Homework Answers
| 27 | d. Work Sheet | |||
| Balance sheet, Income statement, and statement of owner's equity are parts of the accounting system | ||||
| 28 | c. 4.8 times | |||
| Inventory Turnover = | Cost of goods sold/ Average inventories | |||
| $152,000 / $32,000 | ||||
| 4.8 times | ||||
| Average inventory | ($31,000 + $33,000)/2 | |||
| $32,000 | ||||
| 15 | c. 2.5 to 1 | |||
| Current ratio = | Current assets/ Current liabilites | |||
| $53,000 / $21,000 | ||||
| 2.5 | ||||
Add Answer to:
27.Which of the following is NOT a formal part of the accounting system? a. balance sheet...
14. Accumulated depreciation amounts are shown as deductions from the cost of building and equipment accounts...
14. Accumulated depreciation amounts are shown as deductions from the cost of building and equipment accounts accounts receivable account. b, accounts payable account. prepaid insurance account. d. 15. A formal statement of the assets, liabilities, and owner's equity of a business at a specified date is known as a(n) balance sheet. b, c. statement of owner's equity. statement of cash flows 16. Cash and all other assets that may be reasonably expected to be converted to cash or consumed within...
Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current...
Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 42,000 $ 31,000 Accounts receivable 22,000 18,000 Inventory 66,000 70,000 Total current assets 130,000 119,000 Property, plant, and equipment 401,000 377,000 Less accumulated depreciation 207,000 177,000 Net property, plant, and equipment 194,000 200,000 Total assets $ 324,000 $ 319,000 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 15,000 $ 17,000 Accrued liabilities 45,000 38,000 Income taxes payable...
Question 3 - Balance Sheet You are presented with the following statement of financial position which...
Question 3 - Balance Sheet You are presented with the following statement of financial position which is in an incorrect draft. Assuming the accounts and amounts are correct, prepare the statement of financial position again, making the necessary corrections. $ $ 9,000 11,000 26,000 46,000 15,000 20,000 18,000 53,000 99,000 Current assets Cash at bank Accounts payable Plant and machinery Non-current assets Inventory Asset revaluation increment Motor vehicles Total assets Current liabilities Accounts receivable Prepayments Non-current liabilities Bank overdraft Land...
un Balance Sheets February 28 and January 31, 2020 February 28 January 31 $ 42,000 64,000...
un Balance Sheets February 28 and January 31, 2020 February 28 January 31 $ 42,000 64,000 81,000 $ 187,000 $ 37,000 53,000 94,000 $184,000 166,000 (24,000) $329,000 152,000 (21,000 $315,000 Assets Cash Accounts receivable Merchandise inventory Total current assets Plant and equipment: Production equipment Less: Accumulated depreciation Total assets Liabilities Accounts payable Short-term debt Other accrued liabilities Total current liabilities Long-term debt Total liabilities Stockholders' Equity Common stock, no par value, 40,000 shares authorized, 30,000 and 28,000 shares issued, respectively...
Statement of Stockholders' Equity and Balance Sheet The following is balance sheet information for Bryant Packaging...
Statement of Stockholders' Equity and Balance Sheet The following is balance sheet information for Bryant Packaging Service at the end of 2019 and 2018: Accounts Payable Cash Accounts Receivable Equipment, net Notes Payable Supplies Common Stock Dividends Retained Earnings December 31, December 31, 2019 2018 $2,800 $2,600 11,000 12,000 23,800 19,500 33,000 31,000 21,000 21,000 5,700 5,200 6,000 6,000 13,000 a. Prepare a balance sheet as of December 31 of each year. BRYANT PACKAGING SERVICE Balance Sheet December 31, December...
BOOK Calculator Multiple-Step Income Statement and balance sheet The following selected accounts and their current balances...
BOOK Calculator Multiple-Step Income Statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $92,000 Gerri Faber, Drawing 450,000 Sales $300,000 Accounts Receivable 8,925,000 Merchandise Inventory 5,620,000 Estimated Returns Inventory Office Supplies Prepaid Insurance 370,000 Cost of Merchandise Sold 5,000 Sales Salaries Expense 10,000 Advertising Expense 12,000 Depreciation Expense-Store Equipment 220,000 Miscellaneous Selling Expense 58,000 Office Salaries Expense 650,000 Rent Expense 850,000...
Following are comparative balance sheets for Millco Inc. at January 31 and February 28, 2020: MILLCO...
