Homework Answers
| CULLUMBER COMPANY | ||||
| Balance sheet | ||||
| Assets | ||||
| Cash | 21036 | |||
| accounts receivables | 9116 | |||
| supplies | 11219 | |||
| equipment | 64510 | |||
| Total assets | 105881 | |||
| Laibilities & owner's equity | ||||
| Accounts payable | 29450 | |||
| owner's capital | 94662 | |||
| less: owner's drawings | -18231 | |||
| net owners capital | 76431 | |||
| Total laibilities & owner's equity | 105881 | |||
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Assets Cash CULLUMBER COMPANY Balance Sheet December 31, 2020 Liabilities $21,036 Accounts payable 11,219 Accounts receivable...
Exercise 1-13 Debra King is the bookkeeper for Cullumber Company. Debra has been trying to determine...
Exercise 1-13 Debra King is the bookkeeper for Cullumber Company. Debra has been trying to determine the correct balance sheet for Cullumber Company. Cullumber's balance sheet is shown below CULLUMBER COMPANY Balance Sheet December 31, 2020 Assets Liabilities Cash Supplies Equipment Owner's drawings $21,036 Accounts payable 11,219 64,510 18,231 $114,996 Accounts receivable Owner's capital Total liabilities and owner's equity $29,450 (9,116) 94,662 $114,996 Total assets Prepare a correct balance sheet. (List Assets in order of liquidity.)
The following information is available for Cullumber Company Accounts receivable $6,270 3,810 Accounts payable $2,500 Cash...
The following information is available for Cullumber Company Accounts receivable $6,270 3,810 Accounts payable $2,500 Cash 4,400 Supplies 620 Unearned service revenue Interest payable 890 43,600 Salaries and wages expense 850 Notes payable 5,200 Service revenue 32,000 Salaries and wages payable 63,800 Depreciation expense 2,820 Equipment (net) 720 Common stock 108,700 Inventory Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity) Using the information above, prepare a balance sheet as...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current Assets $ $ Long-Term Investments Intangible Assets V: Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment...
In alphabetical order below are balance sheet items for Clark Company at December 31, 2020. Donna...
In alphabetical order below are balance sheet items for Clark Company at December 31, 2020. Donna Clark is the owner of Clark Company. Accounts payable Accounts receivable Cash Owner's capital $95,300 73,900 46,700 25,300 Prepare a balance sheet. (List Assets in order of liquidity.) CLARK COMPANY Balance Sheet For the Month Ended December 31, 2020 For the Year Ended December 31, 2020 December 31, 2020 $ Liabilities and Owner's Equity $ $
Cullumber Corporation Balance Sheet as of December 31, 2017 Liabilities and Equity: Assets: Cash and marketable...
Cullumber Corporation Balance Sheet as of December 31, 2017 Liabilities and Equity: Assets: Cash and marketable securities Accounts payable and accruals Accounts receivable Notes payable 300,000 Inventory Total current assets Total current liabilities Long-term debt $2,000,000 Net plant and equipment Common stock Retained earnings $1,250,000 Total assets Total liabilities and equity $8,000,000 You have the following information: Debt ratio 35 % 40 days DSO Current ratio 2.17 Inventory turnover ratio 4.000 Net sales $2.43 million Cost of goods sold =...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation 105,000 $40,000 10,000 30,000 $135,000 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $25,000 45,000 70,000 Total liabilities Stockholders' Equity Common stock $40,000 25,000 Retained earnings 65,000 Total stockholders' equity Total liabilities and stockholders' equity $135,000 Budgeted data for the year 2020 include the following....
PREPARE A CLASSIFIED BALANCE SHEET 2:06:08 PM / Remaining: 109 min. Adjusted Trial Balance July 31,...
PREPARE A CLASSIFIED BALANCE SHEET
2:06:08 PM / Remaining: 109 min. Adjusted Trial Balance July 31, 2020 Account Titles No. Debit Credit $8,300 9,000 15,800 101 112 157 158 201 208 301 306 400 429 711 726 732 Cash Accounts Receivable Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense $7,700 4,700 1,900 45,200 16,200 64,200 6,500 9,500 56,000 15,400 $130,200 $130,200 riepai a MICIE...
What's retained earnings. total stockholders' equity, and total liabilities and stockholders' equity? Accounts receivable $3,400 Cash...
What's retained earnings.
total stockholders' equity, and total liabilities and stockholders'
equity?
Accounts receivable $3,400 Cash $6.240 Accounts payable 3,700 Supplies 3,780 Interest payable 530 Unearned service revenue 940 Salaries and wages expense 5,400 Service revenue 41,850 Notes payable 32,500 Salaries and wages payable 770 Common stock 55,000 Depreciation expense 740 Inventory 2,810 Equipment (net) 110,600 Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity.) Cullumber Company Balance Sheet December...
