Homework Answers
Answer: The correct option is C i.e. $24,400
Total Current Liabilities = Accounts Payable + Interest Payable
+ Unearned Revenue
Total Current Liabilities = $17,000 + $2,400 + $5,000
Total Current Liabilities = $24,400
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44) Use the information in the adjusted trial balance presented below to calculate total current liabilities...
Use the information in the partial adjusted trail balance presented below to calculate the Acid Test...
Use the information in the partial adjusted trail balance presented below to calculate the Acid Test (or Quick) ratio. Account Title Debit Credit Cash $23,000 Accounts receivable 16,000 Prepaid insurance 6,600 Equipment 100,000 Accumulated Depreciation - Equipment $50,000 Land 95,000 Accounts payable 17,000 Salaries payable 2,400 Unearned revenue (short term) 5,000 Long-term notes payable 30,000 Common stock 136,200 Totals $240,600 $240,600
Use the information in the adjusted trial balance presented below to calculate current assets for Taron...
Use the information in the adjusted trial balance presented below to calculate current assets for Taron Company: Account Title Dr. Cr. Cash $ 65,000 Accounts receivable 30,000 Prepaid insurance 12,200 Equipment 240,000 Accumulated depreciation—Equipment $ 120,000 Land 109,000 Accounts payable 31,000 Interest payable 5,900 Unearned revenue 9,200 Long-term notes payable 72,000 Retained earnings 218,100 Totals $ 456,200 $ 456,200 Multiple Choice $41,200. $109,000. $107,200. $456,200. $31,000.
Use the information in the adjusted trial balance presented below to calculate current assets for Taron Company: A...
Use the information in the adjusted trial balance presented below to calculate current assets for Taron Company: Account Title Dr. Cr. Cash $ 41,000 22,000 9,000 Accounts receivable Prepaid insurance Equipment Accumulated depreciation-Equipment 160,000 $ 80,000 Land 101,000 Accounts payable Interest payable 23,000 3,900 6,800 Unearned revenue Long-term notes payable Retained earnings 48,000 171,300 Totals $333,000 $333,000 Multiple Choice $101,000. $72,000. $101,000. $72,000. $333,000. $23.000. $41,200.
Use the information in the adjusted trial balance presented below to calculate the current ratio for...
Use the information in the adjusted trial balance presented below to calculate the current ratio for Wicked Wicker Company: Cr. Dr. $ 50,000 25,000 10,200 190,000 points (8 01:53:57 $ 95,000 Account Title Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Unearned revenue Long-term notes payable Retained earnings Totals 104,000 26,000 4,650 7,700 57,000 188,850 $379,200 O O O O
Use the information in the adjusted trial balance presented below to calculate current assets for Wicked...
Use the information in the adjusted trial balance presented below to calculate current assets for Wicked Wicker Company: points (8 01:52:43 Account Title Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Unearned revenue Long-term notes payable Retained earnings Totals Dr. Cr. $ 77,000 34,000 13,800 280,000 $140,000 113,000 35,000 6,900 10,400 84,000 241,500 $517,800 $517,800 Multiple Choice 0 $41,200. 0 $124.800. 0 $113,000 0 $517,800
MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial...
MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Cr. Dr. $ 80,000 35,000 14,200 290,000 $145,000 Account Title Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation Equipment Land Accounts payable Interest payable Unearned revenue Long-term notes payable Retained earnings Totals 114,000 36,000 7,150 10,700 87,000 247,350 $533,200 Multiple Choice O 0.42 Prev 2 of 19 !!! Next >
Use the information in the adjusted trial balance presented below to calculate current assets for Wicked...
Use the information in the adjusted trial balance presented below to calculate current assets for Wicked Wicker Company Credit Debit $ 41,000 22,000 9,000 160,000 $ 80,000 Account Title Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Unearned revenue Long-term notes payable Retained earnings Totals 101,000 23,000 3,900 6,800 48,000 171,300 $ 333,000 $ 333,000 Multiple Choice $8,700
The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 55,000 Accounts receivable 275,000 Prepaid rent 7,500 Inventory 40,000 Office equipment 500,000 Accumulated depreciation—office equipment 210,000 Accounts payable 50,000 Note payable (due in six months) 30,000 Salaries payable 6,500 Interest payable 1,000 Common stock 400,000 Retained earnings 95,000 Sales revenue 650,000 Cost of goods sold 390,000 Salaries expense 97,500 Rent expense 22,500 Depreciation expense 50,000 Interest expense 2,000 Advertising expense...