Following are comparative balance sheets for Millco Inc. at January 31 and February 28, 2020: MILLCO INC. Balance Sheets February 28 and January 31, 2020 February 28 January 31 $ 42,000 64,000 81,000 $187.000 $ 37,000 53,000 94,000 $184,000 Assets Cash Accounts receivable Merchandise inventory Total current assets Plant and equipment: Production equipment Less: Accumulated depreciation Total assets Liabilities Accounts payable Short-term debt Other accrued liabilities Total current liabilities Long-term debt Total liabilities Stockholdanell Fruit 166,000 (24,000) $329,000 152,000 (21,000)...
3. Below is the balance sheet for Glucose Control Company as of Dec. 31, 2018. The...
3. Below is the balance sheet for Glucose Control Company as of Dec. 31, 2018. The company reported an annual net income of $85,000 for the following year, 2019, but did not change its assets or liabilities, unless otherwise noted. Assets Cash Marketable securities Accounts receivable Inventory Current assets 13,000 2,000 5,000 33,000 53,000 34,000 80,000 114,000 167,000 Liabilities and Equity Accounts payable 18,000 Notes payable 6,000 Current liabilities 24,000 Long-term debt 95,000 Total liabilities 119,000 Paid-in capital 20,000 Retained...
P10.3 You have the following comparative balance sheets for a restaurant for the years ending December...
P10.3 You have the following comparative balance sheets for a restaurant for the years ending December 31, 0007, and December 31, 0008. Calcu- late the change in working capital and prepare the restaurant's statement of sources and uses of working capital for the year ending December 31, 0008. Yr. 0007 Yr. 0008 ASSETS Current Assets Cash $14,800 $15,600 913 Credit card receivables 847 Accounts receivable 7,387 6,853 Food inventory Beverage inventory Total Current Assets 5,925 7,275 2,425 $33,000 1,975 $31,000...
In Accounting Classify each of the following financial statement items taken from Ming Corporation's balance sheet....
In Accounting
Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Stockholders' Equity Accounts payable Property, Plant, and Equipment Accounts receivable Stockholders' Equity Accumulated depreciation equipment Intangible Assets Buildings Current Assets Cash Intangible Assets Interest payable Current Assets Goodwill Intangible Assets Income taxes payable Intangible Assets Inventory Current Liabilities Stock investments (to be sold in 7 months) Long-term Liabilities Land (in use) Long-term Investments Mortgage payable Current Liabilities Supplies Property, Plant, and Equipment Equipment Long-term...
14. Accumulated depreciation amounts are shown as deductions from the cost of building and equipment accounts accounts receivable account. b, accounts payable account. prepaid insurance account. d. 15. A formal statement of the assets, liabilities, and owner's equity of a business at a specified date is known as a(n) balance sheet. b, c. statement of owner's equity. statement of cash flows 16. Cash and all other assets that may be reasonably expected to be converted to cash or consumed within...
Question 3 - Balance Sheet You are presented with the following statement of financial position which is in an incorrect draft. Assuming the accounts and amounts are correct, prepare the statement of financial position again, making the necessary corrections. $ $ 9,000 11,000 26,000 46,000 15,000 20,000 18,000 53,000 99,000 Current assets Cash at bank Accounts payable Plant and machinery Non-current assets Inventory Asset revaluation increment Motor vehicles Total assets Current liabilities Accounts receivable Prepayments Non-current liabilities Bank overdraft Land...
un Balance Sheets February 28 and January 31, 2020 February 28 January 31 $ 42,000 64,000 81,000 $ 187,000 $ 37,000 53,000 94,000 $184,000 166,000 (24,000) $329,000 152,000 (21,000 $315,000 Assets Cash Accounts receivable Merchandise inventory Total current assets Plant and equipment: Production equipment Less: Accumulated depreciation Total assets Liabilities Accounts payable Short-term debt Other accrued liabilities Total current liabilities Long-term debt Total liabilities Stockholders' Equity Common stock, no par value, 40,000 shares authorized, 30,000 and 28,000 shares issued, respectively...
Statement of Stockholders' Equity and Balance Sheet The following is balance sheet information for Bryant Packaging Service at the end of 2019 and 2018: Accounts Payable Cash Accounts Receivable Equipment, net Notes Payable Supplies Common Stock Dividends Retained Earnings December 31, December 31, 2019 2018 $2,800 $2,600 11,000 12,000 23,800 19,500 33,000 31,000 21,000 21,000 5,700 5,200 6,000 6,000 13,000 a. Prepare a balance sheet as of December 31 of each year. BRYANT PACKAGING SERVICE Balance Sheet December 31, December...
