Homework Answers
| 1. Total current assets | |
| Accounts receivable | 1,500 |
| Cash | 205 |
| Inventory | 250 |
| Prepaid Rent | 50 |
| Total current assets (sum of all above) | 2,005 |
| 2. Gross profit | |
| Sales revenue | 4,000 |
| Less: cost of goods sold | 1,800 |
| Gross profit (Sales revenue less cost of goods sold) | 2,200 |
| 3. Quick ratio: | |
| Quick assets: | |
| Accounts receivable | 1,500 |
| Cash | 205 |
| Total quick assets | 1,705 |
| Current Liabilties: | |
| Accounts Payable | 300 |
| Interest Payable (Current) | 10 |
| Salaries Payable | 40 |
| Total current liabilties | 350 |
| Quick ratio = Quick assets/Current Liabilities | =1705/350 = 4.87 times |
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QUESTTUN 26 The following adjusted trial balance information pertains to Blue Sky Incorporated in the space...
[The following information applies to the questions displayed below) The Sky Blue Corporation has the following...
[The following information applies to the questions displayed below) The Sky Blue Corporation has the following adjusted trial balance at December 31 Credit Debit $1.289 2.500 2,809 3,500 14,509 Cash Accounts Receivable Prepaid Insurance Notes Receivable long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total $ 3,600 5,929 1.250...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) Are the Sky Blue Corporation's assets financed primarily by
he Sky Blue Corporation has the following adjusted trial balance at December 31. DebitCredit Cash$1,230 Accounts Receivable2,000 Prepaid Insurance2,300 Notes Receivable (long-term)3,000 Equipment12,000 Accumulated Depreciation$2,600 Accounts Payable5,420 Salaries and Wages Payable1,000 Income Taxes Payable2,900 Unearned Revenue600 Common Stock2,400 Retained Earnings1,000 Dividends300 Sales Revenue42,030 Rent Revenue300 Salaries and Wages Expense21,600 Depreciation Expense1,300 Utilities Expense4,220 Insurance Expense1,400 Rent Expense6,000 Income Tax Expense2,900 Total$58,250$58,250 1.Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) SKY BLUE CORPORATIONBalance SheetAt December 31Assets00$0LiabilitiesCash0Stockholders' Equity0$0 2.Are the Sky Blue Corporation's assets financed primarily by debt or equity?EquityDebt
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,270 Accounts Receivable 2,400 Prepaid Insurance 2,700 Notes Receivable (long-term) 3,400 Equipment 12,400 Accumulated Depreciation $ 3,000 Accounts Payable 5,620 Salaries and Wages Payable 1,100 Income Taxes Payable 3,300 Unearned Revenue 640 Common Stock 2,800 Retained Earnings 1,100 Dividends 340 Sales Revenue 44,030 Rent Revenue 340 Salaries and Wages Expense 22,000 Depreciation Expense 1,500 Utilities Expense 4,620 Insurance Expense 1,600 Rent Expense 6,400 Income...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,370 Accounts Receivable 3,400 Prepaid Insurance 3,700 Notes Receivable (long-term) 4,400 Equipment 19,000 Accumulated Depreciation $ 5,400 Accounts Payable 6,820 Salaries and Wages Payable 1,700 Income Taxes Payable 4,300 Deferred Revenue 880 Common Stock 3,800 Retained Earnings 1,560 Dividends 440 Sales Revenue 54,630 Rent Revenue 440 Salaries and Wages Expense 24,400 Depreciation Expense 2,700 Utilities Expense 5,620 Insurance Expense 2,800 Rent Expense 7,400...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,320 2,900 3,200 3,900 16,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total $ 4,400 6,320 1,450 3,800 780 3,300 1,360 390 50,130 390 23,400...
3B-5. Below is the unadjusted trial balance of JUPITER Incorporated: JUPITER INCORPORATED Unadjusted Trial Balance September...
3B-5. Below is the unadjusted trial balance of JUPITER Incorporated: JUPITER INCORPORATED Unadjusted Trial Balance September 1, 20x1 Credit Balances Debit Balances $4,900 2,300 8.400 27.000 Account Names Cash Accounts receivable Office supplies Equipment Accumulated depreciation - equipment Salaries payable Interest payable Unearned rent revenue Common stock Retained earnings Rent revenue Supplies expense Salary expense Interest expense Depreciation expense - equipment Totals $6,400 500 2,900 4,200 8,000 15,300 7,000 800 900 $44,300 $44,300 The adjusting entry information is as follows:...
3B-5. Below is the unadjusted trial balance of JUPITER Incorporated: JUPITER INCORPORATED Unadjusted Trial Balance September...
