46. The 2020, 2021, and 2022 partial balance sheets for Ottoman Manufacturing Company appear below. 2020 2021 2022 Current assets Cash $ 20,000 $ 16,000 $ 14,000 Accounts receivable, 28,000 20,000 24,000 net Inventory Total current assets Plant & equipment, net 22.000 70,000 62.000 30.000 66,000 60.000 28.000 66,000 40.000 Total assets $132,000 $126,000 $106.000 Net credit sales for Ottoman...
Required information [The following information applies to the questions displayed below.] Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 6,800 Accounts Payable $ 12,600 Accounts Receivable 32,750 Deferred Revenue (deposits)...
Causwell Company began 2021 with 17,000 units of inventory on hand. The cost of each unit was $5.00. During 2021 an additional 35,000 units were purchased at a single unit cost, and 27,000 units remained on hand at the end of 2021 (25,000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for...
Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On January 6, Cheyenne Co. sells merchandise on account to Pryor Inc. for $9,700, terms 4/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries...
(The following information applies to the questions displayed below Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one...
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...
Wlusions, Inc. reacquired 22,000 shares of its common stock for $15 per share on June 1. On July 1 they sold 9,000 treasury shares for $22 per share. On August 1 they sold 8,000 treasury shares for $14 per share. Assuming no prior balance in the Additional Paid - in Capital from Treasury Stock Transactions account, what is the ending...
1. (Put-call parity) A stock currently costs So per share. In each time period, the value of the stock will either increase or decrease by u and d respectively, and the risk-free interest rate is r. Let Sn be the price of the stock at t n, for O < n < V, and consider three derivatives which expire at...
1. (Put-call parity) A stock currently costs So per share. In each time period, the value of the stock will either increase or decrease by u and d respectively, and the risk-free interest rate is r. Let Sn be the price of the stock at t-n, for O < n < N, and consider three derivatives which expire at t...
Midshipmen Company borrows $17,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning...