Homework Answers
SOLUTION
Total assets = Cash + Prepaid Rent + Supplies + Land + Equipment
$36,000 = 7,000 + 3,000 + 2,000 + 8,800 + Equipment
$36,000 = 20,800 + Equipment
Equipment = $36,000 - $20,800
Equipment = $15,200
Assets = Liabilities + Stockholder's Equity
Assets = {Accounts payable + Salaries payable + Notes payable} + Stockholder's Equity
$36,000 = {1,600 + 4,100 + Notes payable} + 13,300
$36,000 = 19,000 + Notes payable
Notes payable = 36,000 - 19,000
Notes payable = $17,000
Add Answer to:
Suppose a local company has the following balance sheet accounts. Calculate the missing amounts assuming the...
Help Suppose a company has the following balance sheet accounts, calculate the missing amounts assuming the...
Help Suppose a company has the following balance sheet accounts, calculate the missing amounts assuming the company has total assets of $40,000. Accounts Balances Land $ 9,000 Building Series payable 3,700 Common stock Accounts payable 2,600 5,300 Cash Retained eanings 11,600 Supplies 3,200 4,500 Equipment
Here are incomplete financial statements for Sunland Company. Calculate the missing amounts. SUNLAND COMPANY Balance Sheet...
Here are incomplete financial statements for Sunland Company. Calculate the missing amounts. SUNLAND COMPANY Balance Sheet Assets Cash $29,300 Supplies (a) Equipment (net) 64,600 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable $22,300 Stockholders' Equity Common stock 39,000 Retained earnings 9740 (c) Total liabilities and stockholders' equity $ | (d) Notes payable $22,300 Stockholders' Equity Common stock 39,000 Retained earnings 9740 (c) Total liabilities and stockholders' equity $ SUNLAND COMPANY Income Statement Revenues $51,500 Depreciation expense Salaries and wages...
Adams Co. reports the following balance sheet accounts as of December 31. $ Salaries payable Buildings...
Adams Co. reports the following balance sheet accounts as of December 31. $ Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock 6,000 Retained earnings 55,000 Notes payable (due in 9 years) 7,000 office supplies 14,000 Land 10,000 Accumulated depreciation-Building 3,000 Mortgages payable (due in 5 years) 4,000 Cash 10,000 $ 50,000 30,000 2,000 22,000 5,000 12,000 16,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus...
Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income...
Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses: Salaries $ 12,000 Rent 6,000 Advertising 4,000 Net income CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity $ 19,000 13,000 $ 6,000 Beginning balance Issuances of stock Add: Net income Less: Dividends Ending balance 4,000 4,000 $ 15,000 $ 7,000 $ 22,000 Assets $ CYCLONE, INC....
Calculate the current ratio using the following information: (Round your answer to two decimal places.) Cash...
Calculate the current ratio using the following information: (Round your answer to two decimal places.) Cash Accounts Receivable Prepaid Rent Land Equipment Accumulated Depreciation Accounts Payable Salaries Pavable OA. 1 42 O B. 2.13 c. 2.33 OD 303 $7,000 1.300 800 20.000 6.000 1,000 3,000 900 Cash Accounts Receivable Prepaid Rent Land Equipment Accumulated Depreciation Accounts Payable Salaries Payable Notes Payable-long term $7,000 1,300 800 20,000 6,000 1,000 3,000 900 10,000 O A. 1.42 OB. 2.13 O c. 233 OD....
prepare balance sheet with above info (check if my numbers are correct thankyou) below I have...
prepare balance sheet with above info (check if my numbers are
correct thankyou) below I have opened the drop downs to give you
all the options
At the beginning of 2018, Artichoke Academy reported a balance in common stock of $152,000 and a balance in retained earnings of $52,000. During the year, the company issued additional shares of stock for $42,000, earned net income of $32,000, and paid dividends of $10,200. In addition, the company reported balances for the following...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31,...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings: Accounts receivable $72,920 Cash 13,240 Common stock (10,000 shares) 65,000 Income taxes expense 13,000 Income taxes payable 4,150 Interest expense 16,500 Notes payable (due in 10 years) 25,000 Prepaid rent (building) 31,500 Property, plant, and equipment 90,000 Rent expense 135,000 Retained earnings ? Salaries expense 235,200 Salaries payable 15,710 Service revenue 464,000...