Atlas Realty Balance Sheet May 31, 2019 Assets Liabilities Cash $ 123,200 Accounts payable 48,000 Supplies...
Atlas Realty Balance Sheet May 31, 2019 Assets Liabilities Cash $ 123,200 Accounts payable 48,000 Supplies 12.800 Owner's Eques Land LuAnn Martin, capital 120,000 256,000 Total assets Total liabilities and owner's equity $ 256,000
2020 LLC Balance Sheet 31 Assets Debit Credit Current Assets Cash 5,130.00 Accounts Receivable 3,300.00 Total...
2020 LLC Balance Sheet 31 Assets Debit Credit Current Assets Cash 5,130.00 Accounts Receivable 3,300.00 Total Current Assets 8,430.00 Property, Plant & Equipment Equipment 12,400.00 Accumulated Depreciation (2,200.00) Total Plant, Property & Equipment 10,200.00 Total Assets 18,630.00 Liabilities Accounts Payable 700.00 Notes Payable- Short Term 3,070.00 Total Current Liabilities 3,770.00 Owner Equity Members Capital 14,860.00 Total Liability & Owners Equity 18,630.00 Question. From the balance sheet, calculate working Capital.Does the firm have sufficient working capital ?
Exercise 1-13 Debra King is the bookkeeper for Cullumber Company. Debra has been trying to determine the correct balance sheet for Cullumber Company. Cullumber's balance sheet is shown below CULLUMBER COMPANY Balance Sheet December 31, 2020 Assets Liabilities Cash Supplies Equipment Owner's drawings $21,036 Accounts payable 11,219 64,510 18,231 $114,996 Accounts receivable Owner's capital Total liabilities and owner's equity $29,450 (9,116) 94,662 $114,996 Total assets Prepare a correct balance sheet. (List Assets in order of liquidity.)
The following information is available for Cullumber Company Accounts receivable $6,270 3,810 Accounts payable $2,500 Cash 4,400 Supplies 620 Unearned service revenue Interest payable 890 43,600 Salaries and wages expense 850 Notes payable 5,200 Service revenue 32,000 Salaries and wages payable 63,800 Depreciation expense 2,820 Equipment (net) 720 Common stock 108,700 Inventory Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity) Using the information above, prepare a balance sheet as...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current Assets $ $ Long-Term Investments Intangible Assets V: Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment...
In alphabetical order below are balance sheet items for Clark Company at December 31, 2020. Donna Clark is the owner of Clark Company. Accounts payable Accounts receivable Cash Owner's capital $95,300 73,900 46,700 25,300 Prepare a balance sheet. (List Assets in order of liquidity.) CLARK COMPANY Balance Sheet For the Month Ended December 31, 2020 For the Year Ended December 31, 2020 December 31, 2020 $ Liabilities and Owner's Equity $ $
Cullumber Corporation Balance Sheet as of December 31, 2017 Liabilities and Equity: Assets: Cash and marketable securities Accounts payable and accruals Accounts receivable Notes payable 300,000 Inventory Total current assets Total current liabilities Long-term debt $2,000,000 Net plant and equipment Common stock Retained earnings $1,250,000 Total assets Total liabilities and equity $8,000,000 You have the following information: Debt ratio 35 % 40 days DSO Current ratio 2.17 Inventory turnover ratio 4.000 Net sales $2.43 million Cost of goods sold =...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation 105,000 $40,000 10,000 30,000 $135,000 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $25,000 45,000 70,000 Total liabilities Stockholders' Equity Common stock $40,000 25,000 Retained earnings 65,000 Total stockholders' equity Total liabilities and stockholders' equity $135,000 Budgeted data for the year 2020 include the following....
PREPARE A CLASSIFIED BALANCE SHEET
2:06:08 PM / Remaining: 109 min. Adjusted Trial Balance July 31, 2020 Account Titles No. Debit Credit $8,300 9,000 15,800 101 112 157 158 201 208 301 306 400 429 711 726 732 Cash Accounts Receivable Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense $7,700 4,700 1,900 45,200 16,200 64,200 6,500 9,500 56,000 15,400 $130,200 $130,200 riepai a MICIE...
What's retained earnings.
total stockholders' equity, and total liabilities and stockholders'
equity?
Accounts receivable $3,400 Cash $6.240 Accounts payable 3,700 Supplies 3,780 Interest payable 530 Unearned service revenue 940 Salaries and wages expense 5,400 Service revenue 41,850 Notes payable 32,500 Salaries and wages payable 770 Common stock 55,000 Depreciation expense 740 Inventory 2,810 Equipment (net) 110,600 Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity.) Cullumber Company Balance Sheet December...
Atlas Realty Balance Sheet May 31, 2019 Assets Liabilities Cash $ 123,200 Accounts payable 48,000 Supplies 12.800 Owner's Eques Land LuAnn Martin, capital 120,000 256,000 Total assets Total liabilities and owner's equity $ 256,000
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