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Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the Accounts payable...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended Accounts payable Cash Land Pearson, Capital $ 5,000 40,000 25,000 30,000 Accounts receivable Gomez, Capital Long-term notes payable Litt, Capital $10,000 15,000 20,000 5,000 Prepare a classified balance sheet. PEARSON, GOMEZ, AND LITT PARTNERSHIP Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total assets Liabilities Current liabilities Long-term liabilities Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial...
1. Based on the following data, what is the amount of working capital? Accounts payable....................$32,000 Accounts...
1. Based on the following data, what is the amount of working capital? Accounts payable....................$32,000 Accounts receivable....................64,000 Accrued liabilities....................7,000 Cash.........................................20,000 Intangible assets............................40,000 Inventory...............................................72,000 Long-term investments...............................100,000 Long-term liabilities.....................................75,000 Marketable securities.................................35,000 Notes payable (short-term)........................20,000 Property, plant, and equipment.................625,000 Prepaid expenses.........................................2,000 WHAT IS WORKING CAPITAL? a. $162,000 b. $134,000 c. $193,000 d. $62,000 2. Use the following data to determine the total dollar amount of assets to be classified as current assets. Cash..............................................$60,000 Prepaid insurance..........................40,000 Accounts receivable......................50,000 Inventory.........................................70,000 Land held for investment................80,000 Land................................................95,000...
Calculate Working Capital for last year PETE'S POTATO & PASTA, INC. BALANCE SHEET ENDING DECEMBER 31st...
Calculate Working Capital for last
year
PETE'S POTATO & PASTA, INC. BALANCE SHEET ENDING DECEMBER 31st ASSETS This year Last year $ Current assets Cash and cash equivalents Accounts receivable Inventory Total current assets 10,000 35,000 25,000 70,000 10,000 30,000 20.000 60,000 $ Fixed assets Plants and machinery Less depreciation Land Intangible Assets TOTAL ASSETS 20,000 -12,000 8,000 2,000 88,000 20,000 -10,000 8,000 1,500 79,500 LIABILITIES and SHAREHOLDERS' EQUITY $ Liabilities Accounts payable Taxes payable Long-term bonds issued TOTAL LIABILITIES...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000 25,000 85,000 Total Liabilities 170,000 Accounts 50,000 Receivable Inventory 80,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Assets $550,000 Owner's Capital 380,000 Total Liabilities and Owner's $550,000 Equity The total dollar amount of liabilities to be classified as current liabilities is O a) $60,000 Ob) $85,000. Oc) $25,000 d) $170,000.
Calculate the Quick Ratio for this year PETE'S POTATO & PASTA, INC. BALANCE SHEET ENDING DECEMBER...
Calculate the Quick Ratio for this
year
PETE'S POTATO & PASTA, INC. BALANCE SHEET ENDING DECEMBER 31st ASSETS This year Last year $ Current assets Cash and cash equivalents Accounts receivable Inventory Total current assets 10,000 35,000 25,000 70,000 10,000 30,000 20.000 60,000 $ Fixed assets Plants and machinery Less depreciation Land Intangible Assets TOTAL ASSETS 20,000 -12,000 8,000 2,000 88,000 20,000 -10,000 8,000 1,500 79,500 LIABILITIES and SHAREHOLDERS' EQUITY $ Liabilities Accounts payable Taxes payable Long-term bonds issued TOTAL...
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...
Did the Current Ratio increase or decrease from last year to this year? PETE'S POTATO &...
Did the Current Ratio increase or decrease from
last year to this year?
PETE'S POTATO & PASTA, INC BALANCE SHEET ENDING DECEMBER 31st This year Last year ASSETS Current assets Cash and cash equivalents Accounts receivable Inventory Total current assets 10,000 35,000 25,000 70,000 10,000 30,000 20,000 60,000 Fixed assets Plants and mach inery Less depreciation 20,000 -12,000 -10,000 8,000 2,000 88,000 20,000 Land 8,000 1,500 Intangible Assets TOTAL ASSETS 79,500 LIABILITIES and SHAREHOLDERS' EQUITY Liabilities 20,000 15,500 Accounts payable...
Question 1 [25 marks] a) Merz, Dechter, and Flowers are partners in a partnership and share...
Question 1 [25 marks] a) Merz, Dechter, and Flowers are partners in a partnership and share profits and losses 40%, 40%, and 20%, respectively. The partners have agreed to liquidate the partnership and anticipate that liquidation expenses will total $14,000. Prior to the liquidation, the partnership balance sheet reflects the following book values: $ 25,000 40,000 30,000 60,000 70,000 12,000 50,000 50,000 65,000 40,000 18,000 (10,000) Cash Inventory Accounts receivable Equipment Land and Buildings Note payable to Flowers Accounts payable...
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first...
