ased on these items, what is the total of the (a) liquid assets and (b) current liabilities? Checking pocount belong0 $905
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![Problem 3-1 Determining Liquid Assets and Current Liabilities [LO3-2]
Based on these items, what is the total of the (a) liquid assets and (b) current liabilities?
Checking account balance
Retirement account balance
$895
57,700
Credit card balance
Rare jewelry
Liquid assets
Current liabilities
152
520
Savings account balance
Current student loan payment due
Investment account balance
Mortgage
$3,025
290
8,700
181,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F913dd8a1-24ac-4d15-9ae0-4e3b8e5cde99%2F69ebcd5f-27a1-423b-a2ec-cbbc227364fd%2F8fiihp_processed.jpeg&w=3840&q=75)
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- Activity # 7 Application of the concepts of Assets, Liabilities, Owner’s Equity, Revenue, and ExpenseThe following table includes SFP and SCI elements. Put a check mark (√) in the column where each accounts belongs to.Account Asset Liability Owner’s Equity Revenue Expenses1. Interest Receivable2. Professional Fees3. Service Income4. Mr. A, Drawing 5. Doubtful Accounts6. Depreciation Expense7. Accrued Interest Income8. Unearned Interest Income9. Prepaid Interest10. Accumulated Depreciation11. Mortgage payable12. Unused Supplies13. Supplies Inventory14. Supplies on hand15. SSS Premium Expense16. Withholding Taxes Payable17. Repairs and Maintenance 18. Petty cash Fund19. Allowance for Bad Debts20. Cash in bank21. Accounts payable22. Prepaid Insurance23. Unexpired Insurance24. Salaries payable25. Utilities ExpensQuiz Module 1 Some of the following accounts may appear on more than one statement. Would you please tell me what statement or statements they are on? 1) Net Income 2) End-of-period retained earnings balance 3) Net decrease in cash 4) End-of-period cash balance 5) Dividends payable 6) Retained Earnings 1/1 For the following could you please list the statment and if it is a real or nominal account? 1) Interest income 2) Bonds payable 3) Prepaid Insurance 4) Supplies on handQ.3= REMAINING PARTS.... Use the following selected financial information for Cascabel Corporation to answer questions Cascabel Corporation Balance Sheet , December 31, 2015 Assets Liabilities and stockholders' equity Current assets Current liabilities Cash 2 Accounts payable 36 Short-term investments 10 Accrued liabilities 25 Accounts receivable 52 Total current liabilities 61 Inventory 57 Other current assets 8 Long-term debt 102 Total current assets 129 Total liabilities 163 Long-term assets Stockholders'…
- Problem 2-2. Nature of financial instruments. (LO a) Refer to the list below:1. Cash in bank.2. Accounts receivables.3. Merchandise inventories.4. Prepaid rent.5. Equity investment – held for trading.6. Equity investment – associate.7. Debt investment – amortized cost.8. Investment in subsidiary.9. Forward contract receivable.10. Gold bullion.11. Biological asset.12. Property, plant, and equipment13. Intangible asset.14. Accounts payable.15. Estimated warranty obligations.16. Income tax payable.17. Unearned rent revenue.18. Interest rate swap payable.19. Bonds payable.20. Deferred tax liabilities.21. Issued ordinary shares.22. Redeemable preference shares.23. Share warrants outstanding.24. Treasury shares.25. Share appreciation rights payable. Requirement:For each of the items above, identify whether an item is a financial asset (FA), non-financial asset (NFA), financial liability (FL), non-financial liability (NFL), or equity instrument (E).Q.3= Use the following selected financial information for Cascabel Corporation to answer questions Cascabel Corporation Balance Sheet , December 31, 2015 Assets Liabilities and stockholders' equity Current assets Current liabilities Cash 2 Accounts payable 36 Short-term investments 10 Accrued liabilities 25 Accounts receivable 52 Total current liabilities 61 Inventory 57 Other current assets 8 Long-term debt 102 Total current assets 129 Total liabilities 163 Long-term assets Stockholders' equity…Q.3= Use the following selected financial information for Cascabel Corporation to answer questions Cascabel Corporation Balance Sheet , December 31, 2015 Assets Liabilities and stockholders' equity Current assets Current liabilities Cash 2 Accounts payable 36 Short-term investments 10 Accrued liabilities 25 Accounts receivable 52 Total current liabilities 61 Inventory 57 Other current assets 8 Long-term debt 102 Total current assets 129 Total liabilities 163 Long-term assets Stockholders' equity…
