The following list of accounts is taken from the records of the Norman Company Ltd. at...
| The following list of accounts is taken from the records of the Norman Company Ltd. at December 31, 2019: | |
| Account | Balance |
| Accounts Payable | $125 |
| Accounts Receivable | 138 |
| Bank Loan (½ Due In 2020) | 110 |
| Building | 400 |
| Cash | 250 |
| Equipment | 140 |
| Land | 115 |
| Mortgage Payable (due 2021) | 280 |
| Notes Receivable, due within 90 Days | 18 |
| Prepaid Insurance | 12 |
| Retained Earnings | 214 |
| Salaries Payable | 14 |
| Common Stock | 400 |
| Unused Supplies | 70 |
| Required: Prepare a classified balance sheet. Assume all accounts have normal debit and credit balances. | |
Homework Answers
Add Answer to:
The following list of accounts is taken from the records of the
Norman Company Ltd. at...
The following accounts and amounts are taken from the accounting records of Martindale Ltd. Account Amount...
The following accounts and amounts are taken from the accounting records of Martindale Ltd. Account Amount Cash AmountAccount $16,200 Accounts payable 3,000 salaries payables $54,100 Accounts receivable 3,200 Inventory 44,000 Unearned revenue 12,400 40,000 50,000 Prepaid rent Supplies Equipment Accumulated depreciation 69,000 Long term note payable 5,000Common shares 213,000 Retained earnings 150,000 68,000 Total liabilities are $109,700. Select one: True False
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc....
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc. (in millions). Identify each account as an asset (A), liability (L), stockholder's equity (SE), revenue (R), or an expense (E). Retained Earnings Cost of Goods Sold Selling & Admin Expenses Cash Notes Payable Interest Expense Other Expenses 1,564.7 4,128.5 3,523.6 231.8 513.3 351.5 54.0 Long-term Debt Inventories Net Sales Accounts Payable Common Stock Income Tax Expense 5,619.0 574.5 8,853.3 577.5 103.8 322.1 Prepare an...
The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account...
The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits Cash $ 105,000 Short-term investments 87,000 Accounts receivable (net) 302,000 Prepaid expenses (for the next 12 months) 54,000 Land 97,000 Buildings 342,000 Accumulated depreciation—buildings $ 171,000 Equipment 276,000 Accumulated depreciation—equipment 131,000 Accounts payable 184,000 Accrued liabilities 56,000 Notes payable 122,000 Mortgage payable 230,000 Common stock 210,000 Retained earnings 159,000 Totals $ 1,263,000 $ 1,263,000 Additional information: The short-term investments account includes...
is this right? Problem 4: The following accounts are taken from the records of Monsters Incorporated...
is this right?
Problem 4: The following accounts are taken from the records of Monsters Incorporated at January 31, 2019, its first months of operations. * Cash Accounts receivable unused supplies Land Building Equipment Bank loan Accounts payable $ $ $ $ $ $ $ $ 33,000 82,000 2,000 25,000 70,000 A 30,000 15,000 27,000 * * Page 2 w Common Stock Net income Dividends $ 159.00 $ 40,000 $ 1,000 Required: 1. Calculate the amount of total assets $242.000...
The following is a list of the accounts and balances taken from the adjusted trial balance...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31 2021 for Meilleur Merchants. Meilleur uses a perpetual inventory system and the earnings approach for revenue recognition. The list of accounts is in alphabetical order. All accounts have normal balances. Balance Dec. 31 $15,000 30.000 15,500 10,000 4,300 84,600 75.000 28,300 4,500 235,500 5,800 24,500 650 Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 33,985 46,009 7,800 34,000 2,180 1. 240 41.800 21,800 18,000 30,920 180 521,500 1,500 322.695 Accounts Receivable at December 31, 2018, was $56,800....
The following selected accounts were taken from the financial records of Los Olivos Distributors at December...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash $ 26,760 Accounts receivable 47,700 Note receivable, due 2020 9,500 Merchandise inventory 35,700 Prepaid insurance 2,350 Supplies 1,410 Equipment 43,500 Accumulated depreciation, equipment 23,500 Note payable to bank, due 2020 35,000 Accounts payable 13,050 Interest payable 350 Sales 530,000 Sales discounts 3,200 Cost of goods sold 348,540 Accounts Receivable at December 31, 2018, was $55,050. Merchandise...
Swed The following is the ending balances of accounts at June 30, 2021. for Excell Company...
Swed The following is the ending balances of accounts at June 30, 2021. for Excell Company Credits $ Debits 113,000 95,000 310.000 62,000 105,000 350,000 Account Title Cash Short-term investments Accounts receivable (net) Prepaid expenses (for the next 12 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Accrued liabilities Notes payable Mortgage payable Con stock Retained earnings Totals $ 125,000 280,000 130,00 Additional information: 1. The short-term investments account includes $33,000 in US treasury buls purchased in...
Exercise 4-16 The following items were taken from the financial statements of P. Blossom Company. (All...
Exercise 4-16 The following items were taken from the financial statements of P. Blossom Company. (All amounts are in thousands.) Long-term debt $1.100 $5,200 Accumulated depreciation- equipment Accounts payable Notes payable (due after 2021) 810 11,500 400 1,000 300 Owner's capital 14,510 Prepaid insurance Equipment Stock investments (long- term) Debt investments (short- term) Notes payable (due in 2021) Cash Accounts receivable 1,400 4,200 600 2,800 Inventory 1,600 Prepare a classified balance sheet in good form as of December 31, 2020....