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2020, is shown below: Account Accounts payable Accumulated depreciation, building Accumulated depreciation, furniture Advertising expense Building Cash Depreciation expense, building Depreciation expense, furniture Furniture Interest expense Interest payable Janitorial expense Land Long-term notes payable Notes receivable, due 2023 Office salaries expense Office supplies Office supplies expense Brand name Prepaid advertising Rent revenue Rent receivable Salaries payable Utilities expense...
prepare an Income Statement and Balance Sheet. Balance Account Name Db Cr Accounts Payable 3,000...
prepare an Income Statement and Balance Sheet. Balance Account Name Db Cr Accounts Payable 3,000 Accounts Receivable 5,000 Accrued Expenses 15,000 Accumulated Depr. Equipment 5,000 Building 100,000 Capital Stock ####### Cash 50,000 Cost of Goods Sold 10,000 Equipment 50,000 Income Tax Payable 1,000 Land 50,000 Long Term Debt 75,000 Long Term Investments 100,000 Marketing Expenses 8,000 Merchandise Inventory 2,500 PrePaid Expenses 3,000 Rent Expenses ...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended Accounts payable Cash Land Pearson, Capital $ 5,000 40,000 25,000 30,000 Accounts receivable Gomez, Capital Long-term notes payable Litt, Capital $10,000 15,000 20,000 5,000 Prepare a classified balance sheet. PEARSON, GOMEZ, AND LITT PARTNERSHIP Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total assets Liabilities Current liabilities Long-term liabilities Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial...
Calculate Working Capital for last
year
PETE'S POTATO & PASTA, INC. BALANCE SHEET ENDING DECEMBER 31st ASSETS This year Last year $ Current assets Cash and cash equivalents Accounts receivable Inventory Total current assets 10,000 35,000 25,000 70,000 10,000 30,000 20.000 60,000 $ Fixed assets Plants and machinery Less depreciation Land Intangible Assets TOTAL ASSETS 20,000 -12,000 8,000 2,000 88,000 20,000 -10,000 8,000 1,500 79,500 LIABILITIES and SHAREHOLDERS' EQUITY $ Liabilities Accounts payable Taxes payable Long-term bonds issued TOTAL LIABILITIES...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000 25,000 85,000 Total Liabilities 170,000 Accounts 50,000 Receivable Inventory 80,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Assets $550,000 Owner's Capital 380,000 Total Liabilities and Owner's $550,000 Equity The total dollar amount of liabilities to be classified as current liabilities is O a) $60,000 Ob) $85,000. Oc) $25,000 d) $170,000.
Calculate the Quick Ratio for this
year
PETE'S POTATO & PASTA, INC. BALANCE SHEET ENDING DECEMBER 31st ASSETS This year Last year $ Current assets Cash and cash equivalents Accounts receivable Inventory Total current assets 10,000 35,000 25,000 70,000 10,000 30,000 20.000 60,000 $ Fixed assets Plants and machinery Less depreciation Land Intangible Assets TOTAL ASSETS 20,000 -12,000 8,000 2,000 88,000 20,000 -10,000 8,000 1,500 79,500 LIABILITIES and SHAREHOLDERS' EQUITY $ Liabilities Accounts payable Taxes payable Long-term bonds issued TOTAL...
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...
Did the Current Ratio increase or decrease from
last year to this year?
PETE'S POTATO & PASTA, INC BALANCE SHEET ENDING DECEMBER 31st This year Last year ASSETS Current assets Cash and cash equivalents Accounts receivable Inventory Total current assets 10,000 35,000 25,000 70,000 10,000 30,000 20,000 60,000 Fixed assets Plants and mach inery Less depreciation 20,000 -12,000 -10,000 8,000 2,000 88,000 20,000 Land 8,000 1,500 Intangible Assets TOTAL ASSETS 79,500 LIABILITIES and SHAREHOLDERS' EQUITY Liabilities 20,000 15,500 Accounts payable...
Question 1 [25 marks] a) Merz, Dechter, and Flowers are partners in a partnership and share profits and losses 40%, 40%, and 20%, respectively. The partners have agreed to liquidate the partnership and anticipate that liquidation expenses will total $14,000. Prior to the liquidation, the partnership balance sheet reflects the following book values: $ 25,000 40,000 30,000 60,000 70,000 12,000 50,000 50,000 65,000 40,000 18,000 (10,000) Cash Inventory Accounts receivable Equipment Land and Buildings Note payable to Flowers Accounts payable...
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2020, is shown below: Account Accounts payable Accumulated depreciation, building Accumulated depreciation, furniture Advertising expense Building Cash Depreciation expense, building Depreciation expense, furniture Furniture Interest expense Interest payable Janitorial expense Land Long-term notes payable Notes receivable, due 2023 Office salaries expense Office supplies Office supplies expense Brand name Prepaid advertising Rent revenue Rent receivable Salaries payable Utilities expense...
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