Wolfpack Construction has the following account balances at the end of the year. Accounts Equipment Accounts...
Wolfpack Construction has the following account balances at the end of the year. Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash Retained earnings Balances $16,500 1,100 23,500 11,000 8,500 10,500 29,500 4,100 Use only the appropriate accounts to prepare a balance sheet. WOLFPACK CONSTRUCTION Balance Sheet December 31 Liabilitie / / / / / Total liabilities / Stockholders' Equity / Total assets Total stockholders' equity Total liabilities and stockholders' equity S 0
Below are the account balances of Bruins Company at the end of November. Accounts Cash Accounts...
Below are the account balances of Bruins Company at the end of November. Accounts Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Salaries Payable Interest Payable Deferred Revenue Notes Payable Balances Accounts $ 40,000 Common Stock 50,000 Retained Earnings 1,100 Dividends 3,000 Service Revenue Salaries Expense 17,000 Rent Expense 5,000 Interest Expense 3,000 Supplies Expense 9,000 Utilities Expense 30,000 Balances $50,000 35,000 1,100 65,000 30,000 12,000 3,000 7,000 6,000 Required: Prepare a trial balance by placing amounts in the...
Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. 39,000 BULLDOG, INC....
Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. 39,000 BULLDOG, INC. Income Statement Revenues $ Expenses: Salaries Advertising Utilities Net income 6,000 4,000 BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance 10,000 $ 7,000 $ 17,000 Issuances 1,100 1,100 Add: Net income Less: Dividends (3.000) (3,000) Ending balance 11,100 $ 10,000 $ 21,100 Assets Cash Accounts receivable Supplies Equipment Total assets BULLDOG, INC. Balance Sheet Liabilities $ 4,000...
Help Suppose a company has the following balance sheet accounts, calculate the missing amounts assuming the company has total assets of $40,000. Accounts Balances Land $ 9,000 Building Series payable 3,700 Common stock Accounts payable 2,600 5,300 Cash Retained eanings 11,600 Supplies 3,200 4,500 Equipment
Here are incomplete financial statements for Sunland Company. Calculate the missing amounts. SUNLAND COMPANY Balance Sheet Assets Cash $29,300 Supplies (a) Equipment (net) 64,600 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable $22,300 Stockholders' Equity Common stock 39,000 Retained earnings 9740 (c) Total liabilities and stockholders' equity $ | (d) Notes payable $22,300 Stockholders' Equity Common stock 39,000 Retained earnings 9740 (c) Total liabilities and stockholders' equity $ SUNLAND COMPANY Income Statement Revenues $51,500 Depreciation expense Salaries and wages...
Adams Co. reports the following balance sheet accounts as of December 31. $ Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock 6,000 Retained earnings 55,000 Notes payable (due in 9 years) 7,000 office supplies 14,000 Land 10,000 Accumulated depreciation-Building 3,000 Mortgages payable (due in 5 years) 4,000 Cash 10,000 $ 50,000 30,000 2,000 22,000 5,000 12,000 16,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus...
Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses: Salaries $ 12,000 Rent 6,000 Advertising 4,000 Net income CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity $ 19,000 13,000 $ 6,000 Beginning balance Issuances of stock Add: Net income Less: Dividends Ending balance 4,000 4,000 $ 15,000 $ 7,000 $ 22,000 Assets $ CYCLONE, INC....
