Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts receivable...
Janson Corporation Co.'s trial balance included the following
account balances at December 31, 2021:
| Accounts receivable | $13,200 |
| Inventory | 40,000 |
| Patent | 13,700 |
| Investments | 31,900 |
| Prepaid insurance | 6,100 |
| Notes receivable, due 2024 | 51,400 |
Investments consist of treasury bills that were purchased in November, 2021, and mature in January, 2022. Prepaid insurance is for two years. What amount should be included in the current assets section of Janson’s December 31, 2021, balance sheet?
Multiple Choice
-
$91,200.
-
$139,550.
-
$56,250.
-
$88,150.
Accrued liabilities:
Multiple Choice
-
Are deferred charges to expense.
-
Are generally paid in services rather than cash.
-
Result from services received before payment is made.
-
Result from payment before services are received.
Homework Answers
| 1 | ||
| Accounts receivable | 13200 | |
| Inventory | 40000 | |
| Treasury bills | 31900 | |
| Prepaid insurance | 3050 | =6100/2 |
| Current assets | 88150 | |
| Option D $88,150 is correct |
2
| Accrued liabilities Result from services received before payment is made. |
| Accrued liabilities are amount payable for services already received. |
| Option C is correct |
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Janson Corporation Co.'s trial balance included the following
account balances at December 31, 2021:
Accounts receivable...
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable...
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable $12,700 Inventories 42,000 Patent 12,500 Investments 30,700 Prepaid insurance 6,700 Note receivable, due 2021 51,800 Investments consist of treasury bills that were purchased in November, 2018 and mature in January, 2019. Prepaid insurance is for two years. What amount should be included in the current asset section of Janson’s December 31, 2018, balance sheet? Multiple Choice $ 140,550. $ 92,100. $ 88,750. $ 58,050.
1/Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable...
1/Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable $26,500 Bond payable, due 2027 24,000 Salaries payable 17,400 Note payable, due 2019 20,300 Note payable, due 2023 41,200 What amount should be included in the current liabilities section of Janson's December 31, 2018, balance sheet? Multiple Choice $67,900. $105,400. $43,900. 2/ anson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable $12,600 Inventories 40,000 Patent 13,300 Investments...
1/ Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts...
1/ Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable $25,300 Bond payable, due 2027 24,200 Salaries payable 16,700 Note payable, due 2019 21,600 Note payable, due 2023 40,400 What amount should be included in the current liabilities section of Janson's December 31, 2018, balance sheet? Multiple Choice $66,200. $42,000. $104,000. $63,600. 2/ The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets Liabilities and Equity Current...
Janson Corporation Co.'s trial balance included the following account balances at December 31,2018 :
Question 8Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018:Accounts payable$25,000Bond payable, due 202722,000Salaries payable16,000Note payable, due 201920,000Note payable, due 202340,000What amount should be included in the current liabilities section of Janson's December 31,2018 , balance sheet?$ 63,000$ 61,000.$ 101,000$ 41,000.
Ashley Corp.'s trial balance included the following account balances at December 31, 2021: Accounts receivable (net)....
Ashley Corp.'s trial balance included the following account balances at December 31, 2021: Accounts receivable (net). $82,000 Trading securities. 14,000 Accumulated depreciation on equipment and furniture. 30,000 Cash 20,000 Inventory 54,000 Equipment 50,000 Patent 8,000 Prepaid expenses 3,000 Land held for future business site. 36,000 In Ashley's December 31, 2021 statement of financial position, the current assets total is $147,000 $209,000 Ob. $173.000 Ос. $181,000 Od
The following is the ending balances of accounts at December 31, 2021, for the VElectronics Corporation....
The following is the ending balances of accounts at December 31,
2021, for the VElectronics Corporation.
Account Title
Debits
Credits
Cash
81,000
Short-term investments
196,000
Accounts receivable
137,000
Long-term investments
42,000
Inventory
222,000
Receivables from employees
47,000
Prepaid expenses (for 2022)
23,000
Land
287,000
Building
1,620,000
Equipment
644,000
Patent (net)
159,000
Franchise (net)
47,000
Notes receivable
285,000
Interest receivable
19,000
Accumulated depreciation—building
627,000
Accumulated depreciation—equipment
217,000
Accounts payable
196,000
Dividends payable (payable on 1/16/2022)
17,000
Interest payable
23,000
Income Taxes...
1/The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets...
1/The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 75 Accounts payable $ 232 Accounts receivable (net) 186 Other liabilities 72 Notes receivable 57 Total current liabilities 304 Inventories 212 Long-term liabilities 103 Prepaid expenses 41 Total liabilities 407 Total current assets 571 Shareholders' equity: Plant assets (net) 267 Capital stock 130 Retained earnings 301 Total shareholders' equity 431 Total assets $ 838 Total...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation Account Title Cash...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 47,000 112,000 61,000 201,000 8,000 92,000 421,000 $ 101,000 111,000 61,000 11,000 77,000 133,000 21,000 241,000 303,000 127.000 $1,064,000 $1,064,000 Additional information: 1. The...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 85,000 150,000 80,000 220,000 8,000 130,000 440,000 $ 120,000 130,000 80,000 30,000 115,000 190,000 40,000 260,000 360,000 108,000 $1,273,000 $1,273,000 Additional information: 1. The investment...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 55,000 120,000 65,000 205,000 7,000 100,000 425,000 $ 105,000 115,000 65,000 15,000 85,000 145,000 25,000 245,000 315,000 122,000 $1,107,000 $1,107,000 Additional information: 1. The investment...
Ashley Corp.'s trial balance included the following account balances at December 31, 2021: Accounts receivable (net). $82,000 Trading securities. 14,000 Accumulated depreciation on equipment and furniture. 30,000 Cash 20,000 Inventory 54,000 Equipment 50,000 Patent 8,000 Prepaid expenses 3,000 Land held for future business site. 36,000 In Ashley's December 31, 2021 statement of financial position, the current assets total is $147,000 $209,000 Ob. $173.000 Ос. $181,000 Od
The following is the ending balances of accounts at December 31,
2021, for the VElectronics Corporation.
Account Title
Debits
Credits
Cash
81,000
Short-term investments
196,000
Accounts receivable
137,000
Long-term investments
42,000
Inventory
222,000
Receivables from employees
47,000
Prepaid expenses (for 2022)
23,000
Land
287,000
Building
1,620,000
Equipment
644,000
Patent (net)
159,000
Franchise (net)
47,000
Notes receivable
285,000
Interest receivable
19,000
Accumulated depreciation—building
627,000
Accumulated depreciation—equipment
217,000
Accounts payable
196,000
Dividends payable (payable on 1/16/2022)
17,000
Interest payable
23,000
Income Taxes...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 47,000 112,000 61,000 201,000 8,000 92,000 421,000 $ 101,000 111,000 61,000 11,000 77,000 133,000 21,000 241,000 303,000 127.000 $1,064,000 $1,064,000 Additional information: 1. The...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 85,000 150,000 80,000 220,000 8,000 130,000 440,000 $ 120,000 130,000 80,000 30,000 115,000 190,000 40,000 260,000 360,000 108,000 $1,273,000 $1,273,000 Additional information: 1. The investment...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 55,000 120,000 65,000 205,000 7,000 100,000 425,000 $ 105,000 115,000 65,000 15,000 85,000 145,000 25,000 245,000 315,000 122,000 $1,107,000 $1,107,000 Additional information: 1. The investment...
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