3B-5. Below is the unadjusted trial balance of JUPITER Incorporated: JUPITER INCORPORATED Unadjusted Trial Balance September 1, 20x1 Credit Balances Debit Balances $4,900 2,300 8.400 27.000 Account Names Cash Accounts receivable Office supplies Equipment Accumulated depreciation - equipment Salaries payable Interest payable Unearned rent revenue Common stock Retained earnings Rent revenue Supplies expense Salary expense Interest expense Depreciation expense - equipment Totals $6,400 500 2,900 4,200 8,000 15,300 7,000 800 900 $44,300 $44,300 The adjusting entry information is as follows:...
Required information (The following information applies to the questions displayed below) The Sky Blue Corporation has...
Required information (The following information applies to the questions displayed below) The Sky Blue Corporation has the following adjusted trial balance at December 31 Credit Debit $1,210 2.500 2. 14,500 $3,600 5,920 1.25e 3.400 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Co Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense...
Required information [The following information applies to the questions displayed below) The Sky Blue Corporation has...
Required information [The following information applies to the questions displayed below) The Sky Blue Corporation has the following adjusted trial balance at December 31. 6,820 Debit Credit Cash $ 1,370 Accounts Receivable 3,400 Prepaid Insurance 3,700 Notes Receivable (long-term) 4,400 Equipment 19,000 Accumulated Depreciation $ 5,400 Accounts Payable Salaries and Wages Payable 1,700 Income Taxes Payable 4,300 Deferred Revenue 880 Common Stock 3,800 Retained Earnings 1,560 Dividends 440 Sales Revenue 54,630 Rent Revenue 440 Salaries and Wages Expense 24,400 Depreciation...
The Sky Blue Corporation has the following adjusted trial balance at December 31 Credit Debit $...
The Sky Blue Corporation has the following adjusted trial balance at December 31 Credit Debit $ 1,350 3,200 3,500 4,200 18,000 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long- term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $ 5,000 6,620 1,600 4,100 840 3,600 1,480 420 52,830 420 24,000...
[The following information applies to the questions displayed below) The Sky Blue Corporation has the following adjusted trial balance at December 31 Credit Debit $1.289 2.500 2,809 3,500 14,509 Cash Accounts Receivable Prepaid Insurance Notes Receivable long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total $ 3,600 5,929 1.250...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,320 2,900 3,200 3,900 16,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total $ 4,400 6,320 1,450 3,800 780 3,300 1,360 390 50,130 390 23,400...
3B-5. Below is the unadjusted trial balance of JUPITER Incorporated: JUPITER INCORPORATED Unadjusted Trial Balance September 1, 20x1 Credit Balances Debit Balances $4,900 2,300 8.400 27.000 Account Names Cash Accounts receivable Office supplies Equipment Accumulated depreciation - equipment Salaries payable Interest payable Unearned rent revenue Common stock Retained earnings Rent revenue Supplies expense Salary expense Interest expense Depreciation expense - equipment Totals $6,400 500 2,900 4,200 8,000 15,300 7,000 800 900 $44,300 $44,300 The adjusting entry information is as follows:...
3B-5. Below is the unadjusted trial balance of JUPITER Incorporated: JUPITER INCORPORATED Unadjusted Trial Balance September 1, 20x1 Credit Balances Debit Balances $4,900 2,300 8.400 27.000 Account Names Cash Accounts receivable Office supplies Equipment Accumulated depreciation - equipment Salaries payable Interest payable Unearned rent revenue Common stock Retained earnings Rent revenue Supplies expense Salary expense Interest expense Depreciation expense - equipment Totals $6,400 500 2,900 4,200 8,000 15,300 7,000 800 900 $44,300 $44,300 The adjusting entry information is as follows:...
Required information (The following information applies to the questions displayed below) The Sky Blue Corporation has the following adjusted trial balance at December 31 Credit Debit $1,210 2.500 2. 14,500 $3,600 5,920 1.25e 3.400 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Co Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense...
Required information [The following information applies to the questions displayed below) The Sky Blue Corporation has the following adjusted trial balance at December 31. 6,820 Debit Credit Cash $ 1,370 Accounts Receivable 3,400 Prepaid Insurance 3,700 Notes Receivable (long-term) 4,400 Equipment 19,000 Accumulated Depreciation $ 5,400 Accounts Payable Salaries and Wages Payable 1,700 Income Taxes Payable 4,300 Deferred Revenue 880 Common Stock 3,800 Retained Earnings 1,560 Dividends 440 Sales Revenue 54,630 Rent Revenue 440 Salaries and Wages Expense 24,400 Depreciation...
The Sky Blue Corporation has the following adjusted trial balance at December 31 Credit Debit $ 1,350 3,200 3,500 4,200 18,000 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long- term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $ 5,000 6,620 1,600 4,100 840 3,600 1,480 420 52,830 420 24,000...
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