1. Use the information in the adjusted trial balance below to prepare (a) the income statement...
1. Use the information in the adjusted trial balance below to prepare (a) the income statement (IS tab) for the year ended December 31; (b) the statement of owner's eqity (SOE tab) for the year ended December 31 [Note: Crowder capital at December 31 of the prior year was $255,000]; and (c) the balance sheet (BS tab) as of December 31. 2. Compute the profit margin for the year (profit margin tab) (use total revenues as the denominator). The adjusted...
Question Three: 20 marks (5 marks each): Presented below is an adjusted trial balance for Cowell...
Question Three: 20 marks (5 marks each): Presented below is an adjusted trial balance for Cowell Company, at December 31, 2017 Cash €10,700 Accounts payable €10,000 Accounts receivable 20,000 Notes payable 9,000 Prepaid insurance 15,000 Accumulated depreciation- Equipment 35,000 equipment 14,000 Depreciation expense 7,000 Service revenue 30,000 Dividends 1,500 Retained earnings 12,000 Advertising expense 1,400 Unearned service revenue 11,000 Rent expense 800 Share capital-ordinary 12,000 Salaries and wages expense 5,000 Insurance expense 1,600 €98.000 €98.000 Instructions: Post the closing entries...
Use the information in the adjusted trial balance presented below to calculate current assets for Taron Company: Account Title Dr. Cr. Cash $ 41,000 22,000 9,000 Accounts receivable Prepaid insurance Equipment Accumulated depreciation-Equipment 160,000 $ 80,000 Land 101,000 Accounts payable Interest payable 23,000 3,900 6,800 Unearned revenue Long-term notes payable Retained earnings 48,000 171,300 Totals $333,000 $333,000 Multiple Choice $101,000. $72,000. $101,000. $72,000. $333,000. $23.000. $41,200.
Use the information in the adjusted trial balance presented below to calculate the current ratio for Wicked Wicker Company: Cr. Dr. $ 50,000 25,000 10,200 190,000 points (8 01:53:57 $ 95,000 Account Title Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Unearned revenue Long-term notes payable Retained earnings Totals 104,000 26,000 4,650 7,700 57,000 188,850 $379,200 O O O O
Use the information in the adjusted trial balance presented below to calculate current assets for Wicked Wicker Company: points (8 01:52:43 Account Title Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Unearned revenue Long-term notes payable Retained earnings Totals Dr. Cr. $ 77,000 34,000 13,800 280,000 $140,000 113,000 35,000 6,900 10,400 84,000 241,500 $517,800 $517,800 Multiple Choice 0 $41,200. 0 $124.800. 0 $113,000 0 $517,800
MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Cr. Dr. $ 80,000 35,000 14,200 290,000 $145,000 Account Title Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation Equipment Land Accounts payable Interest payable Unearned revenue Long-term notes payable Retained earnings Totals 114,000 36,000 7,150 10,700 87,000 247,350 $533,200 Multiple Choice O 0.42 Prev 2 of 19 !!! Next >
Use the information in the adjusted trial balance presented below to calculate current assets for Wicked Wicker Company Credit Debit $ 41,000 22,000 9,000 160,000 $ 80,000 Account Title Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Unearned revenue Long-term notes payable Retained earnings Totals 101,000 23,000 3,900 6,800 48,000 171,300 $ 333,000 $ 333,000 Multiple Choice $8,700
Question Three: 20 marks (5 marks each): Presented below is an adjusted trial balance for Cowell Company, at December 31, 2017 Cash €10,700 Accounts payable €10,000 Accounts receivable 20,000 Notes payable 9,000 Prepaid insurance 15,000 Accumulated depreciation- Equipment 35,000 equipment 14,000 Depreciation expense 7,000 Service revenue 30,000 Dividends 1,500 Retained earnings 12,000 Advertising expense 1,400 Unearned service revenue 11,000 Rent expense 800 Share capital-ordinary 12,000 Salaries and wages expense 5,000 Insurance expense 1,600 €98.000 €98.000 Instructions: Post the closing entries...
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