2021, Bland Corporation prepared...
please
explain how you got to the answer
CH On June 1, 2021, Bland Corporation prepared a statement of financial position just prior to going out of business. The totals for the three main components showed the following: Assets (no cash) Liabilities Shareholders' equity $ 120,000 83,000 37,000 Shortly thereafter, all of the assets were sold for cash. Required: 1. How would the statement of financial position appear immediately after the sale of the assets for cash for each of...
The bookkeeper for Whispering Winds Corp. has prepared the following statement of financial position as at...
The bookkeeper for Whispering Winds Corp. has prepared the following statement of financial position as at July 31, 2020: WHISPERING WINDS CORP. Statement of Financial Position As at July 31, 2020 Cash $77,000 Notes and accounts payable Accounts receivable (net) 50,800 Long-term liabilities Inventory 68,000 Shareholders' equity Equipment (net) 131,000 Patents (net) 41,000 $367,800 $61,000 94,000 212,800 $367,800 The following additional information is provided: 1. Cash includes $1,700 in a petty cash fund and $18,000 in a bond sinking fund....
Birtle Corporation reports the following statement of financial position information for 2014 and 2015 Birtle CORPORATION...
Birtle Corporation reports the following statement of financial position information for 2014 and 2015 Birtle CORPORATION 2014 and 2015 Statement of Financial Position Assets Liabilities and Owners' Equity 2014 2015 2014 2015 Current assets Current liabilities $ 41,060 Cash Accounts receivable Inventory $ 9,279 23,683 42,636 $11,173 25,760 46,915 Accounts payable Notes payable $43,805 16,843 16,157 57217 $ 40,000 50,000 Total $ 75,598 $ 83,848 Total $ 60,648 $ 35,000 $ 50,000 Long-term debt Owners' equity Common stock and paid-in...
Q1. (25 marks) The following statement of financial position was prepared by the bookkeeper for Badger...
Q1. (25 marks) The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Corp. Statement of Financial Position December 31, 2020 Cash$ 90,000Accounts payable$ 75,000 Accounts receivable (net)52,200Long-term liabilities110,000 Inventories57,000Shareholders’ equity208,500 Investments76,300 Equipment (net)86,000 Patents 32,000____ $393,500$393,500 The following additional information is provided: 1.“Cash” includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deducted. 2.The net accounts receivable balance includes: (a) accounts receivable—debit balances $62,000; (b)...
The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December...
The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Corp. Statement of Financial Position December 31, 2020 Cash$ 90,000Accounts payable$ 75,000 Accounts receivable (net)52,200Long-term liabilities110,000 Inventories57,000Shareholders' equity208,500 Investments76,300 Equipment (net)86,000 Patents 32,000 $393,500$393,500 The following additional information is provided: 1."Cash" includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deducted. Av The following additional information is provided: 1. "Cash" includes prepaid insurance of $9,400; as...
Birtle Corporation reports the following statement of financial position information for 2017 and 2018. Assets 2017...
Birtle Corporation reports the following statement of financial position information for 2017 and 2018. Assets 2017 2018 Current assets Cash Accounts receivable Inventory Total $ 43,805 16,843 $ 9,279 23,683 42,636 $ 75,598 BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position Liabilities and Owners' Equity 2018 2017 Current liabilities $ 11,173 Accounts payable $ 41,060 25,760 Notes payable 16, 157 46,915 $ 83, 848 Total $ 57,217 Long-term debt $ 40,000 Owners' equity Common stock and paid-in surplus $...
The statement of financial position of a business at the start of the week is as...
The statement of financial position of a business at the start of the week is as follows: £ ASSETS Property 145,000 Furniture and fittings 63,000 Inventories 28,000 Trade receivables 33,000 Total assets 269,000 EQUITY AND LIABILITIES Equity 203,000 Short-term borrowing (bank overdraft) 43,000 Trade payables 23,000 Total equity and liabilities 269,000 During the week the following transactions take place: Sold inventories for £11,000 cash; these inventories had cost £8,000. Sold inventories for £23,000 on credit; these inventories had cost £17,000....
Q2. (25 marks) The following statement of financial position was prepared by the bookkeeper for Badger...
Q2. (25 marks) The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Corp Statement of Financial Position December 31, 2020 Cash$ 90,000 Accounts payable$ 75,000 Accounts receivable (net)52,200 Long-term liabilities110,000 Inventories57,000Shareholders' equity208,500 Investments 76,300 Equipment (net)86,000 Patents 32,000 $393,500$393,500 The following additional information is provided: 1. "Cash" includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deduct 2. The net accounts receivable balance includes: (a)...
