Homework Answers
Option $146,000
| Cash | 32000 |
| Inventory | 60000 |
| Accounts receivable (net) | 38000 |
| Short term trading securities | 12000 |
| Prepaid expenses | 4000 |
| Total | 146000 |
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Stine Corp.'s trial balance reflected the following account balances at December 31, 2020: Accounts receivable (net)...
Ashley Corp.'s trial balance included the following account balances at December 31, 2021: Accounts receivable (net)....
Ashley Corp.'s trial balance included the following account balances at December 31, 2021: Accounts receivable (net). $82,000 Trading securities. 14,000 Accumulated depreciation on equipment and furniture. 30,000 Cash 20,000 Inventory 54,000 Equipment 50,000 Patent 8,000 Prepaid expenses 3,000 Land held for future business site. 36,000 In Ashley's December 31, 2021 statement of financial position, the current assets total is $147,000 $209,000 Ob. $173.000 Ос. $181,000 Od
7. During 2020 the DLD Company had a net income of $85.000. In addition, selected accounts...
7. During 2020 the DLD Company had a net income of $85.000. In addition, selected accounts showed the following changes: Accounts Receivable S3,000 increase Accounts Payable 1,000 increase Buildings 4,000 decrease Depreciation Expense 1,500 increase Bonds Payable 8,000 increase What was the amount of cash provided by operating activities? A) $84,500 B) $85,000 C) $86,500 D) $94,500 1 8. Packard Corporation reports the following information: Net cash provided by operating activities $335.000 Average current li abilities 150.000 Average long-term liabilities...
Malniple Choice (I point each 15-15 points) Stine Cop s irial balance reflected the following account...
Malniple Choice (I point each 15-15 points) Stine Cop s irial balance reflected the following account balances at December 31, 2017: Accounts receivable (net) Trading securities Cash $36,000 10,000 32,000 6,000 50,000 7,000 8,000 e Stine's December 31, 2017 balance sheet, the current assets total is: Inventory Equipment Prepaid expenses Patent a. 74,000 b. 81,000 c. 91,000 d. 92,000 Fulton Company owns the following investments: 2. Trading securities (fair value) Available-for-sale securities (fair value) Held-to-maturity securities (amortized cost) $60,000 86,000...
Carla Vista Co.'s trial balance reflected the following account balances at December 31, 2017: Accounts receivable...
Carla Vista Co.'s trial balance reflected the following account balances at December 31, 2017: Accounts receivable (net) $36000 Trading securities 11500 Accumulated depreciation on equipment and furniture 31500 Cash 30500 Inventory 61000 Equipment 51000 Patent 7300 Prepaid expenses 3800 Land held for future business site 35500 In Carla Vista’s December 31, 2017 balance sheet, the current assets total is
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Debits Credits Cash $ 38,000 Accounts receivable 82,000 Inventory 107,000 Interest payable $ 23,000 Investment in equity securities 70,000 Land 146,000 Buildings 365,000 Accumulated depreciation—buildings 113,000 Equipment 101,000 Accumulated depreciation—equipment 38,000 Copyright (net) 25,000 Prepaid expenses (next 12 months) 45,000 Accounts payable 78,000 Deferred revenue (next 12 months) 33,000 Notes payable 315,000 Allowance for uncollectible accounts 8,000 Common stock 330,000 Retained...
Presented is the adjusted trial balance of Scott Butler Corporation at December 31, 2020. Debit Credit...
Presented is the adjusted trial balance of Scott Butler Corporation at December 31, 2020. Debit Credit Cash $ 197,000 Trading Debt Securities (fair value, $153,000) 145,000 Fair Value Adjustment – Trading Debt Securities 8,000 Accounts Receivable 435,000 Allowance for Doubtful Accounts $ 25,000 Inventory (net realizable value, $600,000) 597,000 Available-for-sale Equity Securities (fair value, $278,000) 266,000 Fair Value Adjustment – Available-for-sale Equity Securities 12,000 Held-to-maturity Debt Securities (fair value, $296,000) 299,000 Equipment 600,000 Accumulated Depreciation – Equipment 60,000 Buildings 1,040,000...
Sheffield's Corp.'s account balances at December 31, 2020 for Accounts Receivable and be related Allowance for...