Calculate the current ratio using the following information: (Round your answer to two decimal places.) Cash Accounts Receivable Prepaid Rent Land Equipment Accumulated Depreciation Accounts Payable Salaries Pavable OA. 1 42 O B. 2.13 c. 2.33 OD 303 $7,000 1.300 800 20.000 6.000 1,000 3,000 900 Cash Accounts Receivable Prepaid Rent Land Equipment Accumulated Depreciation Accounts Payable Salaries Payable Notes Payable-long term $7,000 1,300 800 20,000 6,000 1,000 3,000 900 10,000 O A. 1.42 OB. 2.13 O c. 233 OD....
prepare balance sheet with above info (check if my numbers are
correct thankyou) below I have opened the drop downs to give you
all the options
At the beginning of 2018, Artichoke Academy reported a balance in common stock of $152,000 and a balance in retained earnings of $52,000. During the year, the company issued additional shares of stock for $42,000, earned net income of $32,000, and paid dividends of $10,200. In addition, the company reported balances for the following...
Wolfpack Construction has the following account balances at the end of the year. Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash Retained earnings Balances $16,500 1,100 23,500 11,000 8,500 10,500 29,500 4,100 Use only the appropriate accounts to prepare a balance sheet. WOLFPACK CONSTRUCTION Balance Sheet December 31 Liabilitie / / / / / Total liabilities / Stockholders' Equity / Total assets Total stockholders' equity Total liabilities and stockholders' equity S 0
Below are the account balances of Bruins Company at the end of November. Accounts Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Salaries Payable Interest Payable Deferred Revenue Notes Payable Balances Accounts $ 40,000 Common Stock 50,000 Retained Earnings 1,100 Dividends 3,000 Service Revenue Salaries Expense 17,000 Rent Expense 5,000 Interest Expense 3,000 Supplies Expense 9,000 Utilities Expense 30,000 Balances $50,000 35,000 1,100 65,000 30,000 12,000 3,000 7,000 6,000 Required: Prepare a trial balance by placing amounts in the...
Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. 39,000 BULLDOG, INC. Income Statement Revenues $ Expenses: Salaries Advertising Utilities Net income 6,000 4,000 BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance 10,000 $ 7,000 $ 17,000 Issuances 1,100 1,100 Add: Net income Less: Dividends (3.000) (3,000) Ending balance 11,100 $ 10,000 $ 21,100 Assets Cash Accounts receivable Supplies Equipment Total assets BULLDOG, INC. Balance Sheet Liabilities $ 4,000...
Most questions answered within 3 hours.
-
Two particles with charges +4e and -7e are
initially very far apart (effectively an infinite distance...
asked 31 seconds ago -
Holding all else constant, when teams face a binding roster
limit, the salary of players is...
asked 5 minutes ago -
1. When can parametric and non-parametric statistical tests be
used?
A. Parametric?
The independent variable is...
asked 12 minutes ago -
How can bacteria resist killing from cationic antimicrobial
peptides (CAMPs)? Choose all that apply. a. Use...
asked 20 minutes ago -
As an economic term, what is the definition of :Technological
Trends? Please try and keep the...
asked 21 minutes ago -
Labor demand will be less elastic in those labor markets in
which:
A.
the price elasticity...
asked 22 minutes ago -
5 situations are listed below and 8 reduction chemicals are
listed A-H below, match the letters...
asked 27 minutes ago -
1. If more spouses decide to quit their jobs to stay home with
their young children...
asked 31 minutes ago -
Please use algebraic manipulation to prove the following
statement:
x'y'z' + x'yz' + x'yz + xyz'...
asked 32 minutes ago -
3.Another patient has a family history in which:
1. the disease was equally distributed among the...
asked 35 minutes ago -
If you are the TM of a shipper of cooking oil the sales
department wants to...
asked 33 minutes ago -
NEED THIS URGENTLY PLEASEEE
Suppose a fair coin is tossed 5 times and the result are...
asked 42 minutes ago