Current Attempt in Progress Use the ratios below and statement of financial position to fill in...
Current Attempt in Progress Use the ratios below and statement of financial position to fill in the missing information. (Round debt to total assets ratio to 1 place, e.g. 2.1%.) Novak Corporation had the following comparative statements of financial position: Novak Corporation Statement of Financial Position Dec. 31, 2022 Assets Dec. 31, 2021 Current assets Cash $74,000 $79,000 Trading investments 98,000 Accounts receivable Inventory Prepaid expenses 155,000 245,000 99,000 150,500 220,000 66,000 Total current assets 671,000 Property, plant, and equipment...
On June 1, 2021, Bland Corporation prepared a statement of financial position just prior to going out of business. The totals for the three main components showed the following: Assets (no cash) Liabilities Shareholders' equity $ 113,000 72,000 41,000 Required: 1. How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following cases? (Enter any decreases to account balances with a minus sign.) Cash Received for the Assets Balances...
please
explain how you got to the answer
CH On June 1, 2021, Bland Corporation prepared a statement of financial position just prior to going out of business. The totals for the three main components showed the following: Assets (no cash) Liabilities Shareholders' equity $ 120,000 83,000 37,000 Shortly thereafter, all of the assets were sold for cash. Required: 1. How would the statement of financial position appear immediately after the sale of the assets for cash for each of...
The bookkeeper for Whispering Winds Corp. has prepared the following statement of financial position as at July 31, 2020: WHISPERING WINDS CORP. Statement of Financial Position As at July 31, 2020 Cash $77,000 Notes and accounts payable Accounts receivable (net) 50,800 Long-term liabilities Inventory 68,000 Shareholders' equity Equipment (net) 131,000 Patents (net) 41,000 $367,800 $61,000 94,000 212,800 $367,800 The following additional information is provided: 1. Cash includes $1,700 in a petty cash fund and $18,000 in a bond sinking fund....
Birtle Corporation reports the following statement of financial position information for 2014 and 2015 Birtle CORPORATION 2014 and 2015 Statement of Financial Position Assets Liabilities and Owners' Equity 2014 2015 2014 2015 Current assets Current liabilities $ 41,060 Cash Accounts receivable Inventory $ 9,279 23,683 42,636 $11,173 25,760 46,915 Accounts payable Notes payable $43,805 16,843 16,157 57217 $ 40,000 50,000 Total $ 75,598 $ 83,848 Total $ 60,648 $ 35,000 $ 50,000 Long-term debt Owners' equity Common stock and paid-in...
The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Corp. Statement of Financial Position December 31, 2020 Cash$ 90,000Accounts payable$ 75,000 Accounts receivable (net)52,200Long-term liabilities110,000 Inventories57,000Shareholders' equity208,500 Investments76,300 Equipment (net)86,000 Patents 32,000 $393,500$393,500 The following additional information is provided: 1."Cash" includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deducted. Av The following additional information is provided: 1. "Cash" includes prepaid insurance of $9,400; as...
Birtle Corporation reports the following statement of financial position information for 2017 and 2018. Assets 2017 2018 Current assets Cash Accounts receivable Inventory Total $ 43,805 16,843 $ 9,279 23,683 42,636 $ 75,598 BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position Liabilities and Owners' Equity 2018 2017 Current liabilities $ 11,173 Accounts payable $ 41,060 25,760 Notes payable 16, 157 46,915 $ 83, 848 Total $ 57,217 Long-term debt $ 40,000 Owners' equity Common stock and paid-in surplus $...
Q2. (25 marks) The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Corp Statement of Financial Position December 31, 2020 Cash$ 90,000 Accounts payable$ 75,000 Accounts receivable (net)52,200 Long-term liabilities110,000 Inventories57,000Shareholders' equity208,500 Investments 76,300 Equipment (net)86,000 Patents 32,000 $393,500$393,500 The following additional information is provided: 1. "Cash" includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deduct 2. The net accounts receivable balance includes: (a)...
Current Attempt in Progress Use the ratios below and statement of financial position to fill in the missing information. (Round debt to total assets ratio to 1 place, e.g. 2.1%.) Novak Corporation had the following comparative statements of financial position: Novak Corporation Statement of Financial Position Dec. 31, 2022 Assets Dec. 31, 2021 Current assets Cash $74,000 $79,000 Trading investments 98,000 Accounts receivable Inventory Prepaid expenses 155,000 245,000 99,000 150,500 220,000 66,000 Total current assets 671,000 Property, plant, and equipment...
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