Homework Answers
Current liabilities = Deferred revenue + Accounts payable + Interest payable
= $6,000 + $15,000 + $7,000
= $28,000
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The following financial information is from Bronco Company. All debt is due within one year unless...
6. The following financial information is from Camaro Company. All debt is due within one year...
6. The following financial information is from Camaro Company. All debt is due within one year unless stated otherwise. I Retained Earnings Supplies Equipment Accounts Receivable Uneamed Revenue Accounts Payable Common Stock Notes Payable (due in 18 months) Interest Payable Cash $52,000 37,000 72.000 8,600 6,000 15,000 25 000 35.000 7,000 22.400 What is the amount of current liabilities? a. $63,000 b. $28,000. c. $45,600 d. $22,000
Can you answer that for me and explain why? The following financial information is from a...
Can you answer that for me and explain why?
The following financial information is from a company. All debt is due within one year unless stated otherwise Retained Earnings $52,000 37,000 Supplies Equipment 72,000 Accounts Receivable 8,600 5,000 15,000 Deferred Revenue Accounts Payable Common Stock Notes Payable (due in 6 months) 25,000 Interest Payable 35,000 9,000 22,400 Cash A. | B. What is the amount of current liabilities? $29,000. $22,000. $64,000. $37,600. None of the choices are correct. C. D.
The following financial information is from a company. All debt is due within one year unless...
The following financial information is from a company. All debt is due within one year unless stated otherwise S52,000 37,000 72.000 8600 Retained Earnings Supplies Equipment Accounts Receivable Deferred Revenue Accounts Payable Common Stock Notes Payable (due in 18 months) Interest Payable 7.000 15,000 25.000 35,000 7,000 22,400 Cash A. B. C. D. E. What is the amount of current liabilities? $29,000. $22.000. $64,000. $37,600. None of the choices are correct. 28. The following table contains financial information for a...
D Question 49 4 pts The following financial information is from Bronco Company. All debt is...
D Question 49 4 pts The following financial information is from Bronco Company. All debt is due within one year unless stated otherwise. Common Stock $100,000 Interest Payable $5,000 Supplies $2,000 Cash $25,000 Notes Payable (due in 18 months) $75,000 Accounts Payable $15,000 Accounts Receivable $22,000 Deferred Revenue $9,000 Retained Earnings $50,000 Equipment $110,000 What is the amount of current liabilities? Question 51 20 pts Use the following to answer the questions Net Sales $900,000 Gross profit $405,000 Beginning inventory...
Using the following financial information, create an income statement reflecting business activity during the year, and...
Using the following financial information, create an income statement reflecting business activity during the year, and a balance sheet reflecting the firm's end-of-year financial position. Financial Information All values are end-of-year unless otherwise stated Accounts Payable 12,000 Accounts Receivable 10,000 Accruals 10,000 Accumulated Depreciation 100,000 Beginning-of-year Inventory 50,000 Beginning-of-year Retained Earnings 120,000 Cash 7,000 Common Stock 121,500 Cost of Goods Sold 200,000 Current Portion of Long Term Debt 1,500 Depreciation Expense 25,000 Dividends 40,000 Gross Property, Plant, and Equipment 400,000...
The following items are taken from the financial statements of Hannah Co. for the year ending...
The following items are taken from the financial statements of Hannah Co. for the year ending December 31, 2019 Accounts Payable 20,000 Accounts Receivable 9,000 Accumulated Depreciation 28,000 Cash 15,000 Common Stock 44,000 Cost of Goods Sold 40,000 Depreciation Expense 12,000 Dividends 14,000 Equipment 150,000 Insurance Expense 3,000 4,000 Inventory Note Payable, due 5/30/20 10,000 Prepaid Insurance 6,000 Retained Earnings 1/1/19 60,000 Salaries Expense 52,000 Sales Revenue 143,000 1) What is the gross profit ratio? 2) Is the company profitable?...
The following information is taken from Roswell Corporation's financial statements: December 31 2018 2017 Cash $92,000...
The following information is taken from Roswell Corporation's financial statements: December 31 2018 2017 Cash $92,000 $27,000 Account receivable 95,000 80,000 Allowance for doubtful accounts (4,500) (3,100) Inventory 145,000 175,000 Prepaid expense 7,500 6,800 Land 93,000 60,000 Buildings 287,000 244,000 Accumulated amortization (35,000) (13,000) Patents 20,000 35,000 $700,000 $611,700 Account payable $ 90,000 $ 84,000 Accrued Liabilities 54,000 63,000 Bonds payable 125,000 60,000 Common shares 100,000 100,000 Retained earnings-appropriated 80,000 10,000 Retained earnings-unappropriated 266,000 302,700 Treasury stock,...
Equipment Accounts Payable Unearned Revenue Wages Expense Jarron Company Adjusted Trial Balance December 31, 2018 Cash...
Equipment Accounts Payable Unearned Revenue Wages Expense Jarron Company Adjusted Trial Balance December 31, 2018 Cash 112,000 Accounts Receivable 30,000 Supplies 6,000 Prepaid Insurance 24,000 Inventory 108,000 Vehicle Ponce 25,000 75,000 Accumulated Depreciation Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends 7,000 Repair Expense 10,000 Delivery Expense 45,000 Depreciation Expense 15,000 Rent Expense 52,000 Insurance Expense 6. 22,000 152,000 Supplies Expense 14,500 Interest Expense 2,000 Income Tax Expense 35,000 Total 734,500 40,000 8,000 7,000 12,000 50,000 44,000...
can you expain with steps? The comparative, unclassified statement of financial position for Sunland Ltd. shows...
can
you expain with steps?