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019....
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances Cash $ 22,599 46,800 8,680 34,800 2,260 1,320 42,600 22,600 26,800 21,248 Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumuleted depreciation, equipment Note payable to bank, due 2820 Accounts payable Interest payable Sales Sales discounts 260 525,500 2,300 397,320 Cost of goods sold Accounts Receivable at December 31, 2018, was $52,800. Merchandise...
The following accounts and amounts are taken from the accounting records of Martindale Ltd. Account Amount Cash AmountAccount $16,200 Accounts payable 3,000 salaries payables $54,100 Accounts receivable 3,200 Inventory 44,000 Unearned revenue 12,400 40,000 50,000 Prepaid rent Supplies Equipment Accumulated depreciation 69,000 Long term note payable 5,000Common shares 213,000 Retained earnings 150,000 68,000 Total liabilities are $109,700. Select one: True False
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc. (in millions). Identify each account as an asset (A), liability (L), stockholder's equity (SE), revenue (R), or an expense (E). Retained Earnings Cost of Goods Sold Selling & Admin Expenses Cash Notes Payable Interest Expense Other Expenses 1,564.7 4,128.5 3,523.6 231.8 513.3 351.5 54.0 Long-term Debt Inventories Net Sales Accounts Payable Common Stock Income Tax Expense 5,619.0 574.5 8,853.3 577.5 103.8 322.1 Prepare an...
is this right?
Problem 4: The following accounts are taken from the records of Monsters Incorporated at January 31, 2019, its first months of operations. * Cash Accounts receivable unused supplies Land Building Equipment Bank loan Accounts payable $ $ $ $ $ $ $ $ 33,000 82,000 2,000 25,000 70,000 A 30,000 15,000 27,000 * * Page 2 w Common Stock Net income Dividends $ 159.00 $ 40,000 $ 1,000 Required: 1. Calculate the amount of total assets $242.000...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31 2021 for Meilleur Merchants. Meilleur uses a perpetual inventory system and the earnings approach for revenue recognition. The list of accounts is in alphabetical order. All accounts have normal balances. Balance Dec. 31 $15,000 30.000 15,500 10,000 4,300 84,600 75.000 28,300 4,500 235,500 5,800 24,500 650 Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 33,985 46,009 7,800 34,000 2,180 1. 240 41.800 21,800 18,000 30,920 180 521,500 1,500 322.695 Accounts Receivable at December 31, 2018, was $56,800....
Swed The following is the ending balances of accounts at June 30, 2021. for Excell Company Credits $ Debits 113,000 95,000 310.000 62,000 105,000 350,000 Account Title Cash Short-term investments Accounts receivable (net) Prepaid expenses (for the next 12 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Accrued liabilities Notes payable Mortgage payable Con stock Retained earnings Totals $ 125,000 280,000 130,00 Additional information: 1. The short-term investments account includes $33,000 in US treasury buls purchased in...
Exercise 4-16 The following items were taken from the financial statements of P. Blossom Company. (All amounts are in thousands.) Long-term debt $1.100 $5,200 Accumulated depreciation- equipment Accounts payable Notes payable (due after 2021) 810 11,500 400 1,000 300 Owner's capital 14,510 Prepaid insurance Equipment Stock investments (long- term) Debt investments (short- term) Notes payable (due in 2021) Cash Accounts receivable 1,400 4,200 600 2,800 Inventory 1,600 Prepare a classified balance sheet in good form as of December 31, 2020....
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances Cash $ 22,599 46,800 8,680 34,800 2,260 1,320 42,600 22,600 26,800 21,248 Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumuleted depreciation, equipment Note payable to bank, due 2820 Accounts payable Interest payable Sales Sales discounts 260 525,500 2,300 397,320 Cost of goods sold Accounts Receivable at December 31, 2018, was $52,800. Merchandise...
Most questions answered within 3 hours.
-
•Describe the basic structure of collagen monomers •Explain how
amino acid composition of collagen contributes to...
asked 1 hour ago -
Compute the sample correlation coefficient
r for each of the following data sets.
(Use 3 decimal...
asked 2 hours ago -
5a. What are the advantages and disadvantages of Proxy ARP?
b. What is the TTL field...
asked 1 hour ago -
An ice cube (density = 900[kg/m3]) with a side length of
2.54[cm] is held by a...
asked 3 hours ago -
would you say that leaders in the international context are born
or made? That is, can...
asked 3 hours ago -
Instructions
Read the Digital Trends article "Solid state drives are speedier
than hard disk drives. Are...
asked 3 hours ago -
A multiple-choice test consists of 29 questions with possible
answers of a, b, c, d. Estimate...
asked 4 hours ago -
Question 1: Ethanol is the active ingredient of alcoholic
beverages. It is also s a possible...
asked 4 hours ago -
In the process of a simple distillation, the substances in the
still head tube are in...
asked 4 hours ago -
In a normal distribution with mean 3 and standard deviation of
7, what are the upper...
asked 4 hours ago -
A big block stone with mass M explodes and splits in two pieces
with mass 0.40M...
asked 4 hours ago -
Discuss the role of women in the late 19th century. In what ways
were the roles,...
asked 4 hours ago