LaCashLandLong-term investmentsMerchandise inventoryNotes receivable (due in 30 days)Notes receivable (due in 5 years)Prepaid insuranceShort-term investmentsSuppliesTotal assets$ 12,00030,00015,000O $20,750O $24.750O $30,750O $80,7506,0001,0005,0001,50010,000250$ 80,750The company's unclassified balance sheet reported the assets listed in the above table. The total current assets that would bereported on a classified balance sheet prepared for the company are:

The question is based on the concept of Financial Accounting. Current assets are those assets that…

Cash Land Long-term investments Merchandise inventory Notes receivable (due in 30 days). Notes receivable (due in 5 years) Prepaid insurance Short-term investments i Supplies Total assets $ 12,000 30,000 15,000 6,000 1,000 O $20,750 O $24.750 O$30,750 $80.750 5,000 1,500 10,000. 250 $ 80,750 The company's unclassified balance sheet reported the assets listed in the above table. The total current assets th reported on a classified balance sheet prepared for the company are:

Cash Land Long-term investments Merchandise inventory Notes receivable (due in 30 days). Notes receivable (due in 5 years) Prepaid insurance Short-term investments i Supplies Total assets $ 12,000 30,000 15,000 6,000 1,000 O $20,750 O $24.750 O$30,750 $80.750 5,000 1,500 10,000. 250 $ 80,750 The company's unclassified balance sheet reported the assets listed in the above table. The total current assets th reported on a classified balance sheet prepared for the company are:

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 61E: Recording Various Liabilities Glenview Hardware had the following transactions that produced...

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Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. ( Note: Assume a periodic inventory system.) b. Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were with-held from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,262, including state sales taxes of S48. ( Note: Assume a periodic inventory system.) e. Employers share of Social Security and Medicare taxes for the period were $620 and $145, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently).
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll’s markup percent? Round to one decimal place.
Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. Machinery
Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earnings
Adieu Company reported the following current assets and current liabilities for two recent years: Line Item Description Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $950 $1,190 Temporary investments 1,200 1,400 Accounts receivable 850 910 Inventory 2,200 2,700 Accounts payable 2,000 2,500 a. Compute the quick ratio on December 31 for each year. Round your answers to one decimal place. Line Item Description 20Y4 20Y3 Quick Ratio fill in the blank 1 fill in the blank 2
Tom’s Surf Company, whose fiscal year ends December 31, completed the following transactions involving notes payable:2018Nov 30 Purchased inventory display equipment by issuing a 60 day 10 percent note for $35,000.Dec 31 Made the end-of-year adjusting entry to accrue interest expense2019Jan 29 Paid off the balance of the notePrepare the journal entries for the above transactions. Round your answers for interest calculations to the nearest cent. Assume there are 365 days in the year.
Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio. Please help with the both questions mentioned
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The trial balance of Novak Ltd. at December 31, 2020, follows: Debits Credits Cash $295,000 Sales revenue $10,299,000 FV-NI investments (at fair value) 323,000 Cost of goods sold 6,400,000 Bond investment at amortized cost 429,000 FV—OCI investments (fair value $445,000) 378,000 Notes payable (due in six months) 99,000 Accounts payable 805,000 Selling expenses 2,460,000 Investment income or loss* 11,000 Land 320,000 Buildings 2,940,000 Dividends payable 56,000 Income tax payable 106,000 Accounts receivable 705,000 Accumulated depreciation—buildings 232,000 Allowance for doubtful accounts 37,000 Administrative expenses 930,000 Interest expense 251,000 Inventory 767,000 Gain on disposal of land…
h. Assume that accounts receivable at December 31, 2020, totaled $310 million. Calculate the number of days' sales in receivables at that date. (Use 365 days a year. Do not round intermediate calculations. Round your answer to 1 decimal place.) WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Current assets $ 650 $ 900 $ 700 Other assets 2,750 2,050 1,750 Total assets $ 3,400 $ 2,950 $ 2,450 Current liabilities $ 500 $ 800 $ 700 Long-term liabilities 1,500 1,000 800 Stockholders' equity 1,400 1,150 950 Total liabilities and stockholders' equity $ 3,400 $ 2,950 $ 2,450 WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions) 2020 2019 Income statement data: Sales $ 3,300 $ 2,900 Operating income 380 300 Interest expense 80 70 Net income…
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