A company's current ratio is presently 2:1. Which of the following transactions would decrease that ratio? A. Depreciation of plant and equipment B. Purchase of inventory on credit C. Payment of accounts payable D. Receive payments from accounts receivable CAL (ht
East Hill Home Healthcare Services was organized five years ago by four friends who each invested $10,000 in the company and, in turn, were issued in total 8,000 shares of $1.00 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $741,000 ($64,000 cash; $516,000 land;...
15. Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: • Sales are budgeted at $470,000 for November, $480,000 for December, and $460,000 for January. • Collections are expected to be 60% in the month of sale and 40% in the month following the sale. The cost of goods sold is 70% of sales. •...
QUESTION THREE Hardax Limited (Ld) is a presented to you 1 25) Hardax Ltd Extracts from Balance Sheet as at 31 December 2018 2017 2018 320 000 10 000 Property plant and equipment 355 000 Expenses prepaid (allowable deduction for 2018) Income received in advance (taxable in the year of receipt) 28 000 15 000 Additional information: 1. During 2018...
Problem 6 The partnership of Ready, Willing and Able is to be liquidated as soon as possible after December 31, 2019. All cash on hand except for a $10,000 contingency balance is to be distributed at the end of each month until the liquidation is completed. Profits and losses are shared 25%, 45% and 30% by Ready, Willing and Able,...
The adjusted trial balance for Perniagaan Sulong is as follows: Perniagaan Sulong Imbangan Duga Terselaras, December 31, 2019 CREDIT (RM) DEBIT (RM) 155,000 55,000 25,000 15,000 220,000 Cash Accounts Receivables Supplies Prepaid Insurance Equipment Accumulated depreciation - Equipment Accounts payable Salary payable Unearned Service Revenue Capital Withdrawals Sales revenue Salary expense Utilities expense Insurance expense Depreciation expense - equipment Supplies...
Please help with 1-3. Thanks Credit NELSON COMPANY Unadjusted Trial Balance January 31 Debit $ 1,000 12,500 5,800 2,400 42,900 $ 15,250 10,000 32,000 2,200 111,950 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-Store equipment Accounts payable J. Nelson, Capital J. Nelson, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment...
need t accounts and trial balance. Required Information [The following information applies to the questions displayed below) Boilermaker House Painting Company Incurs the following transactions for September 1. September 3 Paint houses in the current month for $19, on account. 2. September & Purchase painting equipment for $20,000 cash. 3. September 12 Purchase office supplies on account for $3,300. 4....
Problem 16-02 Pina Inc. issued $2,400,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $56,400, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Pina Inc.'s $100...
Martinez Inc. issued $1,800,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $48,000, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Martinez Inc.’s $100 par value...