Sheffield's Corp.'s account balances at December 31, 2020 for Accounts Receivable and be related Allowance for Doubtful Accounts are $917,000 debit and $2,000 credit, respectively. From an aging of accounts receivable, it is estimated that $37,900 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for A. $39,900 B. $35,900 C. $2,000 D. $37,900
Current Attempt in Progress The following selected account balances appear on the December 31, 2020 balance...
Current Attempt in Progress The following selected account balances appear on the December 31, 2020 balance sheet of Pina Co. Land (location of the office building) Land (held for future use) Corporate Office Building Inventory Equipment Office Furniture Accumulated Depreciation $142000 227000 777000 278000 141000 223000 579000 What is the total net amount of property, plant, and equipment that will be reported on the balance sheet? O $1531000 $1304000 O $1883000 $1582000
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Debits $ 38,000 82,000 107,000 $ 23,000 70,000 146,000 365,000 113,000 101,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 38,000 25,000 45,000 78,000 33,000 315,000...
The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at...
The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period. 6.000 Cash..............................$ 44,000 Trademark ............. ......... $ 19,000 Patent, net ......................... 14,000 Prepaid insurance (two-thirds is long-term) ..... Accounts receivable (net of allowance) ... 90,000 Copyright, net...... 12,000 Prepaid rent expense (current). ..... 1,000 Equipment (net of accumulated depreciation) ... 300,000 Marketable equity securities (current) ..... 50,000 Notes receivable, trade (short-term). .......... 10,000 Franchise,...
Ashley Corp.'s trial balance included the following account balances at December 31, 2021: Accounts receivable (net). $82,000 Trading securities. 14,000 Accumulated depreciation on equipment and furniture. 30,000 Cash 20,000 Inventory 54,000 Equipment 50,000 Patent 8,000 Prepaid expenses 3,000 Land held for future business site. 36,000 In Ashley's December 31, 2021 statement of financial position, the current assets total is $147,000 $209,000 Ob. $173.000 Ос. $181,000 Od
7. During 2020 the DLD Company had a net income of $85.000. In addition, selected accounts showed the following changes: Accounts Receivable S3,000 increase Accounts Payable 1,000 increase Buildings 4,000 decrease Depreciation Expense 1,500 increase Bonds Payable 8,000 increase What was the amount of cash provided by operating activities? A) $84,500 B) $85,000 C) $86,500 D) $94,500 1 8. Packard Corporation reports the following information: Net cash provided by operating activities $335.000 Average current li abilities 150.000 Average long-term liabilities...
Malniple Choice (I point each 15-15 points) Stine Cop s irial balance reflected the following account balances at December 31, 2017: Accounts receivable (net) Trading securities Cash $36,000 10,000 32,000 6,000 50,000 7,000 8,000 e Stine's December 31, 2017 balance sheet, the current assets total is: Inventory Equipment Prepaid expenses Patent a. 74,000 b. 81,000 c. 91,000 d. 92,000 Fulton Company owns the following investments: 2. Trading securities (fair value) Available-for-sale securities (fair value) Held-to-maturity securities (amortized cost) $60,000 86,000...
Current Attempt in Progress The following selected account balances appear on the December 31, 2020 balance sheet of Pina Co. Land (location of the office building) Land (held for future use) Corporate Office Building Inventory Equipment Office Furniture Accumulated Depreciation $142000 227000 777000 278000 141000 223000 579000 What is the total net amount of property, plant, and equipment that will be reported on the balance sheet? O $1531000 $1304000 O $1883000 $1582000
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Debits $ 38,000 82,000 107,000 $ 23,000 70,000 146,000 365,000 113,000 101,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 38,000 25,000 45,000 78,000 33,000 315,000...
The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period. 6.000 Cash..............................$ 44,000 Trademark ............. ......... $ 19,000 Patent, net ......................... 14,000 Prepaid insurance (two-thirds is long-term) ..... Accounts receivable (net of allowance) ... 90,000 Copyright, net...... 12,000 Prepaid rent expense (current). ..... 1,000 Equipment (net of accumulated depreciation) ... 300,000 Marketable equity securities (current) ..... 50,000 Notes receivable, trade (short-term). .......... 10,000 Franchise,...
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