The comparative, unclassified statement of financial position for Sunland Ltd. shows the following balances at December 31: Cash $0 Sunland Ltd. Statement of Financial Position December 31 Assets 2018 2017 $ 43,000 Accounts receivable 22,000 37,000 Inventory 35,000 57,000 Land 96,000 105,000 Buildings 523,000 259,000 Accumulated depreciation-buildings (72,000) (104,000) Equipment 75,000 38,000 Accumulated depreciation-equipment (12,000) (6,000) Total assets $710,000 $386,000 Liabilities and Shareholders' Equity Bank overdraft $0 $11,000 Accounts payable $ 42,000 $ 21,000 Income...
Prepare a Statement of Cash Flows using the direct method. Use the following information: The following...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
6. The following financial information is from Camaro Company. All debt is due within one year unless stated otherwise. I Retained Earnings Supplies Equipment Accounts Receivable Uneamed Revenue Accounts Payable Common Stock Notes Payable (due in 18 months) Interest Payable Cash $52,000 37,000 72.000 8,600 6,000 15,000 25 000 35.000 7,000 22.400 What is the amount of current liabilities? a. $63,000 b. $28,000. c. $45,600 d. $22,000
Can you answer that for me and explain why?
The following financial information is from a company. All debt is due within one year unless stated otherwise Retained Earnings $52,000 37,000 Supplies Equipment 72,000 Accounts Receivable 8,600 5,000 15,000 Deferred Revenue Accounts Payable Common Stock Notes Payable (due in 6 months) 25,000 Interest Payable 35,000 9,000 22,400 Cash A. | B. What is the amount of current liabilities? $29,000. $22,000. $64,000. $37,600. None of the choices are correct. C. D.
The following financial information is from a company. All debt is due within one year unless stated otherwise S52,000 37,000 72.000 8600 Retained Earnings Supplies Equipment Accounts Receivable Deferred Revenue Accounts Payable Common Stock Notes Payable (due in 18 months) Interest Payable 7.000 15,000 25.000 35,000 7,000 22,400 Cash A. B. C. D. E. What is the amount of current liabilities? $29,000. $22.000. $64,000. $37,600. None of the choices are correct. 28. The following table contains financial information for a...
D Question 49 4 pts The following financial information is from Bronco Company. All debt is due within one year unless stated otherwise. Common Stock $100,000 Interest Payable $5,000 Supplies $2,000 Cash $25,000 Notes Payable (due in 18 months) $75,000 Accounts Payable $15,000 Accounts Receivable $22,000 Deferred Revenue $9,000 Retained Earnings $50,000 Equipment $110,000 What is the amount of current liabilities? Question 51 20 pts Use the following to answer the questions Net Sales $900,000 Gross profit $405,000 Beginning inventory...
Using the following financial information, create an income statement reflecting business activity during the year, and a balance sheet reflecting the firm's end-of-year financial position. Financial Information All values are end-of-year unless otherwise stated Accounts Payable 12,000 Accounts Receivable 10,000 Accruals 10,000 Accumulated Depreciation 100,000 Beginning-of-year Inventory 50,000 Beginning-of-year Retained Earnings 120,000 Cash 7,000 Common Stock 121,500 Cost of Goods Sold 200,000 Current Portion of Long Term Debt 1,500 Depreciation Expense 25,000 Dividends 40,000 Gross Property, Plant, and Equipment 400,000...
The following items are taken from the financial statements of Hannah Co. for the year ending December 31, 2019 Accounts Payable 20,000 Accounts Receivable 9,000 Accumulated Depreciation 28,000 Cash 15,000 Common Stock 44,000 Cost of Goods Sold 40,000 Depreciation Expense 12,000 Dividends 14,000 Equipment 150,000 Insurance Expense 3,000 4,000 Inventory Note Payable, due 5/30/20 10,000 Prepaid Insurance 6,000 Retained Earnings 1/1/19 60,000 Salaries Expense 52,000 Sales Revenue 143,000 1) What is the gross profit ratio? 2) Is the company profitable?...
Equipment Accounts Payable Unearned Revenue Wages Expense Jarron Company Adjusted Trial Balance December 31, 2018 Cash 112,000 Accounts Receivable 30,000 Supplies 6,000 Prepaid Insurance 24,000 Inventory 108,000 Vehicle Ponce 25,000 75,000 Accumulated Depreciation Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends 7,000 Repair Expense 10,000 Delivery Expense 45,000 Depreciation Expense 15,000 Rent Expense 52,000 Insurance Expense 6. 22,000 152,000 Supplies Expense 14,500 Interest Expense 2,000 Income Tax Expense 35,000 Total 734,500 40,000 8,000 7,000 12,000 50,000 44,000...
can
you expain with steps?
The comparative, unclassified statement of financial position for Sunland Ltd. shows the following balances at December 31: Cash $0 Sunland Ltd. Statement of Financial Position December 31 Assets 2018 2017 $ 43,000 Accounts receivable 22,000 37,000 Inventory 35,000 57,000 Land 96,000 105,000 Buildings 523,000 259,000 Accumulated depreciation-buildings (72,000) (104,000) Equipment 75,000 38,000 Accumulated depreciation-equipment (12,000) (6,000) Total assets $710,000 $386,000 Liabilities and Shareholders' Equity Bank overdraft $0 $11,000 Accounts payable $ 42,000 $ 21,000 Income...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
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