BOOK Calculator Multiple-Step Income Statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $92,000 Gerri Faber, Drawing 450,000 Sales $300,000 Accounts Receivable 8,925,000 Merchandise Inventory 5,620,000 Estimated Returns Inventory Office Supplies Prepaid Insurance 370,000 Cost of Merchandise Sold 5,000 Sales Salaries Expense 10,000 Advertising Expense 12,000 Depreciation Expense-Store Equipment 220,000 Miscellaneous Selling Expense 58,000 Office Salaries Expense 650,000 Rent Expense 850,000...
Following are comparative balance sheets for Millco Inc. at January 31 and February 28, 2020: MILLCO INC. Balance Sheets February 28 and January 31, 2020 February 28 January 31 $ 42,000 64,000 81,000 $187.000 $ 37,000 53,000 94,000 $184,000 Assets Cash Accounts receivable Merchandise inventory Total current assets Plant and equipment: Production equipment Less: Accumulated depreciation Total assets Liabilities Accounts payable Short-term debt Other accrued liabilities Total current liabilities Long-term debt Total liabilities Stockholdanell Fruit 166,000 (24,000) $329,000 152,000 (21,000)...
3. Below is the balance sheet for Glucose Control Company as of Dec. 31, 2018. The company reported an annual net income of $85,000 for the following year, 2019, but did not change its assets or liabilities, unless otherwise noted. Assets Cash Marketable securities Accounts receivable Inventory Current assets 13,000 2,000 5,000 33,000 53,000 34,000 80,000 114,000 167,000 Liabilities and Equity Accounts payable 18,000 Notes payable 6,000 Current liabilities 24,000 Long-term debt 95,000 Total liabilities 119,000 Paid-in capital 20,000 Retained...
P10.3 You have the following comparative balance sheets for a restaurant for the years ending December 31, 0007, and December 31, 0008. Calcu- late the change in working capital and prepare the restaurant's statement of sources and uses of working capital for the year ending December 31, 0008. Yr. 0007 Yr. 0008 ASSETS Current Assets Cash $14,800 $15,600 913 Credit card receivables 847 Accounts receivable 7,387 6,853 Food inventory Beverage inventory Total Current Assets 5,925 7,275 2,425 $33,000 1,975 $31,000...
In Accounting
Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Stockholders' Equity Accounts payable Property, Plant, and Equipment Accounts receivable Stockholders' Equity Accumulated depreciation equipment Intangible Assets Buildings Current Assets Cash Intangible Assets Interest payable Current Assets Goodwill Intangible Assets Income taxes payable Intangible Assets Inventory Current Liabilities Stock investments (to be sold in 7 months) Long-term Liabilities Land (in use) Long-term Investments Mortgage payable Current Liabilities Supplies Property, Plant, and Equipment Equipment Long-term...
Most questions answered within 3 hours.
-
The fact that there are high cache miss rates for programs with
binary executables of 100s...
asked 1 minute from now -
ACME manufacturing is a low-cost producer of a single, commodity
product: RGL-01. Standard overhead cost information...
asked 1 second from now -
answer the below qestion in term of marketing in “personal
selling steps”
( Question )
Consider...
asked 19 minutes ago -
Why
are large,multinational firms more likely to be concerned about
CSR?Why are lifestyle brands more susceptible...
asked 19 minutes ago -
Under normal use conditions, the Mean Time To Failure of a
heating coil can be modeled...
asked 21 minutes ago -
A student holds a ruler by one end (x=0 where the student holds
it). The student...
asked 21 minutes ago -
People are most likely to believe their ancestors play an active
role in their lives in...
asked 22 minutes ago -
A speeding car is traveling along a straight road with a
constant speed of 100 km/hour....
asked 39 minutes ago -
When 60.1 gg of calcium is reacted with nitrogen gas, 31.7 gg of
calcium nitride is...
asked 44 minutes ago -
The random variable X is exponentially distributed, where X
represents the time it takes for a...
asked 59 minutes ago -
a) Write a verilog module for 1:4 Demultiplexer using verilog
primitives.
b) Design 1-to-4 DEMUX using...
asked 54 minutes ago -
MATLAB
write a MATLAB function (1) output a third-order polynomial
function with the coefficients as the...
asked 1 hour ago