- QUESTION 4 The following information relates to Beethoven Ltd for the year ended 30th June 2022: BEETHOVEN LTD Statement of Financial Performance as at 30 June 2022 2022 2021 $ $ Assets Current Assets Cash at bank 67,710 59,666 Accounts receivable 252,760 283,290 Inventory 1,107,600 951,400 Prepaid expenses 113,600 35,500 Total current assets 1,541,670 1,329,856 Non-current assets Equipment 1,263,800 823,600 Accumulated depreciation – equipment (238,560) (143,136) Total non-current assets 1,025,240 680,464 Total Assets 2,566,910 2,010,320 Liabilities Current Liabilities Accounts payable 348,916 391,940 Accrued…Q4. Analysis of Financial StatementsThere was a bit of concern about one of Big Rock’s newer entities – Big Rock PavingCompany. Management wants you to review the two financial statements below and giveyour analysis of the company’s performance.Big Rock Paving CompanyAssets LiabilitiesCurrent Assets: Current Liabilities:Cash 200,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 600,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,300,000Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets 1,600,000 Retained Earnings 100,000Total Assets 2,900,000 Total Owners’ Equity 800,000Total Liabilities and Owners’Equity2,900,000Big Rock Paving CompanyIncome Statement for Year Ending December 31, 2021Sales 3,400,000Less: Cost of Goods Sold 2,700,000Less: Administrative Expenses 700,000Less Depreciation 682,000Earnings Before…Ch2 Question 15: In which financial statement is the accounting equation displayed? Answer: A. Income statement B. Statement of owner's equity C. Balance sheet D. Statement of cash flows Question 16: When expenses exceed revenues, what is the name of the final figure in the income statement? Answer: A. Net Loss B. Withdrawals C. Ending Owner's Equity D. Net Income
- Mark with an “X” the box that indicates the normal balance and the correct presentation of the following accounts. The accounts are: (1) ASSETS (A) DR (B) CR (2) DEBTS (A) DR (B) CR (3) CAPITAL (A) DR (B) CR (4) INCOME EXPENSES (A) DR (B) CR Ex. Bonuses payable (2B) X 1 Bonus premium payable (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 2 Discount on document payable - short term (Discount on notes payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 3 Cost of guarantees (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 4 Gain on debt restructuring (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 5 Land that is received in exchange for the issuance of a long-term payable document (Long term notes payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 6 Guarantees payable (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 7 Contingent liability-litigation (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 8 Bonus for paying executives (bonus payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 9 Social security payable…Problem no 19, (Ref. 3) The following are the financial statements of Bagmati Bitumin Limited. Bagmati Bitumin Limited Balance Sheet as of December 31, 2016 and 2017 Assets 2016 2017 Liabilities and Equity 2016 2017 Cash Accounts receivable Inventory Rs 650 2,382 4,408 Rs 710 2,106 4,982 Accounts payable Notes payable Other Rs 987 640 90 Rs 1215 718 230 Total current assets Rs 7,440 Rs 7,798 Total current liabilities Long–term debt Rs 1,717 4,318 Rs 2,163 4,190 Fixed assets Rs 13,992 Rs 18,584 Total debt Rs 6,035 Rs 6,353 Owners’ equity (1,250 shares outstanding) Rs 15,397 Rs 20,029 Total assets Rs 21,432 Rs 26,382 Total liabilities and equity Rs 21,432 Rs 26,382 Bagmati Bitumin Limited Income Statement for the Year Ended December 31, 2017 Sales Cost of goods sold Depreciation Rs 28,000 11,600 2,140 Earnings before interest and taxes Interest paid Rs 14,260 980 Taxable income…Parrish Ch. 3 pg. 55-56 Please tell me if the following accounts are Assets, Liabilities, Equity, Revenue, or Expense. 1) Acounts Payable 2) Dividends Declared 3) Rent Expense 4) Mortgage Payable 5) Interest Revenue 6) Office Building 7) Prepaid Rent 8) Depreciation Expense 9) Sales 10) Cost of Goods Sold 1) Inventory 2) Common Stock 3) Wages Expense 4) Wages Payable 5) Dividend Revenue 6) Retained Earnings 7) Accumulated Depreciation 8) Vehicle 9) Income Tax Expense 10) Income Tax Payable