Homework Answers
2.
| Assets | = | Liabilities | + | Shareholders' Equity | ||||||||
| Cash | Short-Term Investments | Notes Receivable | Land | Buildings | Equipment | Short-Term Notes Payable | Long-Term Notes Payable | Contributed Capital | Retained Earnings | |||
| Beg. | 78000 | 680000 | 170000 | 78000 | 100000 | 416000 | 100000 | 390000 | ||||
| a. | 80000 | 80000 | ||||||||||
| b. | -6000 | 13000 | 58000 | 15000 | 80000 | |||||||
| c. | 5000 | -3250 | 1750 | |||||||||
| d. | -15000 | 15000 | ||||||||||
| e. | ||||||||||||
| f. | -6400 | 6400 | ||||||||||
| End. | 135600 | 15000 | 6400 | 689750 | 228000 | 93000 | 100000 | 496000 | 180000 | 391750 | ||
| 1167750 | 596000 | 571750 | ||||||||||
4.
| a. | Total assets | 1167750 |
| b. | Total liabilities | 596000 |
| c. | Total shareholders' equity | 571750 |
| d. | Cash balance | 135600 |
| e. | Total current assets | 157000 |
5. Current ratio = Current assets/Current liabilities = $157000/$100000 = 1.57
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East Hill Home Healthcare Services was organized five years ago by four friends who each invested...
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East Hill Home Healthcare Services was organized five years ago by four friends who each invested...
East Hill Home Healthcare Services was organized five years ago
by four friends who each invested $14,000 in the company and, in
turn, were issued in total 8,700 shares of $1.00 par value common
stock. To date, they are the only stockholders. At the end of last
year, the accounting records reflected total assets of $726,000
($53,000 cash; $511,000 land; $51,000 equipment; and $111,000
buildings), total liabilities of $223,000 (short-term notes payable
$120,000 and long-term notes payable $103,000), and stockholders’...
Check my work East Hill Home Healthcare Services was organized five years ago by four friends...
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Please include the steps with the answers (it's going to be on excel thats why i...
Please include the steps with the answers (it's going to be on
excel thats why i need the steps)
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East Hill Home Healthcare Services was organized five years ago by four friends who each invested $10,000 in the company and, in turn, were issued in total 8,000 shares of $1.00 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $741,000 ($64,000 cash; $516,000 land; $51,000 equipment; and $110,000 buildings), total liabilities of $228,000 (short-term notes payable $118,000 and long-term notes payable $110,000), and stockholders'...
East Hill Home Healthcare Services was organized five years ago
by four friends who each invested $14,000 in the company and, in
turn, were issued in total 8,700 shares of $1.00 par value common
stock. To date, they are the only stockholders. At the end of last
year, the accounting records reflected total assets of $726,000
($53,000 cash; $511,000 land; $51,000 equipment; and $111,000
buildings), total liabilities of $223,000 (short-term notes payable
$120,000 and long-term notes payable $103,000), and stockholders’...
Check my work East Hill Home Healthcare Services was organized five years ago by four friends who each invested $14,000 in the company and, in turn, were issued in total 8,700 shares of $1.00 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $731,000 ($54,000 cash; $518,000 land; $56,000 equipment; and $103,000 buildings), total liabilities of $217,000 (short-term notes payable $106,000 and long-term notes payable...
Ag Bio Tech (ABT) was organized on January 1 by four friends.
Each organizer invested $11,250 in the company and, in turn, was
issued 9,000 shares of common stock. To date, they are the only
stockholders. During the first month (January), the company had the
following five events:
a. Collected a total of $45,000 from the organizers and, in
turn, issued common stock.
b. Purchased a building for $69,000, equipment for $30,250, and
three acres of land for $36,300; paid...
Please include the steps with the answers (it's going to be on
excel thats why i need the steps)
Forever&Ever Corporation Balance Sheet at December 31, 2019 $ $ 40,000 69,000 Assets Current Assets Cash and cash equivalents Short-term investments Accounts Receivable Less Allowance for Uncollectible Accounts Net Accounts receivables Inventories Prepaid insurance Total current assets $ $ 63,500 4,000 187,000 6,000 Investments Marketable securities Land held for sale Bond sinking fund Total investments $ $ 30,000 22,000 15,000 Property,...
Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $15.625 in the company and, in turn, was issued 12,500 shares of common stock. To date, they are the only stockholders. During the first month (January), the company had the following five events: a. Collected a total of $62.500 from the organizers and, in turn, issued common stock b. Purchased a building for $73,500, equipment for $17,000, and three acres of land for $29.700; paid...
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